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TSXV:TNC | TSX Venture | Common Stock |
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"Second Quarter Net Income Increased to $1.6M, Six month net income increased more than $3M to $3.1M or $0.05 EPS."
VANCOUVER, March 30, 2016 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced second quarter financial results for the period ended January 31, 2016.
Quarterly financial & business highlights (all figures in CA dollars):
Subsequent Events:
Three months ended Jan. 31 |
Six months ended Jan. 31 | |||
2016 |
2015 |
2016 |
2015 | |
Revenue |
$ 16,396,968 |
$ 15,307,508 |
$ 31,673,790 |
$ 34,991,721 |
Gross Profit |
$ 8,008,085 |
$ 6,141,671 |
$ 15,852,040 |
$ 12,078,781 |
Adjusted EBITDA* |
$ 2,653,000 |
$ 533,000 |
$ 4,663,000 |
$ 1,409,000 |
Cash Flow from operations before non-cash working capital items |
$ 1,844,452 |
$ 632,037 |
$ 3,816,624 |
$ 1,577,573 |
Net Income (loss) |
$ 1,661,631 |
$ (252,230) |
$ 3,065,228 |
$ (125,593) |
Q2, 2016 sequential comparison to |
Quarter ended | |
Jan. 31, 2016 |
Oct. 31, 2015 | |
Revenue |
$ 16,396,968 |
$ 15,276,822 |
Gross Profit |
$ 8,008,085 |
$ 7,843,955 |
Adjusted EBITDA* |
$ 2,653,000 |
$ 2,010,000 |
Cash flow from operations |
$ 1,844,452 |
$ 1,972,172 |
Net Income |
$ 1,661,631 |
$ 1,403,597 |
"We had a fantastic quarter; The strong year to date growth in revenue and earnings reflect the successful integration of acquired entities, execution on margin expansion opportunities, stringent cost control and strong FX tailwinds," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "Our businesses are performing well providing us with a consistent and solid base of earnings. Management's near term focus is to ensure a smooth transition of the Softgate systems acquisition into our shared services infrastructure program and make sure that we benefit from the key synergies provided for by the transaction. Our overarching longer-term focus is to continue to organically and inorganically build a cohesive and strong competitor in the consumer bill payment and receivables management marketplace for bill issuers of all sizes and needs."
A conference call to discuss the results will be held today at 2:00pm EST, 11am PST.
To participate in the call please dial 416-204-9269 in Toronto or Toll free, 1-800-499-4035 and request the TIO Conference, conference ID 1648702.
About TIO Networks
TIO Networks is a cloud-based multi-channel bill payment processing and receivables management company, serving the largest telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back office of billing systems to accept, validate, and accept payments outside of the traditional bank channel, via self-service kiosk, retail walk-in, mobile, and web solutions. With over 65,000 endpoints in its processing network, TIO symbolizes fast, convenient, and secure access to expedited bill payment services.
Visit: www.TIOnetworks.com.
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The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Potentially, many factors could cause our actual results to vary materially from those described herein as intended, planned, anticipated or expected. TIO Networks Corp. does not intend and does not assume any obligation to update these forward-looking statements.
* EBITDA is a non-IFRS measure - earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is EBITDA plus stock-based compensation, non-recurring transaction and restructuring expenses. EBITDA is not a defined term under IFRS nor does it have a standard, agreed upon meaning. Accordingly, the Company's EBITDA may not be directly comparable to EBITDA reported by other issuers. Management had determined EBITDA is a useful supplemental measure in evaluating the Company's performance as it provides investors with an indication of cash available for debt service, working capital needs and capital expenditures. This non-IFRS measure is intended to provide additional information on the Company's performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
SOURCE TIO Networks Corp.
Copyright 2016 Canada NewsWire
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