STRATEGIC PARTNERS
February 27, 2002
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM): reported a net loss of $4.2 million, or 65 cents per share, for the fourth quarter ended Dec. 31, 2001 and a net loss of $6.5 million or $1.13 per share for the full year.
Revenue for the quarter increased to $19.9 million up 2 percent from $19.5 million in the fourth quarter of 2000. Annual revenue was $79 million, or 4 percent above the $76 million recorded last year. Consistent with recent quarters, TRM says the revenue increase comes from its expanding ATM deployment business, with the increase offset in part by declines in the revenue of its photocopy business.
TRM disposed of its interest in iATMglobal.net, the e-commerce unit which contributed to most of the company's 2001 operating loss, via a reorganization agreement with ATM manufacturer NCR completed on Feb. 14.
TRM also sold most of the assets of its French photocopy business. The loss for 2001 included a $600,000 loss from operations of the French subsidiary, $1.5 million loss from the disposal of the subsidiary's assets and nearly $1 million of tax expense related to the reversal of deferred tax assets associated with the French operations.
TRM also announced completion of an amendment to its loan agreement with Bank of America. The amendment extends its existing $22.5 million credit facility through June 2003.
"With these changes and improvements to our business, we enter 2002 a stronger and more focused organization," said TRM President Daniel Spalding. "In the year ahead we look to further improve and strengthen our already profitable photocopy business, further expand our ATM deployment business, and return the company to profitability."
TRM's ATM sales increased to $5.3 million in 2001's fourth quarter, up from $3.7 million in the year-earlier quarter. For the year, ATM sales were $18.8 million, up from $10.3 million the year before.
