BURNABY, British Columbia - TIO Networks Corp. reported revenue and transactional increases for the third quarter of fiscal year 2006/2007, which ended April 30. Net income, however, continued to drop, coming in it at a loss of $1.1 million. TIO reported a net loss of $880,588 during the third quarter of FY 2005/2006.
Revenue from transaction and maintenance/licensing services, increased 37 percent from last year and accounted for 92 percent of the company's total income. That's up from the 94 percent of total income TIO reported for those services last year.
During the third quarter, TIO deployed or signed deals to deploy some 2,400 devices. It also activated 2,235 locations on its processing system during the quarter. Those totals include standalone kiosks, hybrid ATMs and TIO Express locations.
"New lines of distribution are accelerating TIO's growth potential," said Hamed Shahbazi, TIO's chairman and chief executive. "TIO has been successful in and remains focused on taking market share at a critical time in the development of the self-service, automated bill-payment and financial-services marketplace."
