TIO Networks Corp., the expedited bill-payment processor, today reported higher transactional revenue and a smaller net loss for the first fiscal quarter ended Oct. 31, 2010.
TIO recorded revenues of $8.5 million, up 67 percent compared with $5.1 million for the same three-month period last year. Company officials said a 4 percent decline in U.S. exchange rates had a negative impact on exchange revenue of $363,000. Transactions increased 98 percent year over year, they said.
The Vancouver, British Columbia-based company reported a net loss of $214,000 compared with a net loss of $674,000 in 2009's first quarter.
TIO's earnings before interest, taxes, depreciation and amortization and stock-based compensation were $345,000 in the first quarter compared with $35,000 for the same three-month period in 2009. Cash generated in operating activities for the first quarter was $456,000 compared with usage of $177,000 last year. This represents an overall improvement of $633,000 year over year, company officials said.
"We are pleased to report that TIO's key financial metrics are headed in the right direction to achieve further growth and profitability in fiscal 2011," said Hamed Shahbazi, chairman and CEO. "In the coming quarters, we expect to more than double our network of activated location end points, commence our mobile payments revenue generation efforts with a large U.S. utility and launch a new Web-based bill-payment platform."