~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
4th Quarter ended July 31
Year ended July 31
Net Income (loss)
Weighted average number of shares outstanding
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
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
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 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
John Lewis Business Development - TIO Networks