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ATM independent sales organization TRM Corp. recorded a net loss of $26.1 million for 2008, considerably more than the $8.4 million net loss a year earlier. Last year's loss included a noncash good-will impairment charge of $19.8 million, the Portland, Ore.-based company says. TRM recorded $88.6 million in gross sales, down 2% from $90.4 million in 2007. Richard Stern, TRM president and CEO, refers to 2008 as a transition year. The company purchased rival Access To Money, a Whippany, N.J.-based ATM ISO, for $15 million in April 2008. The deal expanded TRM's transacting ATMs to 11,522 as of the end of December from 9,309 a year earlier, the company says. Transactions per ATM, however, declined 7.7%, to 264 last year from 286 in 2007. Since the purchase, TRM changed its name to Access To Money, whose initials form the word ATM, Stern says. TRM also planned to move most of its operations to New Jersey, close to where company executives live. Stern is a resident of Cherry Hill, N.J., a Philadelphia suburb.
