"33 CONSECUTIVE QUARTERS OF TRANSACTION GROWTH"
VANCOUVER, Dec. 16 /CNW/ - TIO Networks Corp., owner of North America's
leading multi-channel expedited bill payment network (TSX-V: TNC),
today announced fiscal 2011 first quarter financial results for the
period ended October 31, 2010.
Quarterly financial & business highlights
1) US$ Transactional revenue increased 77% year over year (YoY);
2) Transactions increased 98% YoY;
3) EBITDA* of $345,000 compared to a gain of $35,000 one year ago;
4) Cash generated in operating activities for Q1 was $456,000 compared
with a usage of $177,000 last year representing an overall improvement
of $633,000 YoY;
5) U.S. exchange rates went down by 4% YoY. Negative impact of exchange
on revenue was $363,000;
6) Launched cross border bill payment service to Latin America; and
7) TIO now driving transaction revenue across 3 channels of distribution
ie. Kiosk, POS (point of sale) and Web.
Quarter ended Oct. 31
Net Income (loss)
*EBITDA is a non-GAAP measure - earnings before interest, tax,
depreciation and amortization, and stock-based compensation.
"We are pleased to report that TIO's key financial metrics are headed in
the right direction to achieve further growth and profitability in
fiscal 2011," said Hamed Shahbazi, Chairman and CEO of TIO Networks.
"In the coming quarters, we expect to more than double our network of
activated location end points, commence our "mobile payments" revenue
generation efforts with a large US utility company and launch a new
web-based bill payment platform."
A conference call will be held on Friday December 17th at 12:00pm EST. To participate in the conference please dial, (416)
644-3426 in Toronto, or Toll free, 1-800-731-5319. Callers should
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 25,000 endpoints to its processing
network, TIO symbolizes fast, convenient and secure access to expedited
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, amortization and
stock-based compensation), 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:
|Behshad Hastibakhsh, MediaRelations - TIO Networks |
|Tel: ||604.298.4636, Ext. 250|
|Toll Free: ||888.679.3322|
| || |
|John Lewis, Business Development - TIONetworks|
|Toll Free: ||877-954-6327|