STRATEGIC PARTNERS
May 5, 2003
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) reported net income of $753,000 or 11 cents a share (5 cents a share after preferred dividends) for 2003's first quarter, up from a net loss of $337,000 or 5 cents a share (10 cents a share after preferred dividends) for the same period in 2002.
According to a news release, net sales grew 9 percent, or $1.6 million, to $18.7 million, largely due to unit expansion and higher pricing throughout TRM's ATM network. ATM operations produced net sales of $7.4 million in 2003's first quarter, an increase of $2.5 million versus 2002's first quarter.
TRM has 3,100 ATMs deployed throughout the UK and the U.S., an increase of 652 machines compared to 2002's first quarter.
Photocopy net sales were $10.7 million for 2003's first quarter, down from $11.6 million during the same quarter of 2002, attributable in part to extreme weather conditions in the Northeast during the first two months of the year.
Photocopy locations dropped by 1,261 sites to 27,900, primarily due to the elimination of non-profitable locations.
In March 2003, TRM executed a new loan commitment with its primary lender, Bank of America N.A., to replace its current revolving loan on substantially more favorable terms, including a reduction in interest rate.
According to the release, the new facility includes a $15 million, three-year term loan and a $4 million revolving line of credit.
In April, Deutsche Zentral-Genossenschaftsbank (DZ Bank) approved a request to increase cash available for use in TRM's ATM network from $30 million to $50 million. The additional $20 million will be available to support continued growth, according to the release.
TRM's stock got a boost from the good financial showing, jumping more than 44 percent on May 5 to close at $1.37.
