STRATEGIC PARTNERS
November 10, 2002
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM) reported net income of $182,000, or 3 cents per share, for the quarter ended Sept. 30, 2002, compared to a net loss of $1.09 million, or 21 cents per share, for the same period a year earlier.
For the nine-month period ending Sept. 30, TRM reported a net loss of $558,000, or 24 cents per share, compared to a net loss of $2.26 million, or 48 cents per share for the same period of 2001.
Revenue for 2002's third quarter grew to $21.7 million, an increase of $1.9 million, or 9.6 percent, from third quarter 2001. According to a news release, the increase is attributable to growth across the company's ATM network that produced revenue of $7.5 million, up $2.2 million, or 41.9 percent, from the same period a year earlier.
Photocopy revenue was $13.3 million, a decline of $980,000, or 6.9 percent, compared to the same period in 2001.
At quarter end, TRM's ATM network increased by 864 machines from 2001's third quarter, with 2,803 machines installed in the UK and U.S.
Photocopy locations stood at 29,473, reflecting a decrease of 2,093 locations over the last 12 months due primarily to the year-end 2001 sale of the company's French operations and elimination of low volume locations in other markets.
Improvement also resulted, in part, from the restructuring of S-3 Corporation, TRM's ATM software engineering subsidiary. For the most recent quarter, S-3 reported net income of $199,000 compared to a net loss of $874,000 for the same period in 2001.
