PORTLAND, Ore. — TRM Corp.reported record net income of $7.9 million, or 56 cents per share, in fiscal year 2004, according to a news release. Net income was up 45.3 percent from $5.5 million, or 45 cents per share, in FY 2003.
Fiscal 2004 net sales were $92.6 million, an 18.5 percent increase from $78.2 million in 2003. According to TRM, ATM-unit acquisitions made during the year — including the acquisition of the EFunds ATM network, strong organic ATM growth generating more than 1,000 new ATM locations, higher ATM and photocopier transaction pricing, and a positive impact from currency exchange fluctuations — are reflected in the increases.
During the fourth quarter, net sales were $26.6 million, up $6.2 million or 30.1 percent from $20.5 million for the same period in '03. In the fourth quarter, net income dropped to $541,000, or 2 cents per share, from $2.04 million, or 18 cents per share, in FY '03. One-time charges of approximately $2 million in Q4 associated with closing the EFunds transaction affected earnings.
Long-term debt increased from $9.8 million at Dec. 31, 2003, to $121.8 million at Dec. 31, 2004, as the result of a $120 million term loan related to the EFunds acquisition.
