News

TIO Networks reports Q3 net loss, revenue increase

June 24, 2009

BURNABY, British Columbia — TIO Networks Corp. reported third quarter and nine-month financial results for the period ended April 30. During Q3, TIO reported a net loss of $650,585, up from the $1.26 million net loss of $1.26 reported in Q3 2008. But revenue was up 63 percent, totaling $5.7 million, during the quarter, and operating expenses were reduced by $162,995 from the previous year. TIO's network transaction endpoints also have increased and now total 12,959 transactions annually, the company said.

According to a news release, the earnings make Q3 TIO's 27th consecutive quarter of transaction growth, and the company's network transaction endpoints also have increased and now total 12,959. TIO ended the quarter with a positive EBITDA of $180,000. "Our base of recurring revenue continues to grow, as does our business-development pipeline," said Hamed Shahbazi, chairman and chief executive of TIO Networks. "We are confident that our current and new business opportunities will increase transactions and continue to drive strong revenue growth in the quarters and years ahead."