Added TRMM at 3.15
Saw volume rise and earnings
52-Week Low on 23-Oct-2002 $0.20
Recent Price $2.71
52-Week High on 11-July-2003 $2.90
Market Capitalization $19.1M
Shares Outstanding 7.06M
Float 4.50M
ce/Book (mrq) 0.85
Price/Earnings N/A
Price/Sales (ttm) 0.27
Income Statements
Sales (ttm) $72.1M
EBITDA (ttm) $7.89M
Debt/Equity (mrq) 0.49
Total Cash (mrq) $2.44M
TRM Announces Financial Results for Second Quarter 2003
Monday August 4, 8:01 am ET
PORTLAND, Ore., Aug. 4 /PRNewswire-FirstCall/ -- TRM Corporation (Nasdaq: TRMM - News) today reported net income for the quarter ended June 30, 2003 of $1.15 million ($.16 per share, or $.11 per share after preferred dividends) compared to a net loss of $404,000 (($.06) per share, or ($.11) per share after preferred dividends) for the same period in 2002. For the six-month period ending June 30, 2003, the Company reported net income of $1.90 million ($.27 per share, or $.16 per share after preferred dividends) as compared to a net loss of $741,000 (($.10) per share, or ($.21) after preferred dividends) for the same period of 2002.
Net sales grew to $20.22 million, representing an increase of $2.53 million (or 14.3%) when compared to the second quarter of 2002, attributable primarily to unit expansion and higher pricing throughout the Company's ATM network. ATM operations produced net sales of $8.76 million during the second quarter of 2003, representing an increase of $3.28 million (or 60.0%) as compared to the same period in the prior year. Photocopy net sales were $11.11 million for the quarter ended June 30, 2003, down from $11.63 million during the same quarter of 2002. This decrease reflects declining overall copy volumes.
Operating income increased to $2.00 million for the second quarter as compared to an operating loss of $199,000 for the same period in 2002, and income from continuing operations increased to $1.71 million as compared to a loss from continuing operations of $674,000 for the same quarter in 2002. Labor expense for the second quarter declined approximately $893,000 to $5.49 million when compared to the same period in 2002.
As of May 15, 2003, the Company and its primary lender (Bank of America N.A.) executed a new loan agreement, which replaced the Company's revolving loan on substantively more favorable terms (including an interest rate reduction of 150 basis points per annum). The new facility includes a $15,000,000 term loan maturing in 2006 and a $4,000,000 revolving line of credit maturing April 30, 2004.
At June 30, 2003, the Company's ATM network consisted of 3,273 revenue-generating machines deployed throughout the United Kingdom and United States, which represents an increase of 594 ATM machines when compared to the same date in 2002. Photocopy locations at June 30, 2003 totaled 27,670, a decrease of 675 locations when compared to the same date in 2002, related primarily to elimination of non-profitable locations.
2003-04-09 TEPPER, KENNETH L.
Chairman 8,000 Purchase at $0.86 - $0.9 per share.
(Cost of about $7,040)
2003-03-24 COHEN, EDWARD E.
Director 146,256 Private Purchase at $0.98 per share.
(Cost of $143,330)
2003-03-24 COHEN, DANIEL G.
Director 146,256 Private Sale at $0.98 per share.
(Proceeds of $143,330)
2003-03-14 COHEN, EDWARD E.
Director 292,511 Private Purchase at $0.98 per share.
(Cost of $286,660)
2003-03-14 COHEN, DANIEL G.
Director 292,512 Private Purchase at $0.98 per share.
(Cost of $286,661)
2003-03-13 LAIFER, LANCE
Director *292,511 Private Purchase at $0.98 per share.
(Cost of $286,660)
Summary: Good earnings report. Profitable. Debt going down. Insiders bought.
Jack |
