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TRM COPY CENTERS CORP. ANNOUNCES RECORD RESULTS FOR THE FOURTH QUARTER AND FOR THE YEAR ENDED JUNE 30, 1993

 PORTLAND, Ore., Aug. 12 /PRNewswire/ -- TRM Copy Centers Corp. (NASDAQ: TRMM) announced today record results for the fourth quarter and for the year ended June 30, 1993.
 Sales for the fourth quarter were $10.9 million, up 29.8 percent from fourth quarter sales of the previous year of $8.4 million. Sales for the year were $38.8 million, up 26.9 percent from the prior year. These increases are primarily due to the opening of Copy Centers in new and existing market areas during fiscal 1993. The company installed a record 4,557 additional Copy Centers during the year. As of June 30, 1993, 18,852 Copy Centers were being billed, an increase of 32.9 percent over the number of billed Copy Centers a year earlier.
 Net income for the quarter was $1.0 million, up 25.2 percent from the fourth quarter of fiscal 1992. Net income for the year was $3.3 million, up 22.9 percent from last year. Net income per share for the quarter was 15 cents versus 12 cents a year ago. Net income per share for the year was 48 cents compared to 45 cents for the prior year, a result of different share counts. Shares outstanding for the current year were 6.9 million, versus 6.0 million a year ago, reflecting the company's IPO in December 1991. Current quarter operating margins were favorably affected by lower payroll costs, and net margins were adversely affected by increased interest costs. Earnings for the year were affected by initial start-up costs relating to new market areas, including the U.K., and to the full-color copying program.
 "We are very pleased to announce quarterly earnings which surpass the million dollar level for the first time in the company's history," stated Edwin S. Chan, president and chief executive officer. "Other indications of continued growth include the opening of two new geographic market areas, Denver and London North, during the quarter, and one, Raleigh, N.C., during July," continued Chan. "We plan to continue our focus on controlled growth from new and existing U.S. market areas, from international expansion and from new services like our full-color copying program. We continue to be very excited about the future of the company."
 TRM owns and maintains more than 19,000 self-service black and white photocopiers and more than 300 self-service full-color photocopiers in retail establishments such as pharmacies, stationery stores, hardware stores and gift shops in 43 metropolitan areas in the United States, Canada and in the United Kingdom. TRM is headquartered in Portland, Ore.
 TRM COPY CENTERS CORP.
 CONSOLIDATED RESULTS OF OPERATIONS
 (In thousands, except per share data)
 Three months ended Twelve months ended
 June 30 1993 1992 1993 1992
 Sales $ 10,893 $ 8,393 $ 38,774 $ 30,547
 Sales discounts 2,275 1,898 8,288 7,110
 Net sales 8,618 6,495 30,486 23,437
 Cost of sales 4,096 3,213 14,897 11,327
 Gross profit 4,522 3,282 15,589 12,110
 Selling, general and
 administrative expense 2,759 2,056 9,955 7,441
 Operating income 1,763 1,226 5,634 4,669
 Other income (expense)
 Interest (9) 40 0 (188)
 Other, net (101) 33 (265) (115)
 Income before income taxes 1,653 1,299 5,369 4,366
 Provision for income taxes 643 492 2,088 1,697
 Net income $ 1,010 $ 807 $ 3,281 $ 2,669
 Net income per share $ 0.15 $ 0.12 $ 0.48 $ 0.45
 Shares outstanding 6,895 6,896 6,891 5,994
 SELECTED OPERATING STATISTICS
 Fiscal year ended 6/30/92 Qtr.1 Qtr.2 Qtr.3 Otr.4
 Copy Centers billed,
 period end 11,767 12,393 13,100 14,187
 Increase in Copy
 Centers billed 723 626 707 1,087
 Average copies per Copy
 Center per month 3,776 3,903 4,214 3,981
 Copy Centers installed, net 744 629 909 1,121
 Markets at period end 29 30 33 34
 Fiscal year ended 6/30/93 Qtr.1 Qtr.2 Qtr.3 Qtr.4
 Copy Centers billed,
 period end 15,239 16,362 17,764 18,852
 Increase in Copy
 Centers billed 1,052 1,123 1,402 1,088
 Average copies per Copy
 Center per month 3,666 3,775 3,849 3,790
 Copy Centers installed, net 902 1,448 1,350 857
 Markets at period end 39 40 40 42
 CONSOLIDATED BALANCE SHEET
 (dollars in thousands)
 Assets 6/30/93 6/30/92
 Current assets:
 Cash and equivalents $ 305 $ 5,485
 Accounts receivable, net 3,658 2,327
 Inventories 3,626 2,549
 Prepaid expenses and other 1,715 1,079
 Total current assets 9,304 11,440
 Equipment and vehicles, net 20,906 13,027
 Other assets 113 3
 $ 30,323 $ 24,470
 Liabilities and stockholders' equity
 Current liabilities
 Checks in transit $ 287 $ --
 Accounts payable 1,404 923
 Accrued expenses 1,946 1,403
 Current portion of
 long-term debt -- 17
 Total current liabilities 3,637 2,343
 Long-term debt 850 40
 Deferred income taxes 1,736 1,184
 Total liabilities 6,223 3,567
 Commitments -- --
 Stockholders' equity
 Common stock 15,506 15,302
 Retained earnings 8,923 5,642
 Cumulative translation
 adjustment (329) (41)
 Total stockholders' equity 24,100 20,903
 $ 30,323 $ 24,470
 -0- 8/12/93
 /CONTACT: Robert A. Bruce, chief financial officer, of TRM Copy Centers, 503-231-0230, ext. 231/
 (TRMM)


CO: TRM Copy Centers Corp. ST: Oregon IN: SU: ERN

SB-AL -- SE001 -- 1994 08/12/93 08:51 EDT
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Date:Aug 12, 1993
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