REVENUE FROM MOBILE AND WEB MORE THAN DOUBLED
VANCOUVER, Dec. 18, 2012 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today
announced financial results for the period ended October 31, 2012.
Quarterly financial highlights
Transactional revenue of $10,420,000 USD, compared to $10,354,000 USD
one year ago
Recurring revenue of $10,548,000 USD, compared to $10,436,000 USD one
Sequential transaction growth over F4Q12; processed 4.1 million
Revenue and gross profit from mobile increased 122% to $284,000 and156%
to $161,000 respectively
Operating cash flow of $595,121 vs. $348,088 one year ago
Revenue in Canadian dollar for the quarter was negatively impacted by US
exchange by 1.6% on a year-over-year basis
Quarter ended Oct. 31, (in C$)
Weighted average number of shares outstanding
The Company finished the quarter with $4,388,840 in cash and cash
equivalents (including restricted cash) and no long term debt.
"We are pleased to report continued strong revenue growth in our mobile
program," said Hamed Shahbazi, Chairman and CEO of TIO Networks."
Also, we posted sequential and year-over-year growth in both USD
transactions and recurring revenue."
TIO is a first mover in the "Biller Direct" mobile bill payment segment
and fully intends to make the most of this substantial, untapped
opportunity. TIO will leverage its 'TIO Connect' service to
substantially increase the number of new billing partners.
A conference call to discuss the results will be held on Tuesday
December 18, 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
TIO NETWORKS CORP.
TIO 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 57,000 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
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
SOURCE: TIO Networks Corp.
For further information:
Derek Lai - Acting CFO - TIO Networks
Tel: 604.298.4636, Ext. 269
John Lewis, Business Development
Brett Maas, Hayden IR