TIO Networks Corp. reported a revenue increase of 34 percent, from $4 million to $5.4 million, for the fourth quarter of fiscal year 2009, which ended July 31. Year-to-date revenue is $21.5 million, a 50-percent increase from the $14.2 million reported in 2008.
Hamed Shahbazi, TIO's chairman and CEO, says high demand for last-minute billpay options in a tough economy has helped the company grow:
We had a strong year of growth, having achieved substantial improvements on both the top and bottom line of the company. Most importantly, we found a way to grow the company's revenue while reducing capital expenditures to record lows, demonstrating a substantial strengthening of our business model. Although we continue to operate in a difficult economic climate, TIO's last-minute bill payment-processing services continue to be in high demand. The company expects to continue to grow revenues and is working hard to accelerate its growth with a very strong line-up of opportunities and initiatives.
