Photocopier Losses Offset ATM Gains AtTRM
PORTLAND, Ore. - (08/12/05) -- TRM Corp., operator of thesecond-largest independently owned ATM fleet, said net income roseslightly for its second quarter to $2.7 million, or 19 cents ashare, as gains from last years acquisition of eFund's fleet ofATMs were offset by a 17% drop off in its core photocopierbusiness. TRM, which acquired eFunds' 17,200 ATMs last year, saidthe eFunds deal helped double revenues to $61.4 million for thesecond quarter, and more than doubled for the first six months ofthe year to $120.2 million. But the decline on the copier businesspushed down net income for the first half of the year to $4.5million, 30 cents a share, from $5.2 million, or 45 cents a share,for the first half last year. Half of the eFunds machines are usedas the backbone of the credit union-owned CO-OP Network.