- Fourth quarter revenue increased 34% -
VANCOUVER, Nov. 25 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced 2009 audited annual and fourth quarter financial results for the period ended July 31, 2009.
ANNUAL HIGHLIGHTS AS COMPARED TO PREVIOUS YEAR
1) Revenue increased by 50% to $21,471,403
2) EBITDA* of $793,000 representing a $3.4M EBITDA improvement
3) Generated $387,315 in positive cash flow from operations representing
a $1,996,345 improvement
4) Operating expenses reduced by $1,940,000
5) Activated network transaction endpoints increased by 12% to 13,261
Fiscal 2009 Quarter ended July 31 Year ended July 31
2009 2008 2009 2008
Revenue ($'000) $ 5,438 $ 4,064 $ 21,471 $ 14,276
EBITDA* ($'000) $ 226 $ (935) $ 793 $ (2,635)
Net Loss ($'000) $ (477) $ (1,687) $ (2,165) $ (6,251)
number of shares
outstanding 46,117,711 41,962,419 46,117,711 41,962,419
The Company had cash & cash equivalents of $3,160,998 and no long-term debt at year-end.
"We had a strong year of growth having achieved substantial improvements on both the top and bottom line of the Company," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "Most importantly, we found a way to grow the Company's revenue while reducing capital expenditures to record lows demonstrating a substantial strengthening of our business model. Although we continue to operate in a difficult economic climate, TIO's last minute bill payment processing services continue to be in high demand. The Company expects to continue to grow revenues and is working hard to accelerate its growth with a very strong line-up of opportunities and initiatives."
The Company has successfully leveraged its retailer facing APIs (Application Programming Interfaces) to grow its cloud based PAAS or "processing as a service" business. TIO's expedited bill payments offerings can now be embedded in any consumer experience from walk-up to online and mobile computing environments. TIO's back office is equipped to receive payments from any channel and ensure that they are posted quickly and supported in a robust manner.
You are invited to attend a conference call on Wednesday November 25, 2009 at 1:30 pm EST to review the financial results. The dial-in numbers are (416) 644-3423 in Toronto, or toll free 1-800-732-1073. Callers should request the TIO Networks Conference.
TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor serving the largest Telecom, Wireless, Cable and Utility bill issuers in North America. With over 18,000 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, 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: 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) 364-2266, 1-877-954-6327, Email: email@example.com