PORTLAND, Ore. — TRM Corp.'s ATM business reported a 75-percent sales increase during the first quarter of 2005 from the first quarter of 2004.
Overall sales jumped 127 percent, to $58.8 million from $25.9 million, when compared to Q1 '04, according to financials released May 12. The company's ATM business, which added about 15,700 ATMs to its fleet when it acquired eFunds ATM network, is the reason for the significant growth. (Read also TRM reports record annual profit, TRM closes eFunds acquisition, now operates largest international ATM network, eFunds sells ATM portfolio to TRM Corp.)
The increase reflects ATM sales discounts, which represent the portion of gross sales retained by merchants and other third parties — a segment that increased as the ATM revenue mix shifted from primarily full placement to mostly merchant-owned, after the acquisition of eFunds.
The acquisition also helped to offset a $2.5 million drop from comparable quarters in net sales from TRM's photocopy business during the quarter when compared to the prior year period.
Net income for the quarter decreased 12 cents per share,down from 22Â cents in the comparable period in 2004.
