Revenue From Mobile and Web Increased 64%
VANCOUVER, March 27, 2013 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced fiscal second quarter 2013 financial results for the period ended January 31, 2013.
Quarterly financial & business highlights
- US$ Transactional revenue of $9,982,000, compared to $9,875,000 one year ago
- US$ Recurring revenue of $10,110,000, compared to $9,945,000 one year ago
- Total transaction revenue outside of TIO's largest bill payment partner increased 24% compared to the same quarter one year ago
- Announced a new Bill Payment Partnership with Gulf Power, Florida
- Successfully launched a mobile bill payment App with El Paso Electric
- Announced a five year agreement with City Utilities, Springfield Missouri, to launch a full suite of financial payment services
- Revenue from mobile payments business unit increased 64% to $324,000 for the quarter
Three months ended Jan. 31 | Six months ended Jan. 31 | |||
2013 | 2012 | 2013 | 2012 | |
Revenue | $ 10,169,980 | $ 10,713,063 | $ 20,651,193 | $ 21,200,230 |
EBITDA* excluding stock based compensation | $ 175,000 | $ 468,000 | $ 412,000 | $ 766,000 |
Operating Cash Flow | $ 77,461 | $ 314,403 | $ 814,716 | $ 662,491 |
Net Income (loss) | $ 16,288 | $ 169,291 | $ 46,868 | $ 181,038 |
*EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization, and stock-based compensation. |
The Company finished the quarter with $4,194,680 in cash and cash equivalents (including restricted cash) and no long term debt.
"We are pleased to report continued strong growth in our mobile payments business unit which is producing the company's most profitable business on a dollar for dollar basis," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "Mobile growth in addition to strong growth in our Canadian wireless payments business coupled with declines experienced with our largest biller partner reduced the percent of TIO's business that is attributable to one customer to record lows. TIO finished the quarter in the month of January with approx. 36% of its net margin being sourced from one bill payment partner representing an 8% decrease from one year ago".
We would like to highlight to last week's mobile pay win with Mobilicity as a strong follow-up to our utility mobile pay activities earlier this year. Also, as disclosed in a separate communications release today, we are very pleased with the performance of our Wallet-based initiatives to date; we have witnessed impressive growth in engagement from our Wallet members, with many customers logging in multiple times per month to check their payment balances and perform other activities prior to making a payment. We will continue to actively seek and implement new business in our mobile and wallet lines of business.
A conference call to discuss the results will be held on Wednesday March 27, 2013 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.
* EBITDA - Earnings before interest, tax, depreciation and amortization, and stock-based compensation (EBITDA 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.
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Derek Lai - Acting CFO - TIO Networks
Tel: 604.298.4636, Ext. 269
Email: [email protected]
Brett Maas, Hayden IR
Tel: 646-536-7331
Email: [email protected]
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