8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) March 31, 2005

TRM CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Oregon	0-19657	93-0809419
(State or Other Jurisdiction of	(Commission File Number)	(IRS Employer
Incorporation)		Identification No.)

5208 N.E. 122nd Avenue
Portland, Oregon 97230
(Address of Principal Executive Offices) (Zip Code)

(503) 257-8766
(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

PRESS RELEASE DATED MARCH 30, 2005

WEBCAST PRESENTATION DATED MARCH 30, 2005

Item 2.02 Results of Operations and Financial Condition

     On March 30, 2005, TRM Corporation issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2004. A copy of the press release, including unaudited financial information released as a part thereof, is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

     On March 30, 2005, a webcast and teleconference were held to discuss our financial results for the fourth quarter and year ended December 31, 2004, pursuant to a press release dated March 28, 2005. A copy of the Webcast Presentation is furnished as Exhibit 99.2.

Item 9.01 Exhibits

     (c) Exhibits. The following exhibits are furnished with this Current Report on Form 8-K:

No.		Description
	99.1	Press Release dated March 30, 2005, announcing financial results for the fourth quarter and year ended December 31, 2004.
	99.2	Webcast Presentation dated March 30, 2005, discussing financial results for the fourth quarter and year ended December 31, 2004.

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Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TRM Corporation Registrant
Date:   April 1, 2005	By:	/s/ Daniel E. O’Brien
		Daniel E. O’Brien
		Chief Financial Officer

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated March 30, 2005, announcing financial results for the fourth quarter and year ended December 31, 2004.*
99.2	Webcast Presentation dated March 30, 2005, discussing financial results for the fourth quarter and year ended December 31, 2004.*

* Filed electronically herewith

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EX-99.1

Exhibit 99.1

For further information, contact:

Danial J. Tierney, Executive Vice-President
Office: (503) 257-8766, Ext. 279
Fax: (503) 251-5473 / E-mail: dantierney@trm.com

TRM Corporation Reports Record Year 2004 Earnings

PORTLAND, Oregon, March 30, 2005 — TRM Corporation (NASDAQ: TRMM) today reported financial results for the quarter and year ended December 31, 2004.

TRM reported record sales of $126.0 million and record income from continuing operations of $8.3 million for the fiscal year ended December 31, 2004 from the previous highs set in 2003 of $94.8 million and $6.2 million respectively.

	Full Year			Full Year
($ millions)	2004			2003			% Change			Q4 2004			Q4 2003			% Change
Sales		126.0			94.8			32.9	%		42.3			24.9			69.5	%
Discounts		33.4			16.6			100.8	%		15.7			4.5			249.9	%
Net Sales		92.6			78.2			18.5	%		26.6			20.5			30.1	%
Cost of Sales		50.2			43.6			15.1	%		15.1			10.4			45.6	%
Gross Profit		42.4			34.6			22.7	%		11.5			10.1			14.2	%
SG&A		28.6			23.8			20.1	%		9.6			6.5			47.1	%
Operating Income		13.7			10.1			35.8	%		2.0			3.5			-43.3	%
Income from continuing operations		8.3			6.2			35.0	%		0.7			2.3			-68.4	%
Loss from discontinued operations		-0.4			-0.7			42.5	%		-0.2			-0.3			-35.7	%
Net income		7.9			5.5			45.3	%		.5			2.0			-73.4	%
Diluted earnings per share	$	0.56		$	0.45			24.4	%	$	0.02		$	0.18			-88.9	%
EBITDA		24.5			18.8			29.8	%		5.8			5.3			11.5	%
Gross Margin (% net sales)		45.8	%		44.2	%					43.3	%		49.3	%
Operating Margin (% net sales)		14.8	%		12.9	%					7.4	%		16.9	%
EBITDA Margin (% net sales)		26.4	%		24.0	%					21.8	%		25.5	%

Fiscal 2004 compared to Fiscal 2003

For fiscal 2004, consolidated net sales were $92.6 million, a $14.4 million or 18.5% increase, compared to $78.2 million in 2003. The increase in net sales reflects ATM unit acquisitions made during the year including the acquisition of the eFunds ATM network, strong organic ATM growth generating over 1,000 net new ATM locations, higher ATM and photocopier transaction pricing and a positive impact from currency exchange fluctuations.

Cost of sales during 2004 was $50.2 million; up 15.1% from $43.6 million in 2003 reflecting an 80% increase in ATM sales and the negative impact from currency exchange fluctuations. Gross profit was $42.4 million, up 22.7% from $34.6 million in 2003.

Sales, General and Administrative (SG&A) expenses were $28.6 million, a $4.8 million or 20.1% increase, compared to $23.8 million in 2003. The increase in these expenses reflects higher depreciation and amortization expense, stock offering and acquisition related expenses,

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including transition costs relating to the eFunds ATM networks we acquired and a negative impact from currency exchange fluctuations.

Operating income increased $3.6 million or 35.8%, to $13.7 million in fiscal 2004 as compared to $10.1 million for the same period in 2003, reflecting the growth of the ATM business as well as improved operating efficiency in the photocopy business.

Earnings before interest, taxes, depreciation and amortization (See Attachment 3: Reconciliation of EBITDA to Net Income), or EBITDA, was $24.5 million in fiscal 2004 compared to $18.8 million for the prior year period, an increase of $5.7 million or 30.4%.

Income from continuing operations increased 35.0% to $8.3 million, compared to income of $6.2 million in fiscal 2003. Income available to common shareholders was $0.56 per diluted share in fiscal 2004 compared to $0.45 per diluted share in 2003.

Q4 2004 compared to Q4 2003

During Q4 2004, consolidated net sales were $26.6 million, a $6.2 million or 30.1%, increase compared to $20.5 million for the prior year period. The increase in net sales reflects the addition of approximately 15,700 ATM’s resulting from the acquisition of the eFunds ATM networks leading to approximately 200% more transactions during the quarter.

Cost of sales during Q4 2004 was $15.1 million, up 45.6% from $10.4 million in Q4 2003 a result of a 70% increase in sales for the quarter. Gross profit increased 14.2% to $11.5 million from $10.1 million last year driven by higher net sales.

SG&A expenses were $9.6 million, a $3.1 million or 47.1% increase, compared to $6.5 million in Q4 2003. The increase reflects transition expenses related to the eFunds acquisition, as well as higher depreciation and amortization and interest as outlined below.

EBITDA was $5.8 million in Q4 2004 as compared to $5.2 million for the prior year period, an increase of $0.6 million or 11.5% (See Attachment 3: Reconciliation of EBITDA to Net Income).

In Q4 2004, income from continuing operations decreased $1.6 million, from $2.3 million in Q4 2003. Income available to common shareholders was $0.02 per diluted share in Q4 2004 compared to $0.18 in Q4 2003.

On November 19, 2004 we acquired the ATM business of eFunds Corporation in the United States and Canada for $150 million cash (excluding fees, expenses and similar items) significantly increasing TRM’s ATM networks in both countries. In connection with the transaction, TRM entered into a five-year agreement pursuant to which eFunds provides ongoing ATM management services (MSA) for the acquired networks. During the fourth quarter we incurred certain non-recurring expenses of approximately $2.0 million associated with closing the transaction, implementation of the MSA and transition of the eFunds ATM networks. This $2.0 million is comprised of approximately $1.4 million in SG&A expenses related to staff reductions and non-capitalized closing costs along with approximately $0.6 million in

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operational expenses associated primarily with armored car transition and vault cash replacement. Subsequent to year-end, and reflecting progress with integration, approximately $2.6 million in yearly overhead reduction was implemented, with remaining reductions pending in the amount of $1.0 million. Additional recurring expenses that occurred in Q4 2004 and were significantly higher than Q3 2004 included accelerated amortization of approximately $1.0 million related to the eFunds acquisition and $0.9 million in additional interest expense which was primarily related to the $120 million loan utilized to fund the eFunds ATM networks acquisition (interest rate of 6.4% in Q4 2004).

SEGMENT HIGHLIGHTS

ATM

	Full Year			Full Year
($ millions)	2004			2003			% Change			Q4 2004			Q4 2003			% Change
Sales		74.9			41.6			80.2	%		30.5			11.0		177.3	%
Discounts		24.4			7.1			243.7	%		13.7			2.0		585.0	%
Net Sales		50.5			34.5			46.4	%		16.8			9.0		86.7	%
Gross Profit		23.0			16.1			43.2	%		7.9			4.6		71.7	%
Operating Income		7.5			4.8			56.1	%		2.4			1.6		50.0	%
Gross Margin (% net sales)		45.6	%		46.7	%					47.0	%				51.1	%
Operating Margin (% net sales)		14.9	%		13.9	%					14.3	%				17.8	%
ATM Sales Drivers:
Total units (period ending)		21,261			3,416			522.4	%
Total withdrawals (millions)		26.7			15.3			74.5	%		11.8			4.0		195.0	%
Ave. monthly withdrawals per unit		359			393			-1.5	%		348			387		-10.1	%
Ave. sales per withdrawal	$	2.76		$	2.55			8.2	%	$	2.63			2.65	$	-1.0	%
Ave. monthly sales per unit	$	1,071		$	1,000			7.1	%	$	923			1027	$	-10.1	%

For the full year ended December 31, 2004, ATM operations produced net sales of $50.5 million, an increase of $16.0 million or 46.4%, as compared to the same period in 2003. The increase in net sales reflects ATM unit acquisitions made during the year including the acquisition of the eFunds ATM portfolio and strong organic ATM growth. Full year 2004 ATM gross profit increased $6.9 million or 43.2%, to $23.0 million. Operating income increased $2.7 million or 56.1%, to $7.5 million.

During Q4 2004, ATM net sales reached $16.8 million, an increase of $7.8 million or 86.7%, as compared to the same period in 2003. The increase in net sales reflects strong organic ATM growth, and significantly more ATM units overall, which led to approximately a 200% increase in the number of transactions during the quarter. Q4 2004 ATM gross profit increased $3.3 million or 71.7%, to $7.9 million and operating income increased $0.8 million or 50.0%, to $2.4 million.

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PHOTOCOPY

	Full Year			Full Year
($ millions)	2004			2003			% Change			Q4 2004			Q4 2003			% Change
Total Sales		51.1			53.3			-4.0			% 11.8			13.9			-15.1	%
Discounts		8.9			9.5			-6.0			% 2.0			2.5			-20.0	%
Net Sales		42.2			43.7			-3.5			% 9.8			11.4			-14.0	%
Gross Profit		19.4			18.5			5.0	%		3.6			5.5			-34.5	%
Operating Income		8.1			5.3			52.0	%		0.4			1.9			-78.9	%
Gross Margin (% net sales)		46.0	%		42.3	%					36.7	%		48.2	%
Operating Margin (% net sales)		19.1	%		12.1	%					4.1	%		16.7	%
Photocopy Sales Drivers:
Total units (period ending)		24,484			26,317			-7.0	%
Total photocopies (millions)		609.3			859.5			-29.1	%		141.5			198.3			-28.6	%
Average monthly copies per unit		2,012			2,615			-23.1	%		1,921			2,495			-23.0	%
Sales per copy	$	0.08		$	0.06			33.3	%	$	0.08		$	0.07			14.3	%
Average monthly sales per unit	$	169		$	162			4.3	%	$	161		$	175			-8.0	%

For the full year ended December 31, 2004, photocopier operations produced net sales of $42.2 million, a decrease of $1.6 million or 3.6%, as compared to the same period in 2003. Full year 2004 photocopier gross profit increased $0.9 million or 5.0%, to $19.4 million and operating income increased $2.8 million or 52.0%, to $8.1 million. The increase in operating income reflects similar year over year net sales results but a significantly lower cost of sales, related to a 30% decrease in number of copies.

Photocopier net sales were $9.8 million during Q4 2004, down $1.6 million or 14.0%, as compared to the same period in 2003. The decrease in net sales for Q4 2004 reflects a reduction in deployed units and lower transaction volumes (partially offset by higher copy pricing). Q4 2004 photocopier gross profit decreased $1.9 million or 34.5%, to $3.6 million and operating income decreased $1.5 million to $0.4 million. The decline in operating income was primarily the result of $0.7 million in year-end 2004 employee performance bonuses paid out to our service technicians.

Balance Sheet:

The Company’s long-term debt, consisting of commercial loans and capital leases, increased from $9.8 million at December 31, 2003 to $121.8 million at December 31, 2004. This increase in debt is a result of a $120 million term loan related to the eFunds acquisition.

Shareholders’ equity at December 31, 2004 increased by $62.8 million to $111.7 million or 128.6%, as compared to $48.9 million for the prior year, due in large part to completion of a common stock offering that closed in September 2004.

Preferred Dividends:

We accrued $1.33 million of Series A preferred stock dividends during fiscal 2004. On March 5, 2005, we announced that all of our preferred shares had converted into common shares in accordance with the terms of the preferred shares. As a result beginning in Q2 2005, no additional preferred dividends will be paid.

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Forward Looking Statements:

Statements made in this news release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, such as consumer demand for the Company’s services; access to capital; maintaining satisfactory relationships with the Company’s banking partners; technological change; the ability of the Company to control costs and expenses; competition and the Company’s ability to successfully implement its planned growth. Additional information on these factors, which could affect the Company’s financial results, is included in the Company’s filings with the Securities and Exchange Commission. Finally, there may be other factors not mentioned above or included in the Company’s SEC filings that could cause actual results to differ materially from those contained in any forward-looking statement. Undue reliance should not be placed on any forward-looking statement, which reflects management’s analysis only as of the date of the statement. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.

-Attachments 1, 2 and 3 follow-

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Attachment 1

TRM Corporation
Consolidated Results of Operations
(in thousands, except per share data)
(unaudited)

	Year Ended						Three Months Ended
	12/31/03			12/31/04			12/31/03			12/31/04
Sales	$	94,822		$	126,027		$	24,945		$	42,290
Sales discounts		16,625			33,385			4,477			15,663
Net sales		78,197			92,642			20,468			26,627
Cost of sales		43,627			50,212			10,369			15,095
Gross profit		34,570			42,430			10,099			11,532
Selling, general and administrative expense		23,828			28,625			6,504			9,569
Asset retirements		626			68			130			0
Operating income		10,116			13,737			3,465			1,963
Other expense:
Interest		1,030			1,727			233			1,092
Other, net		(133	)		(267	)		(45	)		(223	)
Income from continuing operations before provision for income taxes		9,219			12,277			3,277			1,094
Provision for income taxes		3,034			3,930			931			353
Income from continuing operations		6,185			8,347			2,346			741
Loss from discontinued operations		(729	)		(419	)		(311	)		(200	)
Net income	$	5,456		$	7,928		$	2,035		$	541
BASIC AND DILUTED PER SHARE INFORMATION:
Income from continuing operations	$	6,185		$	8,347		$	2,346		$	741
Preferred stock dividends		(1,500	)		(1,329	)		(375	)		(220	)
Income allocated to Series A preferred shareholders		(629	)		(920	)		(264	)		(18	)
Excess of cash paid over book value of preferred stock redeemed		0			(48	)		0			(2	)
Income from continuing operations available to common shareholders	$	4,056		$	6,050		$	1,707		$	501
Weighted average common shares outstanding		7,060			9,221			7,060			13,108
Basic income (loss) per share:
From continuing operations	$	0.57		$	0.66		$	0.24		$	0.04
From discontinued operations		(0.10	)		(0.05	)		(0.04	)		(0.02	)
Net income	$	0.47		$	0.61		$	0.20		$	0.02
Weighted average common shares assuming dilution		7,361			10,067			7,806			14,117
Diluted income (loss) per share:
From continuing operations	$	0.55		$	0.60		$	0.22		$	0.03
From discontinued operations		(0.10	)		(0.04	)		(0.04	)		(0.01	)
Net income	$	0.45		$	0.56		$	0.18		$	0.02

Attachment 2

TRM Corporation
Consolidated Balance Sheet
(in thousands)
(unaudited)

	December 31,		December 31,
	2003		2004
Assets
Current assets:
Cash and cash equivalents	$	5,724	$	5,576
Accounts receivable, net		6,134		12,251
Income taxes receivable		0		115
Inventories		1,567		7,319
Prepaid expenses and other		1,405		5,011
Deferred tax asset		423		58
Total current assets		15,253		30,330
Equipment, less accumulated depreciation		63,991		72,265
Restricted cash — TRM Inventory Funding Trust		28,939		75,547
Deferred tax asset		2,767		0
Goodwill		0		118,444
Other intangible assets, less accumulated amortization		72		51,241
Other assets		1,253		9,473
Total assets	$	112,275	$	357,300
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	1,367	$	18,234
Accrued expenses		6,429		8,891
Accrued expenses — TRM Inventory Funding Trust		57		154
Current portion of long-term debt		3,024		10,059
Current portion of obligations under capital leases		2,113		2,195
Total current liabilities		12,990		39,533
Notes payable — TRM Inventory Funding Trust		27,455		74,105
Long-term debt		7,040		120,177
Obligations under capital leases		2,784		1,644
Deferred tax liability		7,049		8,168
Other long-term liabilities		79		241
Preferred dividends payable		4,502		220
Total liabilities		61,899		244,088
Minority interest — TRM Inventory Funding Trust		1,500		1,500
Shareholders’ equity:
Preferred stock		19,798		11,620
Common stock		19,026		81,075
Additional paid-in capital		63		63
Accumulated other comprehensive income		2,088		4,502
Retained earnings		7,901		14,452
Total shareholders’ equity		48,876		111,712
	$	112,275	$	357,300

Attachment 3

TRM Corporation
EBITDA Reconciliation
Q4 2004 vs. Q4 2003
(in millions - USD)

	2003										2004
	Q1		Q2		Q3		Q4		FY03		Q1		Q2		Q3		Q4		FY04
Net Income		0.8		1.1		1.5		2.0		5.5		2.5		2.7		2.1		0.5		7.9
Add:
Interest expense		0.3		0.2		0.2		0.2		1.0		0.2		0.3		0.1		1.1		1.7
Provision for income taxes		0.5		0.6		0.9		0.8		2.7		1.2		1.0		1.4		0.3		3.8
Depreciation and amortization		2.5		2.5		2.4		2.2		9.6		2.2		2.4		2.4		3.9		11.0
EBITDA		4.1		4.4		5.0		5.2		18.8		6.2		6.4		6.0		5.8		24.4

EX-99.2

Exhibit 99.2

Full Year 2004 and Q4 Review 2004 TRM Corporation The information contained herein is subject to change without notice. Exhibit 99.2

Forward Looking Statements Except for historical information contained herein, the matters discussed in this presentation contain forward-looking statements within the meaning of section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of TRM Corporation ("TRM") and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond TRM's control. TRM discusses certain of these factors in its Annual Report on Form 10 - K for 2004. 30 March 2005 2

2004 Accomplishments Executed largest ATM network acquisition Continued organic expansion Strong EBITDA growth Record sales Record net income 30 March 2005 3

Overview (Including eFunds) 21,261 ATMs and 24,484 self-service photocopiers The TRM Network: 45,000 Distribution Points Canada Canada ATM Locations Photocopy Locations Service Areas Canada United States 30 March 2005 4 United Kingdom

Consolidated P&L FY 04 FY 03 Net Sales $92.6 $78.2 Gross Profit $42.4 $34.6 Operating Income $13.7 $10.1 Income from Continuing Operations Income from Continuing Operations Income from Continuing Operations Income from Continuing Operations $8.3 $6.2 Loss from Discontinued Operations Loss from Discontinued Operations Loss from Discontinued Operations -$0.4 -$0.7 Net Income $7.9 $5.5 EBITDA* $24.5 $18.8 EPS (diluted)** $0.56 $0.45 (in millions) *See reconciliation slide **Diluted EPS reflects impact of preferred dividends and EITF 03-6 based on net income FY 2004 vs. FY 2003 30 March 2005 5

Margin Analysis FY 04 FY 03 Gross Margin 33.7% 36.5% Operating Margin 10.9% 10.7% EBITDA Margin 19.4% 19.8% Net Profit Margin 6.3% 5.8% % Sales FY 04 FY 03 Gross Margin 45.8% 44.2% Operating Margin 14.8% 12.9% EBITDA Margin 26.4% 24.0% Net Profit Margin 8.6% 7.0% % Net Sales FY 2004 vs. FY 2003 30 March 2005 6

Balance Sheet FY 04 FY 03 Total Assets Total Assets $357.3 $112.3 Total Liabilities* Total Liabilities* $244.1 $61.9 Total Equity Total Equity $111.7 $48.9 Net Debt** Net Debt** $128.5 $9.3 *Does not include minority interest of $1.5MM in 2003 (in millions) **See reconciliation slide FY 2004 vs. FY 2003 30 March 2005 7

Consolidated P&L Q4 04 Q4 03 Net Sales $26.6 $20.5 Gross Profit $11.5 $10.1 Operating Income $2.0 $3.5 Income from Continuing Operations Income from Continuing Operations Income from Continuing Operations Income from Continuing Operations $0.7 $2.3 Loss from Discontinued Operations Loss from Discontinued Operations Loss from Discontinued Operations -$0.2 -$0.3 Net Income* $0.5 $2.0 EBITDA** $5.8 $5.3 EPS (diluted)*** $0.02 $0.18 (in millions) *Includes non-recurring changes related to eFunds ATM network acquisition **See reconciliation slide ***Diluted EPS reflects impact of preferred dividends and EITF 03-6 based on net income Q4 2004 vs. Q4 2003 30 March 2005 8

Margin Analysis Q4 04* Q4 03 Gross Margin 27.2% 40.5% Operating Margin 4.6% 13.9% EBITDA Margin 13.7% 20.9% Net Profit Margin 1.3% 8.2% Q4 04* Q4 03 Gross Margin 43.3% 49.3% Operating Margin 7.4% 16.9% EBITDA Margin 21.8% 25.4% Net Profit Margin 2.0% 9.9% % Sales % Net Sales Q4 2004 vs. Q4 2003 30 March 2005 9 *Includes non-recurring changes related to eFunds ATM network acquisition

Supplementary Review of Expenses Q4 04 Q4 03 eFunds Transition $2.0 $0.0 Amortization* $1.4 $0.1 Interest Expense $1.1 $0.2 Total $4.5 $0.3 *Application of accelerated amortization of eFunds intangibles generated an additional $432,000 of expense for six weeks of Q4 2004 over straight line depreciation Q4 2004 vs. Q4 2003 (in millions) 30 March 2005 10

ATM Financials FY 04 FY 03 Q4 04* Q4 03 Net Sales $50.5 $34.5 $16.8 $9.0 Gross Profit $23.0 $16.1 $7.9 $4.6 Operating Income $7.5 $4.8 $2.4 $1.6 FY 04 FY 03 Q4 04* Q4 03 Gross Margin 45.6% 46.7% 47.0% 51.1% Operating Margin 14.9% 13.9% 14.3% 17.8% (in millions) ATM P&L *Includes non-recurring charges related to eFunds ATM network acquisition 30 March 2005 11 % Net Sales

9.0 15.3 26.7 4.0 11.8 12.6 0 4 8 12 16 20 24 28 2001 2002 2003 2004 Q4 '03 Q4 '04 Total ATM Cash Withdrawals (in millions) ATM Operating Data Installed Base Total Cash Withdrawals 3,057 2,082 3,416 21,261 1,000 4,000 7,000 10,000 13,000 16,000 19,000 22,000 2001 2002 2003 2004 30 March 2005 12 Total ATMs Installed - Year End

ATM Operating Data Sales/Unit Sales/Transaction 9,889 11,999 12,851 3,082 2,769 10,357 $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2001 2002 2003 2004 Q4 '03 Q4 '04 ATM Consolidated- Average Sales/Unit 2.07 2.76 2.65 2.63 2.55 2.22 $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 2001 2002 2003 2004 Q4 '03 Q4 '04 30 March 2005 13 ATM Consolidated - Average Sales/Transaction

Photocopy Financials FY 04 FY 03 Q4 04 Q4 03 Net Sales $42.2 $43.7 $9.8 $11.4 Gross Profit $19.4 $18.5 $3.6 $5.5 Operating Income* $8.1 $5.3 $0.4 $1.9 FY 04 FY 03 Q4 04 Q4 03 Gross Margin** 46.0% 42.3% 36.7% 48.2% Operating Margin** 19.1% 12.1% 4.1% 16.7% (in millions) Photocopy P&L *Includes significant expense in Q4 04 associated with employee performance bonus 30 March 2005 14 **As a percentage of net sales % Net Sales

Photocopy Operating Data Installed Base Sales 59.0 53.3 51.1 13.9 11.8 54.8 $0 $7 $14 $21 $28 $35 $42 $49 $56 $63 2001 2002 2003 2004 Q4 '03 Q4 '04 Photocopy Consolidated Sales (in millions) 29,706 26,317 24,484 28,399 0 4,000 8,000 12,000 16,000 20,000 24,000 28,000 32,000 2001 2002 2003 2004 Total Photocopiers Installed - Year End

30 March 2005 15

Photocopy Operating Data Sales/Unit Sales/Copy 1,883 1,946 2,024 525 482 1,893 $0 $400 $800 $1,200 $1,600 $2,000 $2,400 2001 2002 2003 2004 Q4 '03 Q4 '04 Photocopy Consolidated - Average Sales/Unit ..056 ..062 ..084 ..056 $0.00 $0.02 $0.04 $0.06 $0.08 $0.10 2001 2002 2003 2004 30 March 2005 16 Photocopy Consolidated - Average Sales/Copy

30 March 2005 17 Additional Information

EBITDA Reconciliation EBITDA is a measure commonly used by the capital markets to value enterprises. Interest, taxes, depreciation and amortization can vary significantly between companies due in part to differences in accounting policies, tax strategies, levels of indebtedness and interest rates. Excluding these items provides insight into the underlying results of operations and facilitates comparisons between TRM and other companies. In addition, EBITDA is considered a reasonable approximation of gross cash flow and is one of the measures used for determining debt covenant compliance. Management believes that EBITDA information is useful to investors for these reasons. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. 2003 2004 Q1 Q2 Q3 Q4 FY 03 Q1 Q2 Q3 Q4 FY 04 Net income 0.8 1.1 1.5 2.0 5.5 2.5 2.7 2.1 0.5 7.9 Add: Interest expense 0.3 0.2 0.2 0.2 1.0 0.2 0.3 0.1 1.1 1.7 Provision for income taxes 0.5 0.6 0.9 0.8 2.7 1.2 1.0 1.4 0.3 3.8 Depreciation and amortization 2.5 2.5 2.4 2.2 9.6 2.2 2.4 2.4 4.0 11.0 EBITDA 4.1 4.4 5.0 5.5 18.8 6.2 6.4 6.0 5.8 24.4 30 March 2005 18 (in millions - USD) Q4 2004 vs. Q4 2003 *Includes eFunds transitional expenses of approximately $2 million incurred during the quarter

Net Debt Reconciliation FY04 FY03 All Debt 130.2 10.1 All Capital Leases 3.9 4.9 Cash & Cash Equivalents (5.6) (5.7) 128.5 9.3 30 March 2005 19 (in millions - USD)

30 March 2005 20 Q & A