TRM Expects Losses
PORTLAND, Ore. - (03/20/06) ATM giant TRM Corp. said Fridayit will delay filing its fourth quarter and annual reports andexpects to report losses for both periods. The announcement camethree days after the company, which used to form the backbone ofthe CO-OP Network, replaced its CEO Kenneth Tepper withPhiladelphia attorney Jeffrey Brotman. The delay in filing willprovide Brotman additional time to review the companysfinancial position. TRM has run into financial troubles since ittransformed itself from an operator of copier rentals with lastyears purchase of eFunds 14,200 ATMs. The companysproblems progressed when the CO-OP announced in February it wasterminating 5,000 of the 6,000 ATMs it rented from TRM. TRM said itbelieves it will not be in compliance with its loan agreementsbecause of, among things, charges related to the eFunds business.The lenders, including Bank of America, have agreed to forbear onthe loans for 90 days.