ATM Giant Stumbles
PORTLAND, Ore. - (03/15/06) Shares in ATM giant TRM Corp.slumped almost 20% Tuesday after the company announced that CEOKenneth Tepper had resigned for personal reasons and is beingreplaced by Jeffrey Brotman, a Philadelphia lawyer who has donework for TRM. The company, which built an ATM fleet of over 21,000machines in the U.S., has stumbled since acquiring eFunds14,200 ATMs in 2004, as expenses to integrate the giant ATM fleetpushed down third quarter 2005 earnings by 73%, to just $500,000.The company took another hit in February when the CO-OP Networkdiscontinued use of 5,000 of its ATMs. Analysts on Wall Street werewondering if the change in the executive suite will cause thecompany to delay the release of its fourth quarter and fiscal yearfinancial reports, due out Thursday. TRM shares closed down 17%Tuesday to $7.30, and are down almost 70% over the past 12months.