News

TIO Networks reports fiscal 2010 fourth quarter and yearend financials

November 29, 2010

TIO Networks Corp., a Vancouver, British Columbia-based expedited bill-payment processor, recently reported financial data for the fourth quarter and the 2010 fiscal year.

TIO Networks recorded a $278,424 net loss for the fourth quarter ended July 31 compared with a net loss of $477,636 for the same three-month period last year.

Revenue for the quarter was approximately $8.7 million, up 61 percent compared with $5.4 million for the same three-month period in 2009.

For the year, TIO reported a net loss of approximately $1.9 million compared with a net loss of $2.2 million in 2009's fiscal year. The company recorded annual revenue of $27.7 million, up 29 percent compared with $21.5 million in 2009.

Hamed Shahbazi, chairman and CEO of TIO Networks, said the company is changing.

"Our business is rapidly transforming from a walkup kiosk-based platform to a true multi-channel bill-payment network," Shahbazi said. "As TIO transitions to multi-channel, we anticipate a return to higher overall profit margins as we generate revenue from new channels including mobile and the web."

TIO reported its 32nd consecutive quarter of growth in transactions and ended the fourth quarter with approximately 3.5 million transactions.