News
TIO reports revenue gains, net losses
November 30, 2008
BURNABY, British Columbia — TIO Networks Corp.,provider of a self-service and multichannel expedited bill-payment network, reports respective revenue gains and net losses of 12 percent each for the fourth quarter of the year. Revenue for the quarter totaled CAN $4,064,442 (U.S. $3,271,895), compared to the CAN $3,636,153 (U.S. $2,926,948) recorded during the same period last year. Net loss totaled CAN $1,686,898 (U.S. $1,357,791), compared to the CAN $1,507,344 (U.S. $1,212,612) net loss reported in 4Q 2007.
According to a news release, a non-cash write-down of property and equipment totaling CAN $600,000 against the carrying value of the company's kiosk assets impacted net income and EBITDA. But revenue was positively affected during the quarter by an increased number of activated network endpoints — now totaling 11,815 locations, including 1,380 kiosks in retail locations, 2,381 non-kiosk clerk-assisted locations and 8,128 OEM Express locations driven by TIO's application programming interface. The increases represent a 403 percent uptick in activated locations and a 159 percent uptick in the number of transacting locations. Revenue for the fiscal year, which ended July 31, was up 6 percent while net losses almost doubled from last year — going from CAN $3,834,078 (U.S. $3,079,317) in 2007 to CAN $6,251,231 (U.S. $5,021,903) this year.
"Fiscal 2008 represented a period of substantial network growth, expense reduction and transformation from an owner/operator of self-service kiosk infrastructure to a financial-services processor," said Hamed Shahbazi, TIO's chairman and chief executive. "TIO is leveraging its core strength in self-service to acquire more relationships with biller clients and process expedited payments on a much broader range of self-service and clerk assisted systems."
Public CompaniesTransaction ProcessingRetail / Off-PremisesUnderbanked / UnbankedNorth AmericaKiosks/Self-ServiceBank / Credit UnionSoftwareTIO Networks Corp.
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