ATM ISO TRM Teetering on the Edge

PORTLAND, Ore. – Shares in TRM Corp. sunk to a new low of just $1.55 Friday as the nation’s second largest independent operator of ATMs announced a $120 million loss of its fiscal 2006 and that the Nasdaq has threatened to delist its shares as it continues to struggle to file it first quarter financials for 2007. The report was delayed due to modifications made to the company's loan agreements in November 2006 and issues related to assets the company sold in January. The company is also in the process of hiring a new independent registered public accounting firm, since its present accounting firm, PriceWaterhouseCoopers LLP, declined to be reappointed. The company also reported last week that its CEO had resigned and been replaced. TRM operates a fleet of more than 15,000 ATMs, 6,000 of which are co-branded for the credit union-owned CO-OP Network.