Transactions From Mobile and Web Increased 64%
VANCOUVER, June 26, 2013 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced fiscal third quarter 2013 financial results for the period ended April 30, 2013.
Quarterly financial & business highlights
- US$ Transactional revenue of $9,604,000, compared to $10,252,000 one year ago
- US$ Recurring revenue of $9,731,000, compared to $10,324,000 one year ago
- Total transaction revenue outside of TIO's largest bill payment partner increased 12% compared to the same quarter one year ago
- Transactions from mobile/web payments business unit increased 64% with 9 web and mobile programs active
- Total locations activated by TIO's processing system of 59,112, compared to 55,985 locations one year ago
- Surpassed 1 million transactions across all TIO Wallet members; TIO Wallet members have processed more than $160 million in bill payments and have completed more than 10,000 sessions per day
- Launched mobile payment application with Canadian mobile carrier Mobilicity
- Subsequent to the end of the fiscal third quarter, announced new billing relationship with a U.S. mobile carrier AIO Wireless
| Three months ended Apr. 30 | Nine months ended Apr. 30 | |||
| 2013 | 2012 | 2013 | 2012 | |
| Revenue | $ 9,955,852 | $ 10,338,705 | $ 30,607,045 | $ 31,538,934 |
| EBITDA* excluding stock based compensation | $ 45,000 | $ 305,000 | $ 457,000 | $ 1,071,000 |
| Operating Cash Flow | $ (12,997) | $ 159,582 | $ 224,405 | $ 974,759 |
| Net Income (loss) | $ (145,340) | $ 45,774 | $ (98,472) | $ 226,812 |
| *EBITDA is a non-GAAP measure - earnings before interest, tax, depreciation and amortization, and stock-based compensation. |
The Company finished the quarter with $3,590,780 in cash and cash equivalents (including restricted cash) and no long term debt.
- "We are pleased to report continued progress in our mobile and web payments business unit," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "We are also particularly excited about our recently announced billing relationship with AIO Wireless. Over time, we believe this billing partner could have a very substantial impact on revenue growth and gross margin. We are also pleased to report record low customer concentration with our largest bill payment partner who now as of the date of this release represents approximately a third of our total margin. Outside of our largest bill payment partner, we experienced double-digit revenue growth on a year over year basis. We are particularly encouraged by the results we've seen with our Wallet programs as our numbers are growing and demonstrating increased traction with our customer stakeholder groups."
A conference call to discuss the results will be held on Wednesday June 26, 2013 at 12:00 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.
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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