ATM Giant Seeks Solutions
PORTLAND, Ore. - (01/23/06) Shares in TRM Corp. gyratedlast week after the ATM giant announced it has hired an investmentbank to assess strategic alternatives, afterdisappointing financials. The announcement came after the operatorof 16,000 ATMs, half of which form the backbone of the creditunion-owned CO-OP Network, said it expects to expense costs relatedto its potential purchase of the ATM business of Travelex,including a $2.6 million escrow and other professional and advisoryfees, in its fourth-quarter results. The company reported a 98%fall in third quarter earnings after expenses related to itsburgeoning ATM business exceeded earnings. Since acquiring theeFunds fleet of 14,000 ATMs two years ago TRM has shed its previousfocus on renting copiers to become the nations secondlargest operator of ATMs, behind only Cardtronics. About half ofthe 14,000 ATMs TRM bought from eFunds formed the core of the CO-OPNetwork. TRM nows operates those machines for The CO-OP. TRM sharesfluctuated on the NASDAQ last week after the announcement of thehiring of the investment bank, before closing Friday at $8.81, up10% for the week.