VANCOUVER, Jan. 24, 2012 /CNW/ - TIO Networks Corp. owner of North
America’s leading multi-channel expedited bill payment network, (TSX-V:
TNC), today announced 2012 first quarter financial results for the
period ended October 31, 2011.
1Quarterly financial & business highlights
1) 37th consecutive quarter of transaction growth; processed 4,253,377
2) Net income of $11,747 compared to a loss of ($185,746) one year ago
3) Operating cash flow before non cash working capital items of $328,202
vs. $ 274,143 one year ago
4) Canadian revenue was negatively impacted by approximately $300,000
based on a 3% weaker US dollar from the same period one year ago.
Oct 31, 2011
Oct 31, 2010
EBITDA*excluding stock based compensation
Net Income (loss)
*EBITDA is a non-GAAP measure - earnings before interest, tax,
depreciation and amortization, and stock-based compensation.
The Company finished the quarter with $3,220,130 in cash and cash
equivalents (including restricted cash) and no long term debt.
“We are pleased to report our third consecutive quarter of net income
under International Financial Reporting Standards despite continued
volatility in the economy and foreign exchange markets,” said Hamed
Shahbazi, Chairman and CEO of TIO Networks. “Recently we reorganized
our business into 3 distinct ‘business units’ reflecting our channels
of distribution: kiosks, POS (point of sale)/over-the-counter, and
mobile/web to improve our ability to grow and execute against a
compelling growth plan. To support our growth objectives we have added
personnel in the areas of software development, sales, and process
engineering. TIO is actively developing new features to its transaction
platforms, augmenting its programming interfaces and developing new
applications that will serve to both manage and grow our business.”
A conference call to discuss the results will be held on Tuesday January
24, 2012 at 1:30 p.m. EST. To participate please dial, (416) 644-3426
in Toronto or Toll free, 1-800-731-5319 and request the TIO Networks
TIO Networks Corp.
TIO is a cloud based multi-channel bill payment processor with 60,000
TIO symbolizes fast, convenient and secure access to expedited payment
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, (Earnings before interest, tax, depreciation, amortization and
stock-based compensation), is not a defined term under International
Financial Reporting Standards (IFRS), 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:
1Behshad Hastibakhsh, Media Relations - TIO Networks
Tel: 604.298.4636, Ext. 250
Toll Free: 888.679.3322
1John Lewis, Business Development - TIO Networks