Ailing ISO Reports More Losses, Shrinkage in ATM Business

PORTLAND, Ore. – TRM Corp., once the second largest independent operator of ATMs, reported yesterday it trimmed its second quarter losses to $2.2 million and the company’s operations continue to decline. The company, which once operated as many as 22,000 ATMs, operated an average of just 9,136 machines in the second quarter as management contracts acquired from eFunds–including thousands connected to the CO-Financial Services network–began to expire. CO-OP Financial, the credit union-owned network, said it has been reducing its exposure to the ailing company and now has just 4,000 co-branded ATMs through TRM, down from a high of 8,000 at one time. “We are purposely diminishing that exposure,” Jim Hanisch, vice president of The CO-OP, told The Credit Union Journal yesterday. For the first two quarters of the year revenues declined at TRM by 19% to $46.4 million, compared to the first half last year, and net loss was $4.4 million, down from $6 million for the same period in 2006. Over the last year TRM has undergone a major restructuring, selling off its once-core copier rental business and its international ATM business, to focus on U.S. ATM operations.