TIO Reports Record Q4 and Annual Revenue

~ANNUAL REVENUE INCREASED 32%~

VANCOUVER, Nov. 17, 2011 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced fourth quarter and year-end financial results for the period ended July 31, 2011.

ANNUAL AND FOURTH QUARTER FINANCIAL HIGHLIGHTS

1) Q4 GAAP Net Income of $70,292 and EBITDA* of $527,000.

2) Q4 represents 36th consecutive quarter of transaction growth; TIO processed 4,101,536 transactions in Q4.

3) Annual cash flow generated from operations of $1,200,983 before non-cash working capital items.

4) Currency negatively impacted annual and Q4 revenue by $1,904,000 and $734,000 respectively on a year over year basis..

Key Business Highlights for fiscal 2011:

  • Launched mobile payment platform and the payment industry's first mobile payment app for a major US Utility which quickly became a top 50 app on Apple's App store for free finance apps (top 2% of all finance apps).
  • Developed TIO's web payments platform
  • More than doubled the number of "transaction ready" location end points to approx 59,000
     
Fiscal 2011 4th Quarter ended July 31 Year ended July 31
  2011 2010 2011 2010
Revenue $    9,772,159 $   8,749,941 $    36,565,105 $ 27,771,194
EBITDA* $     527,000 $    284,000 $     1,693,000 $     595,000
Net Income (loss) $        70,292 $   (278,424) $      (308,357) $ (1,954,062)
Weighted average number of shares outstanding        46,433,340     46,439,905        46,449,422     46,382,913

At fiscal year end, the Company had a total of $2,912,483 in cash, cash equivalents and restricted cash and no long-term debt.

"We are pleased to have achieved our 36th straight quarter of transaction revenue growth in addition to fourth quarter GAAP net income profitability notwithstanding a challenging economic environment and major volatility in foreign exchange markets," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "TIO's strategic multi-channel "swiss army knife" approach of supporting its biller clients with a multitude of channels and customer interface points has made it more valuable to the industry.  The results speak for themselves as TIO continues to grow faster than the walk-up bill payment marketplace as a whole and successfully stakes new ground in the burgeoning mobile and web payment channels. TIO will continue to elevate its investments and resources in its mobile and web business activities.

Conference Call:

You are invited to attend a conference call on Friday November 18, 2011 at 1:30pm EST to review the financial results. The dial-in numbers are (416) 644-3425 in Toronto, or toll free 1-877-974-0445.  Callers should request the TIO Networks Conference.

TIO NETWORKS CORP.

TIO is a cloud based multi-channel bill payment processor serving the largest Telecom, Wireless, Cable and Utility bill issuers in North America. With over 58,000 endpoints to its processing network, TIO symbolizes fast, convenient and secure access to expedited payment services.

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 forward-looking statements.

* EBITDA - Earnings before interest, tax, depreciation and amortization, and stock-based compensation

(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
Email:  Derek.Lai@tionetworks.com

John Lewis Business Development - TIO Networks
Tel:  416-523-7086
Email:  jrlewis@tionetworks.com


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