STRATEGIC PARTNERS
December 4, 2001
PORTLAND, Ore. -- TRM Corporation (Nasdaq: TRMM - news), an owner and operator of ATMs and copy machines, announced a net loss $1.09 million, or 21 cents a share, for the quarter ended Sept. 30, 2001, compared to a loss of $1.06 million, or 20 cents a share, in the same quarter a year earlier. Year-to-date, TRM reported a loss of 48 cents a share versus a loss of 51 cents from the prior period.
Revenue for the quarter increased to $19.8 million, up 3 percent from $19.2 million in the third quarter of 2000. As with the prior quarters, the company said its revenue increase resulted from its expanding ATM deployment business. As of Sept. 30, TRM reported that it had 31,566 CopyCenters locations in North America and Europe and 1,939 ATMs in the U.S. and UK.
While the photocopy business continued to be profitable, losses in the ATM deployment business and TRM's e-commerce unit, iATMglobal, produced the overall loss, with the e-commerce unit generating a pre-tax loss of $800,000 for the quarter.
Through the first nine months of the year, TRM said its revenue of $59.1 million reflected a 4 percent increase from the prior year, with a 100 percent increase in ATM revenue offsetting a decline in photocopy revenue.
TRM also said it has completed an agreement to restructure its French operations. Substantially all of the assets of its French subsidiary have been sold to a new company formed by the local management. Consideration for the sale was a combination of cash, a future royalty on sales and a 19 percent ownership stake.
The restructuring is expected to generate a loss which will be recorded in the company's fourth quarter.
