PORTLAND, Ore. - (03/31/06) Last years acquisitionof eFunds fleet of ATMs continued to take a tole on TRMCorp., which reported Thursday that costs associated with eFundsdeal a pending ATM acquisition in England helped push it deep intothe red. The company reported a loss of $13.7 million, or 82 centsa share, for the fourth quarter, and $8.9 million, or 62 cents ashare, for the year. The company, which replaced its CEO lastmonth, said extraordinary costs like the $5.2 million deferred forits UK Travelex acquisition, $2.7 million for the eFunds deal, and$4.6 million related to debt refinancing and other provisions,offset a doubling in annual revenues. With the 2005 acquisition ofTRMs 14,200 ATMs, the company transformed itself from anationwide telecopier rental provider to the second largestindependent operator of ATMs. Cardtronics, with more than 25,000machines is the leading ISO. TRM said fourth quarter net sales wereflat at $26 million, reflecting an increase in the ATM discountrate and a decline in photocopy sales, as well as eFunds relatedfourth quarter items. As many as 7,000 of the eFund ATMs were oncerented by the CO-OP Network, but the CO-OP shed 5,000 of themachines in February and now runs only 1,000 TRM ATMs.
-
Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
2m ago -
The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
1h ago -
The state's Comptroller of Public Accounts is one of several notable non-depositories with access to the Fed's payments system, along with the Chicago Mercantile Exchange and the Tennessee Valley Authority. So why do they have accounts while some neobanks don't?
1h ago -
Mortgage rates rose 7 basis points this week, Freddie Mac said, and more increases are likely following a weaker than expected gross domestic product report.
1h ago -
While home lenders are seeing a decrease in issues coming through mobile channels, phone fraud spiked last year, accounting for 28% of losses, a new report found.
4h ago -
The Jackson, Mississippi, company will use proceeds from the sale of its Fisher Brown Bottrell Insurance unit to restructure its investment portfolio, moving $1.6 billion of low-yield securities off the balance sheet.
April 24