TIO'S MOBILE PAYMENTS PROGRAM GROWING SEQUENTIALLY AT 93%
VANCOUVER, March 27, 2012 /CNW/ - TIO Networks Corp. owner of North America's leading multi-channel expedited bill payment network, (TSX-V: TNC), today announced fiscal 2012 second quarter financial results for the period ended January 31, 2012.
Quarterly business highlights
- Revenue increased 23% over the same period one year ago;
- Net income improved by $251,337 to $169,291;
- EBITDA improved 20% to $468,000
- Cash flow from operations before non-cash working capital items was $486,975 compared with $300,789 for the same period one year ago;
- TIO processed 4,129,419 transactions worth US$237 million in payment proceeds;
- TIO's mobile payment services program processed more than 110k transactions worth more than $17M during Q2 representing growth of 93% on a quarter over quarter basis.
- TIO's current rate of mobile processing exceeds $280k/day based on the 30 days of activity
- TIO Wallet program now exceeds 175,000 subscribers with 68k subscribers added in Q2
- Headcount in TIO's R&D group has increased 83% as compared with last year as Company ramps up for TIO Wallet.
| 3 months
| 6 months
|Revenue||$ 10,713,063||$ 8,727,254||$ 21,200,230||$ 17,318,449|
|EBITDA*||$ 468,000||$ 390,000||$ 766,000||$ 737,000|
|Net Income (loss)||$ 169,291||$ (82,046)||$ 181,038||$ (267,792)|
*EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization, and stock-based compensation.
The Company ended the period with cash, cash equivalents and restricted cash of $3,395,176 and no long term debt.
"TIO continues to successfully execute on a disciplined growth strategy while heavily investing in TIO Wallet, its payment wallet product for the low to moderate income segment of the population," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "Our new 'business units' organizational structure has resulted in improved operational focus on both the engagement and execution sides of the business. We believe our unique ability to serve customers via our self-service kiosks, retail POS locations as well as our web and mobile assets position us to be the leading payment wallet for the underserved. Over the next few weeks, we intend to launch a significant mobile product which will serve as one of a number of closed opportunities in our pipeline."
A conference call to discuss the financial results will be held on Tuesday March 27, 2011 at 1:30pm EST. Complete financial results will be available prior to the call at www.sedar.com.To participate in the call please dial, (416) 644-3426 in Toronto, or Toll free, 1-800-731-5319 and request the TIO Networks Conference.
TIO Networks Corp.
TIO is the leading multi-channel expedited bill payment processor serving the largest Telecommunication, Wireless, Cable and Utility bill issuers in North America. With over 60,000 endpoints to its processing network, TIO symbolizes fast, convenient and secure access to expedited payment services. For more information on TIO Networks, please visit www.TIOnetworks.com
TIO Wallet is the premiere payment wallet for the underserved. It is designed to serve the estimated 60 million Americans with limited access to mainstream financial services. For more information on TIO Wallet, please follow us on Twitter @TIOWallet, visit our Facebook page at www.facebook.com/TIOWallet or visit http://signup.TIOmobilepay.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 forward-looking statements.
* 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.
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