~Nine month revenue increased 18% to $31.5 million~
VANCOUVER, June 22, 2012 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today
announced its third quarter and nine month financial results for the
period ended April 30, 2012.
1) Net income of $45,774 and $226,812 respectively for the quarter and
nine month periods;
2) Cash flow from operations before non-cash working capital items was
$159,582 and $974,759 respectively for the quarter and nine month
3) The mobile and web channels processed 158,013 transactions and
accounted for 3% of revenue for the quarter compared to nil one year
4) The TIO Wallet program now has 230,347 subscribers with 52,577
subscribers added in Q3;
5) The Company ended the period with cash, cash equivalents and
restricted cash of $2,982,000 and no long term debt.
Three months ended April 30
Nine months ended April 30
Net Income (loss)
*EBITDA is a non-GAAP measure - earnings before interest, tax,
depreciation and amortization, and stock-based compensation.
"The Company achieved continued profitable growth, while aggressively
investing in our future," said Hamed Shahbazi, Chairman and CEO of TIO
Networks. "This fiscal year we have substantially increased our R&D and
sales and marketing initiatives to pursue revenue opportunities,
upgrade our transaction origination platforms in every channel, and
develop new products such as TIO wallet and TIO MobilePay for debit and
credit payments. "These are the first of a suite of unified cloud-based
products to serve the 60 million Americans with limited access to
mainstream financial services. TIO's entire transaction processing
platform is undergoing a fundamental upgrade that will decrease our
integration costs, improve our "time to market" on new billing system
integrations and support our Wallet initiatives.
A conference call to discuss the results will be held on Friday June 22,
2012 at 1:30 pm EST, 10:30 am PST. To participate in the conference
call please dial, (416) 644-3426 in Toronto or Toll free,
1-800-731-5319 and request the TIO Networks Conference.
TIO Networks Corp, (TSX.V: TNC) is a cloud based multi-channel bill payment processor
serving the largest telecom, wireless, cable and utility network
operators in North America. With more than 60,000 physical location
endpoints to its bill payment processing network, TIO symbolizes fast,
convenient and secure access to high quality bill payment services.
Please visit www.tionetworks.com
TIO Wallet is the premiere payment wallet for the underserved. It is
designed to serve the estimated 60 million Americans with limited
access to mainstream financial services. For more information on TIO
Wallet, please follow us on Twitter @TIOWallet (www.twitter.com/TIOWallet, visit our Facebook page at www.facebook.com/TIOWallet, or visit http://www.TIOmobilepay.com for a video preview.
The TSX Venture Exchange has not reviewed this news release and does not
accept responsibility for its adequacy and accuracy.
This news release contains forward-looking statements that involve risks
and uncertainties, which may cause actual results to differ materially
from the statements made. Potentially, many factors could cause our
actual results to vary materially from those described herein as
intended, planned, anticipated or expected. TIO Networks Corp. does
not intend and does not assume any obligation to update these
*EBITDA is not a defined term under Canadian generally accepted
accounting principles, nor does it have a standard, agreed upon
meaning. Accordingly, the Company's EBITDA may not be directly
comparable to EBITDA reported by other issuers. Management had
determined EBITDA is a useful supplemental measure in evaluating the
Company's performance as it provides investors with an indication of
cash available for debt service, working capital needs and capital
expenditures. This non-GAAP measure is intended to provide additional
information on the Company's performance and should not be considered
in isolation or as a substitute for measures of performance prepared in
accordance with GAAP.
SOURCE TIO Networks Corp.
For further information:
Derek Lai - Acting CFO - TIO Networks
Tel: 604.298.4636, Ext. 269
John Lewis Business Development - TIO Networks