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TRM/Access to Money reports sales, net losses for '08
April 2, 2009
PORTLAND, Ore. — TRM Corp., now Access to Money, reported sales of $89 million and a net loss of $26 million for fiscal year 2008. That compares with sales of $90 million and a net loss of $8.4 million in FY 2007.
But Richard Stern, the company's president and chief executive, says the numbers show promise for the independent sales organization, which has over the last 24 months struggled financially.
"2008 was truly a transitional year for TRM," Stern said. "We integrated the Access to Money portfolio, while continuing with the operational improvements that were started in 2007. Through these efforts, we were able to achieve significant improvement in EBITDA generation, gross profit enhancement and cost reductions."
In June 2007, TRM sold its Canadian photocopy business to focus on its ATM business in the United States. ATM operations in the United Kingdom and Germany also were sold. During 2008, TRM's averaged of 10,840 transacting ATMs.
Transaction-based sales decreased $2.1 million as the result of attrition of merchant contracts in the company's ATM network, in addition to the impact of the general state of the economy and its affect on consumer spending. Those losses, TRM says, were offset by additional transactional revenue that was added as the result of the acquisition of Access to Money on April 18.
According to a news release, the company's average number of transacting ATMs in 2008 increased by 5.7 percent, when compared with 2007, because of the Access to Money acquisition. A decrease in armored car carrier costs of $227,000, or 8 percent, from 2007 also helped the company offset some of its losses.
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