Auditor Stands Down from Ailing ATM ISO TRM
PORTLAND, Ore. – TRM Corp., the nation’s second largest independent ATM operator, reported yesterday that its auditor, Pricewaterhousecooper LLP declined to stand for reappointment because of numerous questions about the company’s financial auditing. TRM, which wrote down a huge $100 million worth of impaired assets in the third quarter, has ineffective controls over accounts receivable, equipment and accrued liabilities, said the auditor in a filing with the Securities and Exchange Commission. TRM, which operates more than 14,000 ATMs–6,000 of them part of the CO-OP Network–is in the process of shedding its once core photocopier business. The company also sold its Canadian ATM operations recently. The two transactions have raised the company over $25 million. TRM has struggled since it acquired eFunds fleet of 14,000 ATMs in 2004, as the company tried to make itself over into an ATM operator.