TRM Offers Stock Reward ForWork-Out
PORTLAND, Ore. - (05/24/06) Struggling ATM giant TRM Corp.said it awarded newly hired president and CEO Jeffrey Brotman200,000 restricted shares worth of about $1.4 million at the goingmarket rate of TRM shares. Brotman, a Philadelphia attorney, wasbrought in after Kenneth Tepper, the companys formerpresident and CEO, resigned in March as TRM was preparing to reporta $9 million loss for the fourth quarter and a $13 million loss forthe year. TRM has been struggling to transform itself form thenations biggest operator of copier machines to the secondbiggest operator of ATMs, after its 2005 acquisition ofeFunds 14,200 ATMs. About 6,500 of TRMs now 18,000ATMs are co-branded and are part of the credit union-owned CO-OPnetwork.