News

TRM credits some positive 3Q results to higher ATM pricing

November 5, 2003

PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) reported net income for the quarter ended Sept. 30, 2003, of $1.5 million, or 20 cents per share, compared to net income of $182,000, or 3 cents, for the same period in 2002.

For the nine-month period ending Sept. 30, the company reported net income of $3.4 million, or 47 cents per share, as compared to a net loss of $558,000, or (8 cents) per share, for the same period of 2002. Earnings per share are reported on a fully diluted basis and before preferred dividends.

Net sales for the quarter grew to $19.8 million, representing an increase of $1.8 million when compared to the third quarter of 2002. The increase in sales is attributable to unit expansion and higher pricing throughout the company's ATM network, as well as $865,000 in revenue generated by an ATM machine sales program that began this year.

ATM operations produced net sales of $9.3 million during the third quarter of 2003, representing an increase of $3 million as compared to the same period in the prior year. Photocopy net sales were $10.5 million for the quarter ended Sept. 30, down from $10.9 million during the same quarter of 2002.

The company's ATM network consists of 3,352 revenue-generating machines deployed throughout the United Kingdom and United States, which represents an increase of 549 ATM machines when compared to the same date in 2002.