PORTLAND, Ore. — TRM Corporation (Nasdaq: TRMM) today reported first quarter 2004 net income of $2.5 million or 31 cents per share compared to a net income of $753,000 or 11 cents per share for the same period in 2003, an increase of $1.8 million.
Net sales for the quarter grew to $21 million, representing an increase of $2.3 million when compared to 2003's first quarter. The company says the increase is attributable to ATM unit expansion, higher currency exchange rates for sales by the company's foreign subsidiaries, and higher pricing throughout the company's ATM and photocopy networks.
ATM operations produced net sales of $9.6 million, including $144,000 in ATM machine sales, during the quarter, representing an increase of $2.2 million from last year.
Photocopy net sales were $11.4 million, up from $10.7 million during the same quarter of 2003 as a result of ongoing price increases initiated during 2003. Software development net sales for the quarter were $14,000.
At March 31, prior to its acquisition of Inkas, an independent ATM company,.TRM's ATM
network consisted of 3,522 revenue-generating machines deployed throughout the United Kingdom and United States, an increase of 422 ATMs when compared to the same date in 2003. The Inkas deal added another 450 sites.
