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TRM delays annual financial report
March 19, 2007
PORTLAND, Ore. - Just more than a month after one industry analyst announced that he expected TRM Corp. to outperform financial expectations, the company has said it will delay filing its annual report for fiscal year 2006.
TRM said it needs more time to complete its consolidated financial statements. In November 2006, the company and its lenders agreed to modify TRM's loan agreements. In January 2007, TRM sold four of its business segments, accounting for more than 45 percent of its total assets and 55 percent of its net sales. (Read also,TRM sells Canadian ATM operations.)
The company says those business dispositions, as well as modifications to its debt, require additional time to align because of their "complexity."
TRM did say it expects net losses higher than those reported for the first nine months of 2006, when it reported net losses totaling $104.9 million. At the end of 2005, TRM reported a net loss of $8.9 million.
According to The Associated Press, TRM's stock has traded between $1.09 and $7.93 over the last 52 weeks.
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