~Full Year Fiscal 2012 Revenue Up 16%~
~ Revenue From Mobile and Web Up Six-Fold ~
VANCOUVER, Nov. 27, 2012 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced record fourth quarter 2012 and fiscal 2012 financial results for the period ended July 31, 2012.
ANNUAL AND FOURTH QUARTER HIGHLIGHTS
- Fiscal Q412 revenue increased 10% to $10.7 million, up from $9.8 million in fiscal Q411
- Fiscal 2012 revenue increased 16% to $42.2 million, up from $36.6 million in fiscal 2011
- Annual revenue from mobile and web increased 537% to $929,000, while annual gross profit from mobile and web increased 547% to $625,000
- R&D increased to $2.0 million in fiscal 2012, up from $968,000 in fiscal 2011
- Annual sales and marketing expenses increased to $2.3 million up from $1.1 million a year ago
- As of July 31, 2012, the Company had $3.8 million in cash, cash equivalents and restricted cash and no long-term debt
Business Development Highlights for fiscal 2012:
- Surpassed $100M processed in mobile bill payment proceeds through various platforms (Apple iOS, Android and Blackberry)
- Announced TIO Wallet, designed to provide the estimated 60 million under-banked Americans access to mainstream financial products
- Launched TIO MobilePay, the first phase of TIO Wallet and the first mobile app that allows users to pay multiple bills via VISA or MasterCard branded payment cards in real time for expedited payments
- Launched Pacific Gas and Electric Company (PG&E) Mobile Bill Payment application for Android™
- Signed an agreement with MAPCO Express Inc. to deploy self-serve bill pay kiosks to stores in Memphis and Nashville, TN
|Fiscal 2012||4th Quarter ended July 31||Year ended July 31|
|Net Income (loss)||$57||$86||$284||$ (86)|
|Weighted average number of shares outstanding||46,617,340||46,433,340||46,542,639||46,449,422|
"We are very pleased to announce record fourth quarter and annual financial results," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "TIO Networks posted double-digit growth and delivered its first profitable full year based on its recurring revenue business model. In fiscal 2012, we made substantial investments in R&D for TIO Wallet, our mobile payments platform, and other related cloud-enabled solutions as well as augmenting our sales and marketing organizations. Looking forward to fiscal 2013, we are confident that we have the foundation and systems in place to aggressively pursue new and exciting growth opportunities across our multiple business channels. Today's launch of our mobile payments application with NYSE listed utility company El Paso Electric (EPE) is just one example of the exciting prospects we see in the mobile space alone."
A conference call to discuss the results will be held today at 1:30pm EST, 10:30 am PST.
To participate in the call please dial,(416) 644-3426 in Toronto or Toll free, 1-800-731-5319 and request the TIO 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.
* EBITDA - Earnings before interest, tax, depreciation and amortization, and stock-based compensation.
(EBITDA 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)
SOURCE: TIO Networks Corp.
For further information:
Derek Lai - Acting CFO - TIO Networks
Tel: 604.298.4636, Ext. 269
Brett Maas, Hayden IR
John Lewis, Business Development