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) November 9, 2005

TRM CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Oregon	0-19657	93-0809419
(State or Other Jurisdiction	(Commission File Number)	(IRS Employer
of 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 November 9, 2005

Press Release dated November 14, 2005

Webcast Presentation dated November 15, 2005

Item 2.02 Results of Operations and Financial Condition

     On November 9, 2005, TRM Corporation issued a press release announcing that it will issue its earnings press release for the quarter ended September 30, 2005, on Monday, November 14, 2005. The press release also announced that the Company will present those financial results during a live audio webcast to be held Tuesday, November 15, 2005, at 9:00 a.m. Eastern time. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

     On November 14, 2005, TRM Corporation issued a press release announcing its financial results for the quarter ended September 30, 2005. A copy of the press release, including unaudited financial information released as a part thereof, is furnished as Exhibit 99.2 to this Current Report on Form 8-K.

     On November 15, 2005, a webcast and teleconference were held to discuss our financial results for the quarter ended September 30, 2005, pursuant to a press release dated November 14, 2005. A copy of the Webcast Presentation is furnished as Exhibit 99.3.

Item 8.01 Other Events

     On November 10, 2005, the Board of Directors approved a $20 million stock repurchase program. Currently, under our Credit Agreement with Bank of America NA, we may use no more than $1.5 million in any year, plus any amounts unused from the $1.5 million available in the immediately preceding year, for Restricted Payments such as share repurchases unless we receive a waiver from Bank of America. As of November 15, 2005, we had approximately $2.6 million of availability under this provision.

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 November 9, 2005, announcing that the Company will issue its earnings press release for the quarter ended September 30, 2005, on Monday, November 14, 2005, and that the Company will present those financial results during a live audio webcast to be held Tuesday, November 15, 2005, at 9:00 a.m. Eastern time.
	99.2	Press Release dated November 14, 2005, announcing financial results for the quarter ended September 30, 2005.
	99.3	Webcast Presentation dated November 15, 2005, discussing financial results for the quarter ended September 30, 2005.

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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: November 16, 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 November 9, 2005, announcing that the Company will issue its earnings press release for the quarter ended September 30, 2005, on Monday, November 14, 2005, and that the Company will present those financial results during a live audio webcast to be held Tuesday, November 15, 2005, at 9:00 a.m. Eastern time.*
99.2	Press Release dated November 14, 2005, announcing financial results for the quarter ended September 30, 2005.*
99.3	Webcast Presentation dated November 15, 2005, discussing financial results for the quarter ended September 30, 2005.*

* 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) 943-2679
Fax: (503) 251-5473 / E-mail: dantierney@trm.com

TRM To Present Third Quarter 2005 Results

Portland, Oregon: November 9, 2005 – TRM Corporation (NASDAQ: TRMM) announced today that it will issue its earnings press release for the third quarter ended September 30, 2005 after the market closes on Monday, November 14, 2005. Senior management will host a conference call to discuss these results on Tuesday, November 15, 2005 at 9:00 a.m. ET.

The call will be webcast live over the Internet from the Company’s website at http://www.trm.com, and the webcast slide presentation will be available for download no later than 8:00 a.m. ET on November 15, 2005. The call will also be accessible over the phone by dialing 1-800-659-1942 (United States/Canada) or 1-617-614-2710 (all other countries), conference call code: 26111675.

For those unable to participate in the live call, the audio and slide presentation will be available via the TRM Corporation website following the conclusion of the call. A replay of the call will be available from 1:00 p.m. ET on November 15, 2005 to November 22, 2005, by dialing 1-888-286-8010 (United States/Canada) or 1-617-801-6888 (all other countries), conference call code: 11628352.

About TRM

TRM Corporation is a consumer services company that provides convenience ATM and photocopying services in high-traffic consumer environments. TRM’s ATM and copier customer base has grown to over 35,000 retailers throughout the United States and over 47,000 locations worldwide, including 6,500 locations across the United Kingdom and over 5,500 locations in Canada. TRM operates one of the largest multi-national ATM networks in the world, with over 22,000 locations deployed throughout the United States, Canada, Great Britain, including Northern Ireland, and Germany.

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 our services; access to capital; maintaining satisfactory relationships with our banking partners; technological change; our ability to control costs and expenses; competition and our ability to successfully implement our planned growth. Additional information on these factors, which could affect our financial results, is included in our SEC filings. Finally, there may be

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other factors not mentioned above or included in our 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. We assume 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.

# # # #

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EX-99.2

Exhibit 99.2

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 Q3 2005 Financial Results

PORTLAND, Oregon, November 14, 2005 — TRM Corporation (NASDAQ: TRMM) today reported financial results for the third quarter ended September 30, 2005.

Recent highlights include the following, as compared to Q3 2004:

• Gross sales more than doubled to $59.2 million from $29.0 million

• Net sales increased 39% to $31.4 million from $22.5 million

• EBITDA increased 28% to $7.7 million compared to $6.0 million

• Adjusted EBITDA increased 52% to $9.1 million

• Gross profit increased 24% to $12.5 million from $10.1 million

• ATM operating income increased 39% to $3.4 million from $2.5 million

• Largest ATM customer renewed for an additional 5 years

• Hurricane damages limited to under $0.15 million

Operating results in the periods discussed in this press release were affected by several items that the Company considers to be non-recurring in nature. In order to enhance investor understanding of the underlying trends in our business and in order to provide for better comparability between periods in different years, the Company is supplementally providing results that have been adjusted to eliminate these unusual items. Reconciliations between GAAP measures and non-GAAP measures and between actual results and adjusted results are provided at the end of this press release.

During Q3 2005, gross sales increased 104% to $59.2 million from $29.0 million in Q3 2004. The increase was generated by the Company’s ATM business, which had total gross sales of $49.6 million for the quarter compared to $17.0 million for the same period in 2004. Consolidated net sales were $31.4 million, a 39% increase compared to $22.5 million for the prior year period. The increase in net sales during the quarter as compared to the prior year period reflects the addition of approximately 15,700 ATM’s resulting from the acquisition of the eFunds Corporation ATM network, partially offset by a $2.0 million or 20% decline in net sales from the photocopy business. This decline is partially offset by a $1.1 million vendor reimbursement to occur in the fourth quarter 2005. Net sales also reflects increased sales discounts, as the ATM revenue mix shifted from primarily full placement to predominately merchant-owned ATMs due to the acquisition of the eFunds ATM portfolio.

EBITDA was $7.7 million in Q3 2005 as compared to $6.0 million for the prior year period, an increase of 28%. Adjusted EBITDA was $9.1 million in Q3 2005 as compared to $6.0 million

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for the Q3 2004 (see Attachment 4: Reconciliation of EBITDA and Adjusted EBITDA to Net Income).

For Q3 2005, the following significant items affected financial results:

• Unusually high cash losses of $1.1 million primarily at the Company’s UK ATM operations as a result of a significant increase in theft from ATM’s. These costs are reflected in cost of sales. Losses during the quarter were commensurate with industry wide results, and the Company is undertaking aggressive security measures designed to reduce theft on an on-going basis.

• Lower sales in Photocopier operations due to performance of its North American photocopier estate. The Company has finalized an agreement in which it will receive a $1.1 million vendor reimbursement in the fourth quarter.

• Approximately $1.1 million in other costs, which includes $0.6 million in Sarbanes Oxley compliance costs, that are not expected to recur in fiscal 2006, along with $.5M of eFunds ATM network transition expense.

• A $1.3 million gain from the sale of the Company’s shares in Moneybox PLC.

In Q3 2005 income from continuing operations available to common shareholders was $0.3 million compared to $1.6 million in Q3 2004. Net income included interest expense of $2.5 million as well as the significant and unusual items described above. Net income was $0.02 per diluted share in Q3 2005 compared to $0.16 in Q3 2004. Adjusted net income in the third quarter, excluding the significant and unusual items described above was $0.7 million resulting in an adjusted EPS of $0.05 per diluted share (see Attachment 4: Reconciliation of Net Income to Adjusted Net Income). The shortfall in EPS over Q3 2004 was due to the combination of 50% higher share count along with $4 million of interest, amortization and transition expenses incurred in Q3 2005 over that of Q3 2004. There was an average of 14.8 million diluted shares outstanding in Q3 2005 compared to 9.9 million in Q3 2004.

For the nine months ended September 30, 2005, the Company reported gross sales of $179.5 million, up 114% from $83.7 million in the prior year’s comparable period. Net sales were $97.9 million, up 48% from $66.0 million in the first nine months of 2004. Gross profit increased 45% to $44.9 million from $30.9 million last year, and operating income was $10.8 million compared to $11.8 million in the first nine months of 2004.

The Company reported EBITDA of $28.4 million for the first nine months of 2005, up 52% compared to $18.7 million in the first nine months of 2004 (see Attachment 4: Reconciliation of EBITDA to Net Income).

For the first nine months of 2005, income from continuing operations was $4.8 million as compared to $7.6 million in the prior year’s comparable period. Net income from continuing operations available to common shareholders was $4.6 million for the nine month period compared to $5.6 million in last year’s comparable period. Net income was $0.32 per diluted share compared to $0.60 in the first nine months of 2004. There was an average of 14.6 million diluted shares outstanding in the first nine months of 2005 compared to 8.9 million for the same period in 2004.

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SEGMENT HIGHLIGHTS

ATM

($ in millions)	Q3 2005			Q3 2004			% Change
Sales	$	49.6		$	17.0			191	%
Discounts	$	26.2		$	4.5			486	%
Net Sales	$	23.4		$	12.6			86	%
Gross Profit	$	9.9		$	5.6			77	%
Operating Income	$	3.4		$	2.5			39	%
Gross Margin (% net sales)		42	%		45	%
Operating Margin (% net sales)		15	%		20	%
ATM Sales Drivers:
Total units (period ending)		22,243			4,868			357	%
Total withdrawals (thousands)		19,974			5,722			249	%

Operating margins for the Quarter were negatively impacted by UK cash losses. The increase in ATM sales and net sales reflects significantly more ATM units overall, a result of acquisitions during 2004 (in particular the eFunds ATM network acquisition) as well as organic growth. ATM operating income increased to $3.4 million, from $2.5 million in the third quarter of 2004. This reflects increasing economies of scale in the ATM business, as net new units are integrated into the Company’s existing cost structure. These economies have been offset by eFunds transition costs of $0.5 million and unusually high cash losses in the Company’s UK ATM operations as a result of a significant increase in theft from the Company’s ATM’s.

The difference in growth rate between gross sales and net sales reflects sales discounts, which represent the portion of gross sales retained by merchants. The sales discounts paid by the Company have increased as the network revenue mix shifts from primarily full placement to mostly merchant owned ATMs. The majority of contracts acquired in 2004 and particularly a majority of the eFunds contracts were with retail partners who own their ATMs, provide their own cash, and as a result, receive a majority of the surcharge.

Organic growth in the ATM business consisted of 982 net new ATM placements in the first nine months of 2005. In addition to these units, approximately 400 units have been redeployed throughout the first nine months of the year from lower to higher volume locations. Management continues to expect limited growth of net new unit placements through the remainder of 2005, excluding new unit gains that may result from possible acquisitions. The Company expects to continue to focus upon redeploying and optimizing its existing ATM units during the remainder of 2005.

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PHOTOCOPY

($ in millions)	Q3 2005			Q3 2004			% Change
Sales	$	9.6		$	11.9			(19	%)
Discounts	$	1.6		$	2.0			(19	%)
Net Sales	$	8.0		$	9.9			(20	%)
Gross Profit	$	2.6		$	4.5			(42	%)
Operating Income	$	0.1		$	1.9			(95	%)
Gross Margin (% net sales)		32	%		45	%
Operating Margin (% net sales)		1	%		19	%
Photocopy Sales Drivers:
Total units (period ending)		24,118			24,774			(3	%)
Total photocopies (millions)		113			143			(21	%)

The decrease in net sales for Q3 2005 reflects lower copy volumes per unit when compared to the prior year period. The Company expects to record a $1.1 million vendor reimbursement in the fourth quarter for lost revenue. The decline in operating income was primarily the result of lower copy volumes.

Photocopy operating income for the third quarter 2005 decreased to $0.1 million from $1.9 million during Q3 2004. Photocopy price increases now underway had no material impact on photocopy performance during the period due to the limited number of price increase sites that were billed during the quarter. Management continues to anticipate that the Company will implement photocopy price increases through the remainder of 2005 with the full impact being realized in early 2006.

Balance Sheet:

The Company’s long-term debt (including current portion and excluding Trust debt), consisting of commercial loans and capital leases, was $127.6 million at September 30, 2005, compared to $134.1 million at December 31, 2004. Shareholders’ equity at September 30, 2005 increased to $115.2 million compared to $111.7 million at December 31, 2004, primarily as a result of the Company’s continued profitability.

Recent Events:

On September 1, 2005, TRM Corporation announced that it has agreed to purchase the United Kingdom-based ATM business of Travelex UK Limited for approximately 43.4 million pounds Sterling (approximately $78 million).

On October 5, 2005 the Company completed a private placement for 2,778,375 shares of its common stock at $14.54 per share for both new and existing shareholders. The transaction generated gross proceeds of $40.4 million, which TRM is using to pay expenses related to the offering and reduce debt.

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At the most recent meeting of the Board of Directors, a share repurchase program was approved under which the Company was authorized to purchase up to $20 million of its common stock, to be implemented subject to market conditions and in accordance with lender approval as may be required under commercial loan covenants.

About TRM

TRM Corporation is a consumer services company that provides convenience ATM and photocopying services in high-traffic consumer environments. TRM’s ATM and copier customer base has grown to over 35,000 retailers throughout the United States and over 46,200 locations worldwide, including 6,400 locations across the United Kingdom and over 4,900 locations in Canada. TRM operates one of the largest multi-national ATM networks in the world, with over 22,000 locations deployed throughout the United States, Canada, Great Britain, including Northern Ireland and Germany.

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 our services; access to capital; maintaining satisfactory relationships with our banking partners; technological change; our ability to control costs and expenses; competition and our ability to successfully implement our planned growth. Additional information on these factors, which could affect our financial results, is included in our SEC filings. Finally, there may be other factors not mentioned above or included in our 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. We assume 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, 3 and 4 follow-

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Attachment 1

TRM CORPORATION
Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)

	Three Months Ended						Nine Months Ended
	09-30-04*			09-30-05			09-30-04*			09-30-05
Sales	$	28,981		$	59,237		$	83,737		$	179,454
Less discounts		6,495			27,885			17,722			81,542
Net sales		22,486			31,352			66,015			97,912
Cost of sales		12,406			18,856			35,116			53,030
Gross profit		10,080			12,496			30,899			44,882
Selling, general and administrative expense		6,640			11,537			19,056			34,077
Asset retirements		69			—			69			—
Operating income		3,371			959			11,774			10,805
Other expense (income):
Interest		141			2,494			635			7,242
Other, net		(270	)		(1,402	)		(43	)		(2,214	)
Income (loss) from continuing operations before provision for income taxes		3,500			(133	)		11,182			5,777
Provision for income taxes		1,257			(451	)		3,577			947
Income from continuing operations		2,243			318			7,605			4,830
Loss from discontinued operations		(77	)		—			(218	)		—
Net income	$	2,166		$	318		$	7,387		$	4,830
BASIC AND DILUTED PER SHARE INFORMATION:
Income from continuing operations	$	2,243		$	318		$	7,605		$	4,830
Preferred stock dividends		(355	)		—			(1,100	)		(147	)
Excess of cash paid over carrying value of preferred stock redeemed		(46	)		—			(46	)		—
Income allocated to Series A preferred shareholders		(216	)		—			(902	)		(57	)
Income from continuing operations available to common shareholders	$	1,626		$	318		$	5,557		$	4,626
Weighted average common shares outstanding		9,070			14,041			7,915			13,809
Basic income (loss) per share:
From continuing operations	$	0.18		$	0.02		$	0.70		$	0.33
From discontinued operations		(0.01	)		—			(0.03	)		—
Net income	$	0.17		$	0.02		$	0.67		$	0.33
Weighted average common shares assuming dilution		9,937			14,771			8,935			14,644
Diluted income (loss) per share:
From continuing operations	$	0.17		$	0.02		$	0.63		$	0.32
From discontinued operations		(0.01	)		—			(0.03	)		—
Net income	$	0.16		$	0.02		$	0.60		$	0.32

* Results for periods ended 09-30-04 restated to show results of software development segment as discontinued operations.

Attachment 2

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

	December 31,		September 30,
	2004		2005
Assets
Current assets:
Cash and cash equivalents	$	5,576	$	3,132
Accounts receivable, net		12,251		17,522
Income taxes receivable		115		393
Inventories		7,319		2,332
Prepaid expenses and other		5,011		3,695
Deferred tax asset		58		399
Total current assets		30,330		27,473
Equipment, less accumulated depreciation		72,265		75,721
Restricted cash — TRM Inventory Funding Trust		75,547		93,985
Deferred tax asset		—		703
Goodwill		118,444		118,846
Other intangible assets, less accumulated amortization		51,241		44,922
Other assets		9,473		3,021
Total assets	$	357,300	$	364,671
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	18,234	$	10,169
Accrued expenses		8,891		7,289
Accrued expenses — TRM Inventory Funding Trust		154		176
Current portion of long-term debt		10,059		10,045
Current portion of obligations under capital leases		2,195		1,033
Total current liabilities		39,533		28,712
TRM Inventory Funding Trust note payable		74,105		92,844
Long-term debt		120,177		115,653
Obligations under capital leases		1,644		876
Deferred tax liability		8,168		9,739
Other long-term liabilities		241		103
Preferred dividends payable		220		—
Total liabilities		244,088		247,927
Minority interest		1,500		1,500
Shareholders’ equity:
Preferred stock		11,620		—
Common stock		81,075		93,181
Additional paid-in capital		63		63
Accumulated other comprehensive income		4,502		2,865
Retained earnings		14,452		19,135
Total shareholders’ equity		111,712		115,244
	$	357,300	$	364,671

Attachment 3

TRM Corporation
Supplemental Data
(In thousands)
(unaudited)

	Three Months Ended				Nine Months Ended
	09-30-04		09-30-05		09-30-04		09-30-05
Net sales:
ATM	$	12,566	$	23,387	$	33,660	$	71,879
Photocopy		9,920		7,965		32,355		26,033
	$	22,486	$	31,352	$	66,015	$	97,912
Operating income:
* ATM	$	2,451	$	3,418	$	6,522	$	14,277
Photocopy		1,912		82		7,732		2,686
	$	4,363	$	3,500	$	14,254	$	16,963

* Operating income excludes unallocated corporate costs

Attachment 4

TRM Corporation
EBITDA Reconciliation
Q3 2004 vs. Q3 2005
(in millions — USD)

	Three Months Ended					Nine Months Ended
	09-30-04		09-30-05			09-30-04		09-30-05
Net income	$	2.2	$	0.3		$	7.4	$	4.8
Add:
Interest expense		0.1		2.5			0.6		7.2
Provision for income taxes		1.3		(0.5	)		3.6		1.0
Depreciation and amortization		2.4		5.4			7.1		15.4
EBITDA	$	6.0	$	7.7		$	18.7	$	28.4
Add:
ATM cash losses		—		0.5
PC equipment design flaw		—		1.1
First year Sarbanes-Oxley costs		—		0.6
eFunds transition costs		—		0.5
Subtract:
MoneyBox gain				(1.3	)
Adjusted EBITDA	$	6.0	$	9.1

Adjusted Net Income Reconciliation
Q3 2004 vs. Q3 2005
(in millions — USD)

	Q3 2004		Q3 2005
Net Income	$	2.1	$	0.3
Add:
UK ATM cash losses		—		0.3
PC equipment design flaw		—		0.7
First year Sarbanes-Oxley costs		—		0.4
eFunds transition costs				0.3
Subtract:
MoneyBox gain		—		(1.3	)
Adjusted Net Income	$	2.1	$	0.7
Adjusted diluted net income per share	$	0.16	$	0.05

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.

EX-99.3

Q3 2005 Review (c) 2005 TRM Corporation The information contained herein is subject to change without notice Exhibit 99.3

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.

Q3 2005 Overview Adjusted EBITDA of $9.1 M Net Sales of $31.4 M ATM net sales increase to $23.4 M Five year contract renewal with The Pantry eFunds YTD EBITDA of $15.0 M Vendor reimbursement Q4 2005 of $1.1 M for copier Hurricane damages limited to under $.15 M

Canada Canada United States United Kingdom United Kingdom 22,243 ATMs and 24,118 self-service photocopiers The TRM Network: 46,000+ Distribution Points Overview

Consolidated P&L Q3 05 Q3 04 Net Sales $31.4 $22.5 Gross Profit $12.5 $10.1 Operating Income $ 1.0 $ 3.4 Net Income Net Income Net Income Net Income $ 0.3 $ 2.2 EBITDA* $ 7.7 $ 6.0 EPS (diluted) $0.02 $0.16 ($ in millions) *See reconciliation slide Q3 2005 vs. Q3 2004

Adjusted EBITDA - Q3 2005 ($ in thousands)

Supplementary Review of Expenses Q3 05 Q3 05 Q3 04 eFunds transition $0.5 $0.0 Other acquisition costs $0.0 $0.2 Total acquisition costs $0.5 $0.2 Amortization* $2.4 $0.0 Interest expense $2.5 $0.1 Other income ($1.4) ($0.3) Total $4.0 $0.0 *Amortization of intangible assets and debt issuance costs ($ in millions) Q3 2005 vs. Q3 2004

Funds from Operations Gross Profit ($ in millions) ($ in millions) EBITDA Net Sales ($ in millions) ($ in millions) CAGR: 13% CAGR: 22% CAGR: 40% Note: Financials are adjusted for divestitures. (a) Net income plus depreciation and amortization. (b) Not adjusted for divestitures. CAGR: 75% (a) (b) TRM Financial History

Tax affected purchase price: $125.0 million Free cash flow positive Accretive to EPS Acquisition Overview: ACI *Based on first nine months results in 2004 and 2005, respectively Represents buyers multiple of 6.2x EBITDA ($ in millions)

Balance Sheet Q3 05 FY 04 Total Assets $364.7 $357.3 Total Liabilities $247.9 $244.1 Total Equity $115.2 $111.7 Net Debt* $124.5 $128.5 Q3 2005 vs. FY 2004 ($ in millions) *See reconciliation slide

ATM Financials Q3 05 Q3 04 Net Sales $23.4 $12.6 Gross Profit $ 9.9 $ 5.6 Operating Income $ 3.4 $ 2.5 Q3 05 Q3 04 Gross Margin 42.4% 44.6% Operating Margin 14.6% 19.5% ($ in millions) ATM P&L % Net Sales

ATM Installed Base (Period-Ending) ATM Gross Profit Number of cash withdrawals ($ in millions) ($ in millions) (in millions) ATM Net Sales CAGR: 45% CAGR: 79% CAGR: 119% CAGR: 44% Note: Financials do not exclude non-recurring gains or losses and are adjusted for divestitures. ATM Business

ATM Operating Data Total Cash Withdrawals Installed Base

ATM Operating Data Sales/Unit Sales/Transaction

Photocopy Financials Q3 05 Q3 04 Net Sales $ 8.0 $ 9.9 Gross Profit $ 2.6 $ 4.5 Operating Income $ 0.1 $ 1.9 Q3 05 Q3 04 Gross Margin 32.0% 45.1% Operating Margin 1.0% 19.3% ($ in millions) Photocopy P&L % Net Sales

Strategy Minimal capital investments Focus on cash flow Optimize profitability of machines Continue to leverage TRM's existing infrastructure Net Sales and Gross Profit ($ in millions) Photocopy Business

Photocopy Operating Data Sales/Unit Sales/Copy

Q3 2005 Business Summary UK cash loss (COGS) Geographic expansion Redeployment of underperforming ATMs Photocopy and ATM price increases continue Market diversification Acquisition pipeline strong

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. ($ in millions) Q3 2005 vs. Q3 2004 * 2004 includes eFunds acquisition transitional expenses of approximately $2 million incurred during the fourth quarter. 1Q05 includes eFunds acquisition transitional expenses of approximately $1.3 million incurred during the quarter. 2Q05 includes eFunds acquisition transitional expenses of approximately $0.9 million incurred during the quarter, partially offset by a $0.7 million insurance gain. 3Q05 includes eFunds acquisition transitional expenses of approximately $0.5 million incurred during the quarter, offset by a $1.3 million gain on the sale of an equity security.

Net Debt Reconciliation ($ in millions)

Q & A