eFunds Deal Weighs On TRM
PORTLAND, Ore. - (04/06/05) -- TRM Corp. said costs associated withlast fall's acquisition of eFunds' sprawling ATM fleet pushed downnet income for is fourth quarter by 73% to $500,000, or two cents ashare, compared to the fourth quarter in fiscal 2003. Still, theacquisition of eFunds' 15,800 cash machines, which made TRM thenation's second-largest independent operator of ATMs, helped fuel a45% rise in annual earnings over 2003 to $7.9 million, or 56 centsa share. The eFunds deal pushed up revenues for the fourth quarterby 69% to $42.3 million, and for the year by 33% to $126 million.The eFunds ATMs form the basis of The CO-OP Network, which connectsto about 10,00o of the machines. Cardtroncs, which claims 27,000ATMs, is the only independent operator with a larger ATM fleet thanTRM.