REVENUE FROM MOBILE AND WEB MORE THAN DOUBLED
VANCOUVER, Dec. 18, 2012 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced financial results for the period ended October 31, 2012.
Quarterly financial highlights
- Transactional revenue of $10,420,000 USD, compared to $10,354,000 USD one year ago
- Recurring revenue of $10,548,000 USD, compared to $10,436,000 USD one year ago
- Sequential transaction growth over F4Q12; processed 4.1 million transactions
- Revenue and gross profit from mobile increased 122% to $284,000 and156% to $161,000 respectively
- Operating cash flow of $595,121 vs. $348,088 one year ago
- Revenue in Canadian dollar for the quarter was negatively impacted by US exchange by 1.6% on a year-over-year basis
|Quarter ended Oct. 31, (in C$)||2012||2011|
|Weighted average number of shares outstanding||46,617,340||46,463,340|
The Company finished the quarter with $4,388,840 in cash and cash equivalents (including restricted cash) and no long term debt.
"We are pleased to report continued strong revenue growth in our mobile program," said Hamed Shahbazi, Chairman and CEO of TIO Networks." Also, we posted sequential and year-over-year growth in both USD transactions and recurring revenue."
TIO is a first mover in the "Biller Direct" mobile bill payment segment and fully intends to make the most of this substantial, untapped opportunity. TIO will leverage its 'TIO Connect' service to substantially increase the number of new billing partners.
A conference call to discuss the results will be held on Tuesday December 18, 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 serving the largest telecom, wireless, cable and utility network operators in North America. With more than 57,000 physical location endpoints to its bill payment processing network, TIO symbolizes fast, convenient and secure access to high quality bill payment services. Please visit www.tionetworks.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.
SOURCE: TIO Networks Corp.
For further information:
Derek Lai - Acting CFO - TIO Networks
Tel: 604.298.4636, Ext. 269
John Lewis, Business Development
Brett Maas, Hayden IR