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 6, 2003

TRM CORPORATION

(Exact name of registrant as specified in its chapter)

Oregon	0-19657	93-0809419
(State or other jurisdiction of incorporation)	(Commission File No.)	(IRS Employer 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)

Item 7.                    Financial Statements and Exhibits

(c)       Exhibits.  The following materials are furnished as part of this Current Report on Form 8-K:

Exhibit Number	Description of Exhibit
99.1	TRM Corporation press release dated November 6, 2003 with respect to financial results for the quarter ended September 30, 2003.

Item 12.                  Results of Operations and Financial Condition

TRM Corporation (the “Company”) is furnishing the following information as required under Item 12 “Results of Operations and Financial Condition” of Form 8-K. This information shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

On November 6, 2003, TRM Corporation issued a press release announcing its financial results for the quarter ended September 30, 2003.  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.  The Company will include detailed financial statements and additional analyses for the quarterly period ended September 30, 2003, as part of its Form 10-Q covering that period.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	TRM Corporation
	Registrant
Date:    November 7, 2003	By:	/s/ Rebecca J. Demy
		Rebecca J. Demy
		Principal Accounting Officer

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EXHIBIT INDEX

Exhibit Number	Description of Exhibits
99.1	TRM Corporation press release dated November 6, 2003 with respect to financial results for the quarter ended September 30, 2003.

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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 Announces Financial Results for Third Quarter 2003

Portland, Oregon: November 6, 2003 — TRM Corporation (NASDAQ: TRMM) today reported net income for the quarter ended September 30, 2003 of $1.5 million (or $.20 per share) compared to net income of $182,000 (or $.03 per share) for the same period in 2002.  For the nine-month period ending September 30, 2003, the Company reported net income of $3.4 million (or $.47 per share) as compared to a net loss of $558,000 (or ($.08) per share) for the same period of 2002.  Earnings per share are reported on a fully diluted basis and before preferred dividends.

During the third quarter 2003, the Company’s Board of Directors approved issuance of a dividend payment in the amount of $375,000 related to its preferred stock, resulting in net income available to common shareholders of $.15 per share for the third quarter, as compared to a loss of ($.03) for the same period a year prior.  Net income available to common shareholders for the nine month period ending September 30, 2003 was $.32 per share, compared to a loss of ($.24) per share for the same period a year prior.

Net sales for the quarter grew to $19.8 million, representing an increase of $1.8 million (or 10.1%) when compared to the third quarter of 2002.  The increase in sales is attributable to unit expansion and higher pricing throughout the Company’s ATM network, as well as $865,000 in revenue generated by an ATM machine sales program commenced in 2003.  ATM operations produced net sales of $9.3 million during the third quarter of 2003, representing an increase of $3.0 million (or 48.5%) as compared to the same period in the prior year.  Photocopy net sales were $10.5 million for the quarter ended September 30, 2003, down from $10.9 million (or (3.7%)) during the same quarter of 2002.

Operating income increased to $2.8 million for the third quarter as compared to operating income of $842,000 for the same period in 2002.  Labor expense for the third quarter declined approximately $781,000 to $5.4 million when compared to the same period in 2002.

At September 30, 2003, the Company’s ATM network consisted of 3,352 revenue-generating machines deployed throughout the United Kingdom and United States, which represents an increase of 549 ATM machines when compared to the same date in 2002.  The Company had 26,603 revenue-generating photocopiers at September 30, 2003, a decrease of 2,870 photocopiers when compared to the same date in 2002, due primarily to elimination of non-profitable locations.

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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 its Securities and Exchange Commission filings.  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 Statements of Operations

(In thousands, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	09/30/02			09/30/03			09/30/02			09/30/03
Sales	$	21,675		$	24,097		$	63,848		$	70,877
Sales discounts	3,664			4,271			11,025			12,148
Net sales	18,011			19,826			52,823			58,729
Cost of sales	10,794			10,996			32,439			34,032
Gross profit	7,217			8,830			20,384			24,697
Selling, general and administrative expense	6,375			6,061			19,641			18,124
Operating income	842			2,769			743			6,573
Other expense:
Interest	357			232			1,202			800
Other, net	242			166			243			428
Income (loss) before minority interest	243			2,371			(702		)	5,345
Minority interest in losses of consolidated subsidiary	0			0			72			0
Income (loss) from continuing operations before income taxes	243			2,371			(630		)	5,345
Provision (benefit) for income taxes	61			851			(336		)	1,924
Income (loss) from continuing operations	182			1,520			(294		)	3,421
Loss from discontinued operations	0			0			(264		)	0
Net income (loss)	$	182		$	1,520		$	(558	)	$	3,421
BASIC AND DILUTED PER SHARE INFORMATION:
Income (loss) from continuing operations	$	182		$	1,520		$	(294	)	$	3,421
Preferred stock dividends	(375		)	(375		)	(1,127		)	(1,125		)
Income (loss) from continuing operations available to common shareholders	$	(193	)	$	1,145		$	(1,421	)	$	2,296
Weighted average common shares outstanding	7,060			7,060			7,060			7,060
Dilutive effect of stock options	0			419			0			151
Weighted average common shares outstanding, assuming dilution	7,060			7,479			7,060			7,211
Basic income (loss) per share:
From continuing operations	$	(0.03	)	$	0.16		$	(0.20	)	$	0.33
From discontinued operations	0.00			0.00			(0.04		)	0.00
Net income (loss)	$	(0.03	)	$	0.16		$	(0.24	)	$	0.33
Diluted income (loss) per share:
From continuing operations	$	(0.03	)	$	0.15		$	(0.20	)	$	0.32
From discontinued operations	0.00			0.00			(0.04		)	0.00
Net income (loss)	$	(0.03	)	$	0.15		$	(0.24	)	$	0.32

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Attachment 2

TRM Corporation

Consolidated Balance Sheets

(In thousands)

(Unaudited)

	December 31,2002			September 30,2003
Assets
Current assets:
Cash and cash equivalents	$	2,127		$	6,917
Accounts receivable, net	6,084			5,614
Inventories, net	947			1,391
Prepaid expenses and other	778			1,369
Deferred tax asset	876			727
Total current assets	10,812			16,018
Equipment, less accumulated depreciation	67,916			64,341
Intangible assets	72			72
Other assets	1,773			1,380
Total assets	$	80,573		$	81,811
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	2,231		$	1,394
Accrued expenses	7,932			6,932
Income taxes payable	3			0
Current portion of litigation settlement	1,050			0
Current portion of long-term debt	21			3,022
Current portion of obligations under capital leases	1,508			2,053
Total current liabilities	12,745			13,401
Litigation settlement	738			0
Long-term debt	16,709			11,293
Obligations under capital leases	2,579			2,905
Deferred tax liability	2,203			4,059
Other long-term liabilities	128			91
Preferred dividends payable	3,377			4,502
Total liabilities	38,479			36,251
Shareholders’ equity:
Preferred stock	$	19,798		$	19,798
Common stock	19,026			19,026
Additional paid-in capital	63			63
Accumulated other comprehensive income (loss)	(738		)	432
Retained earnings	3,945			6,241
Total shareholders’ equity	42,094			45,560
Total liabilities and shareholders’ equity	$	80,573		$	81,811

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Attachment 3

TRM CorporationSupplemental Data(In thousands)(Unaudited)

	Three Months Ended						Nine Months Ended
	09/30/02			09/30/03			09/30/02			09/30/03
Net Sales:
Photocopy	$	10,918		$	10,514		$	34,168		$	32,315
ATM	6,238			9,265			16,575			25,414
Software development	855			47			2,080			1,000
	$	18,011		$	19,826		$	52,823		$	58,729
Income (loss) before interest, taxes, minority interest:
Photocopy	$	893		$	1,141		$	2,676		$	4,016
ATM	(576		)	1,837			(2,700		)	2,720
Software development	283			(375		)	260			(591		)
	$	600		$	2,603		$	236		$	6,145

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