The automated teller machine deployer TRM Corp. avoided being dropped from the Nasdaq exchange at a meeting with a Nasdaq panel last week.
The Houston company is facing delisting because it has missed several accounting deadlines, but Jeffrey Brotman, TRM's president and chief executive, said in an interview Tuesday that no decision was made at the meeting.
"We are still a public company. We haven't been delisted," he said.
TRM had missed a deadline to file its 2006 annual report with the Securities and Exchange Commission, but submitted the paperwork last Wednesday, the day before TRM executives met with Nasdaq's Listing Qualifications Panel. TRM is still delinquent, because it has not filed its first-quarter report.
Mr. Brotman said the company was working to settle the accounting issues. "We're doing everything that Nasdaq asks us to do," he said. "We're as comfortable as we were in the past that we are not going to be delisted."
(Mr. Brotman plans to step down next month and become TRM's nonexecutive chairman.)
In recent months, TRM has sold off almost all of itself. In January it sold its European ATM businesses to NoteMachine Ltd. for $92.6 million and its Canadian ATM operations to Ezee ATM LP of Ontario for $13 million. The following month it sold its U.S. photocopier business to Skyview Capital LLC for $9.2 million.
On Tuesday the company said in an SEC filing that PricewaterhouseCoopers LLP would not remain as its independent public accountant. Mr. Brotman said TRM plans to announce a new auditor within the week. He declined to say when first-quarter earnings would be reported, but said that he hopes the company will "be back on time" by the third quarter.
