News

TRM earns $1.15M in '03's 2Q

August 3, 2003

PORTLAND, Ore.  -- TRM Corporation (Nasdaq: TRMM) reported net income for 2002's second quarter of $1.15 million, or 11 cents per share after preferred dividends, compared to a net loss of $404,000 for the same period in 2002.

For the six-month period ending June 30, 2003, TRM reported net income of $1.90 million, compared to a net loss of $741,000 for the same period of 2002, according to a news release.

Net sales grew to $20.22 million, representing an increase of $2.53 million when compared to the second quarter of 2002, attributable primarily to unit expansion and higher pricing throughout the company's ATM network.

ATM operations produced net sales of $8.76 million during 2003's second quarter, an increase of $3.28 million compared to the same period in the prior year.

TRM's photocopy net sales were $11.11 million for the latest quarter, down from $11.63 million during the same quarter of 2002.

TRM on May 15 executed a new loan agreement with Bank of America, its primary lender. The new facility includes a $15 million term loan maturing in 2006 and a $4 million revolving line of credit maturing April 30, 2004.

At June 30, TRM's ATM network consisted of 3,273 revenue-generating machines deployed throughout the United Kingdom and United States, which represents an increase of 594 ATM machines when compared to the same date in 2002. Photocopy locations totaled 27,670, a decrease of 675 locations compared to the previous year.