VANCOUVER, Jan. 24, 2012 /CNW/ - TIO Networks Corp. owner of North America’s leading multi-channel expedited bill payment network, (TSX-V: TNC), today announced 2012 first quarter financial results for the period ended October 31, 2011.
1Quarterly financial & business highlights
1) 37th consecutive quarter of transaction growth; processed 4,253,377 transactions
2) Net income of $11,747 compared to a loss of ($185,746) one year ago
3) Operating cash flow before non cash working capital items of $328,202 vs. $ 274,143 one year ago
4) Canadian revenue was negatively impacted by approximately $300,000 based on a 3% weaker US dollar from the same period one year ago.
|Quarter ended||Oct 31, 2011||Oct 31, 2010|
|EBITDA*excluding stock based compensation||$298,000||$347,000|
|Net Income (loss)||$11,747||($ 185,746)|
*EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization, and stock-based compensation.
The Company finished the quarter with $3,220,130 in cash and cash equivalents (including restricted cash) and no long term debt.
“We are pleased to report our third consecutive quarter of net income under International Financial Reporting Standards despite continued volatility in the economy and foreign exchange markets,” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “Recently we reorganized our business into 3 distinct ‘business units’ reflecting our channels of distribution: kiosks, POS (point of sale)/over-the-counter, and mobile/web to improve our ability to grow and execute against a compelling growth plan. To support our growth objectives we have added personnel in the areas of software development, sales, and process engineering. TIO is actively developing new features to its transaction platforms, augmenting its programming interfaces and developing new applications that will serve to both manage and grow our business.”
A conference call to discuss the results will be held on Tuesday January 24, 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 Networks Conference.
TIO Networks Corp.
TIO is a cloud based multi-channel bill payment processor with 60,000 transaction endpoints.
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), 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.
For further information:
1Behshad Hastibakhsh, Media Relations - TIO Networks
Tel: 604.298.4636, Ext. 250
Toll Free: 888.679.3322