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Trm Corp (AEMI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2005

Access To Money, Inc.

CIK: 749254 Ticker: AEMI
 

Exhibit 99.1
For further information, contact:
Danial J. Tierney, Executive Vice President
Office:          (503) 943-2679
Fax:               (503) 251-5473 / E-mail: dantierney@trm.com
TRM Corporation Reports Fourth Quarter and
Full Year 2005 Financial Results
PORTLAND, Oregon, March 30, 2006 — TRM Corporation (NASDAQ: TRMM) today reported financial results for the fourth quarter and full year ended December 31, 2005.
During Q4 2005, consolidated gross sales increased 29% to $54.5 million from $42.3 million in Q4 2004. Consolidated net sales were $26.8 million, a 1% increase compared to $26.6 million for the prior year period. The year over year increase in gross and net sales largely results from a significant increase in ATMs arising from the acquisition of the Access Cash International (“ACI”) ATM network from eFunds Corporation. While Q4 2005 year-over-year sales reflect a significantly larger ATM portfolio, the Company’s fourth quarter net sales performance reflects an increase in the ATM discount rate and a decline in photocopy net sales, as well as eFunds related fourth quarter unusual items.
Additionally, results in Q4 2005 were affected by several unusual items which amount to $13.0 million. For Q4 2005 the following unusual items affected financial results:
    $5.2 million of previously deferred costs related to acquisitions, primarily charges associated with the proposed UK Travelex acquisition, were charged to expense
 
    $2.7 million of expenses related to the eFunds acquisition
 
    $4.6 million of other expenses related to Sarbanes Oxley 404 compliance, debt retirement costs, write-down in receivables and severance payments
 
    $1.6 million in fixed asset write-offs
 
    $1.1 million settlement gain from a vendor relating to a design flaw in the North American photocopier equipment
Reflecting these items, Q4 2005 EBITDA declined to ($11.9 million) from $5.6 million in Q4 2004 and from $7.7 million in Q3 2005. Adjusted EBITDA was ($6.4 million) in Q4 2005 compared to $7.6 million in Q4 2004 (see Attachment: EBITDA and Adjusted EBITDA Reconciliation).
In Q4 2005, gross profit was $8.8 million compared to $11.5 million in the fourth quarter of 2004. Operating loss was $15.9 million in Q4 2005 compared to operating income of $2.0 million in Q4 2004.
Fourth quarter net loss included interest expense of $3.0 million as well as the significant and unusual items described above. Net loss was $13.7 million, or $0.82 per diluted share, in Q4

 


The following information was filed by Access To Money, Inc. (AEMI) on Thursday, March 30, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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