PORTLAND, Ore. — TRM Corporation (Nasdaq: TRMM) reported fourth quarter net income of $2 million, or 26 cents per share, compared to a net loss of $3.4 million, or 49 cents a share, in 2002's fourth quarter.
For the year ended Dec. 31, 2003, TRM reported net income of $5.5 million or 74 cents per share, compared to a net loss of $4 million or 57 cents per share for the same period of 2002.
Net sales for the quarter grew to $20.5 million, representing an increase of $2.8 million when compared to 2002's fourth quarter. According to a news release, the increase in net sales for the quarter is attributable to ATM unit expansion and higher pricing throughout TRM's ATM and photocopy networks.
ATM operations produced net sales of $9 million, including $430,000 in ATM machine sales, during 2003's fourth quarter, representing an increase of $2.5 million as compared to the same period in the 2002.
Photocopy net sales were $11.4 million for the fourth quarter of 2003, up from $10.6 million in 2002's fourth quarter as a result of ongoing price increases initiated in 2003. Software development net sales for the quarter were $29,000.
Net sales for the year grew to $79.2 million from $70.6 million, an increase of 12.3 percent. ATM net sales for the year increased to $34.5 million, including $2.3 million in ATM machine sales, from $23.1 million in 2002. TRM introduced its ATM machine sales program in 2003.
Photocopy net sales for the year decreased to $43.7 million from $44.8 million in 2002.
