News

TIO reports profit, revenue losses

July 1, 2008

BURNABY, British Columbia — TIO Networks Corp., which owns North America's leading automated bill-payment and financial-services network, says its transaction volume showed marked increase during the third quarter of 2008, up 27 percent from the same period last year and up 3 percent from the second quarter of this year. Revenue and profit for the quarter, however, were both down. Revenue fell by 3 percent from 3Q 2007, and whole profit fell nearly 9 percent — namely because of the weak U.S. dollar, whose value has dropped 14 percent, TIO says. But cuts in operating expenses helped the company absorb the profit drops.

"The company delivered on its plan to significantly reduce expenses, improve quarter-over-quarter profitability and deliver growth in locations and transactions, while dramatically reducing its capital expenditures," said Hamed Shahbazi, chairman and chief executive of TIO Networks.