Printer Friendly

TRM COPY CENTERS CORP. ANNOUNCES RESULTS FOR THE FIRST QUARTER OF FISCAL 1993

 TRM COPY CENTERS CORP. ANNOUNCES RESULTS
 FOR THE FIRST QUARTER OF FISCAL 1993
 PORTLAND, Ore., Nov. 3 /PRNewswire/ -- TRM Copy Centers Corp. (NASDAQ: TRMM) announced today results for the first quarter ended Sept. 30, 1992.
 Sales for the first quarter were $8.3 million, up 26.2 percent from first-quarter sales of the previous year of $6.6 million. This increase is primarily due to the opening of Copy Centers in new and existing markets. The company installed 902 additional Copy Centers during the quarter, marking the third quarter in a row that installations have surpassed the 900 level.
 Offsetting the increase in the number of Copy Centers was a 2.9-percent decrease in the average number of copies per Copy Center per month during the first quarter of fiscal 1993 compared to the same quarter last year. This is a result of the many new TRM customers added in recent months. Again, installations of additional Copy Centers have surpassed the 900 level for three quarters in a row. Also, during the last three quarters, the company has made a concerted effort to enhance its longer-term growth prospects by removing Copy Centers from low-performing customer locations and relocating them in replacement businesses. Typically, initial sales at new Copy Centers are relatively low compared to more established Copy Centers.
 Net income for the quarter was $659,000, up 38.2 percent from the first quarter of fiscal 1992. Net income per share was 10 cents for the current quarter and for the prior-year quarter. Shares outstanding during the current quarter were 6.9 million, versus 5.0 million a year ago, reflecting the company's IPO in December 1991. Current earnings were favorably affected by decreased interest costs and were adversely affected by the lower sales volume per Copy Center and by initial start- up costs relating to new market areas, including the United Kingdom, and to the full-color copying program.
 "We continue to make significant investments toward growing the company," stated Edwin S. Chan, president and chief executive officer. "We opened five metropolitan service areas during the quarter, in three different countries: Canada, the U.K. and the U.S.," continued Chan. "Our current investment in North American operations, in the U.K., and in full-color copying should help us continue to grow throughout the 1990s." The company opened its 40th market area, Riverside, Calif., in October.
 TRM owns and maintains more than 16,000 self-service 5-cent (4p in the United Kingdom) photocopiers in retail establishments, such as pharmacies, stationery stores, hardware stores and gift shops in 40 metropolitan areas in the United States, Canada and in the United Kingdom. TRM is headquartered in Portland, Ore.
 The company continues to evaluate application of its low-priced strategy to full-color copying. Since late in calendar 1991, TRM has gradually increased the number of 39-cent full-color Copy Centers installed to over 125. The company expects to continue this gradual expansion of its color program over the next several months.
 TRM COPY CENTERS CORP.
 CONSOLIDATED RESULTS OF OPERATIONS
 (In thousands, except per-share data)
 Three Months Ended Sept. 30: 1992 1991
 Sales $8,343 $6,610
 Sales discounts 1,803 1,530
 Net sales 6,540 5,080
 Cost of sales 3,203 2,445
 Gross profit 3,337 2,635
 Selling, general and administrative expenses 2,270 1,667
 Operating income 1,067 968
 Other income (expense):
 Interest 21 (163)
 Other, net (21) (35)
 Income before income taxes 1,067 770
 Provision for income taxes 408 293
 Net income 659 477
 Net income per share $ 0.10 $ 0.10
 Shares outstanding 6,890 5,018
 SELECTED OPERATING STATISTICS
 Fiscal Year Ended June 30, 1992
 QTR 1 QTR 2 QTR 3 QTR 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 June 30, 1993
 QTR 1
 Copy Centers billed, period end 15,239
 Increase in Copy Centers billed 1,052
 Average copies per Copy Center
 per month 3,666
 Copy Centers installed, net 902
 Markets at period end 39
 TRM COPY CENTERS CORP.
 CONSOLIDATED BALANCE SHEET
 (Dollars in thousands)
 Sept. 30, June 30,
 1992 1992
 ASSETS
 Current assets:
 Cash and equivalents $ 2,444 $ 5,485
 Accounts receivable, net 2,866 2,327
 Inventories 2,903 2,549
 Prepaid expenses and other 1,260 1,079
 Total current assets 9,473 11,440
 Equipment and vehicles, net 15,644 13,027
 Other assets 53 3
 Total $25,170 $24,470
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable $ 905 $ 923
 Accrued expenses 1,330 1,403
 Current portion of long-term debt -- 17
 Total current liabilities 2,235 2,343
 Long-term debt -- 40
 Deferred income taxes 1,327 1,184
 Total liabilities 3,562 3,567
 Commitments -- --
 Stockholders' equity:
 Common stock 15,302 15,302
 Retained earnings 6,301 5,642
 Foreign currency translation adjustment 5 (41)
 Total stockholders' equity 21,608 20,903
 Total $25,170 $24,470
 -0- 11/3/92 R
 /CONTACT: Robert A. Bruce, chief financial officer, TRM Copy Centers, 503-231-0230, ext. 231, or fax, 503-231-3771/
 (TRMM) CO: TRM Copy Centers Corp. ST: Oregon IN: SU: ERN


SW-LM -- SE001 -- 2011 11/03/92 11:09 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 3, 1992
Words:902
Previous Article:SEITEL REPORTS RECORD THIRD QUARTER REVENUES AND IMPROVING PROFITS TREND
Next Article:MILACRON'S EARNINGS INCREASE SHARPLY IN THIRD QUARTER; SALES AND NEW ORDERS ALSO UP
Topics:


Related Articles
TRM COPY CENTERS CORP. ANNOUNCES RECORD RESULTS FOR FOURTH QUARTER AND FOR YEAR ENDED JUNE 30, 1992
TRM COPY CENTERS CORP. ANNOUNCES RECORD RESULTS FOR FOURTH QUARTER AND FOR YEAR ENDED JUNE 30, 1992
TRM COPY CENTERS CORP. ANNOUNCES RESULTS FOR THE FIRST QUARTER OF FISCAL 1993
TRM COPY CENTERS CORP. ANNOUNCES RECORD RESULTS FOR THE THIRD QUARTER OF FISCAL 1993
TRM COPY CENTERS CORP. ANNOUNCES RECORD SECOND QUARTER RESULTS
TRM COPY CENTERS CORPORATION ANNOUNCES THIRD QUARTER RESULTS
TRM COPY CENTERS CORPORATION ANNOUNCES FOURTH QUARTER RESULTS AND ENHANCED BANK FINANCING
TRM COPY CENTERS CORPORATION ANNOUNCES SLIGHTLY IMPROVED FIRST QUARTER RESULTS
TRM COPY CENTERS CORPORATION OVERCOMES SIGNIFICANTLY HIGHER PAPER COSTS AND REPORTS IMPROVED FIRST QUARTER RESULTS
TRM Copy Centers Corporation Announces Higher Earnings for the Second Quarter

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters