Auditors Question TRMsViability
PORTLAND, Ore. - (04/10/06) Financially ailing ATM giantTRM Corp. said Friday its auditor, PricewaterhouseCoopers LP, hasraised questions about the companys ability to continue as agoing concern. The company, which reported an $8.8 million loss forthe fourth quarter of 2005, said PricewaterhouseCoopers noted itsconcerns over TRMs loan defaults. TRM has entered into a90-day extension with its lenders, led by Bank of America, toremedy the defaults and obtain new financing. The disclosure camejust three days after TRM announced a new agreement with the CO-OPNetwork to co-brand 5,500 of its ATMs bringing to 6,500 ATMsbranded on the CO-OP Network. With almost 21,000 ATMs undermanagement, TRM has the second largest ATM fleet in the country,behind only Cardtronics and its 26,000 machines.