News

TRM doubles net income in 2Q '04

August 9, 2004

PORTLAND, Ore. - TRM Corporation reported that net income more than doubled for the quarter ended June 30 to $2.7 million, as compared to $1.1 million for the same period in 2003. For the six-month period, net income increased to $5.2 million, as compared to $1.9 million for the same period of 2003.

During the quarter, TRM said its gross ATM sales increased by 47.5 percent to exceed $15.4 million, surpassing photocopier gross sales of $13.4 million for the first time since the company's entry into the business.

ATM net sales were $11.5 million during 2004's second quarter of 2004, an increase of $2.7 million as compared to the same period in 2003; for the six-month period, ATM net sales increased by $4.9 million to $21.1 million, as compared with $16.1 million for the same period in 2003.

TRM added 1,343 ATMs over the prior year, for a total of  4,616 machines in the United States, United Kingdom and Canada. The company spent $7 million on three ATM network acquisitions during the first six months of 2004. According to the company, the acquisitions were funded through internally generated cash flow.

TRM said its total withdrawal transactions increased from 7.3 million to 9.2 million in the quarter, with average withdrawals per ATM increasing from 386 to 399.

The company's photocopier operations resulted in net sales of $11 million during the second quarter, flat as compared to the same period in the prior year; for the six-month period, photocopier net sales increased by $600,000 to $22.4 million, as compared with $21.8 million for the first half of 2003. The increase marks the first year-to-date period improvement in over five years, reflecting the impact of price increases.

Consolidated net sales in the second quarter were $22.5 million, an increase of $2.3 million as compared to $20.2 million for the prior year period. For the first six months of 2004, consolidated net sales were $43.5 million, an increase of $4.6 million as compared to $38.9 million for the prior year period.