News
TRM reports loss, names new COO
November 19, 2006
Reuters:TRM Corp., which provides ATMs and photocopiers at retail outlets, on Nov. 14 posted a quarterly loss of $5.92 per share and said it expects to reduce jobs in its ATM-service segment as part of a restructuring plan to cut costs. The company expects to cut sales, general and administrative expenses by 15 percent, mainly in its U.S. operations. Those cuts are expected to be followed by a broader restructuring that will involve the division of the company's ATM and copier units. The companyalso named Richard Stern its chief operating officer. Stern's position takes effect immediately. Stern is currently TRM's executive vice president of corporate operations. The company reported a third-quarter loss of $5.92 a share compared with a profit of 2 cents a share a year ago.
Read also,TRM announces changes to its board, TRM losses continue to climb; profit plummets 40% and TRM completes sale of its U.K. photocopier business.
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