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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TSXV:TNC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Generated $3.4M in *Cashflow From Operating Activities,
representing growth of 6.4% QoQ and 65.7% YoY
VANCOUVER, June 29, 2017 /CNW/ - TIO NETWORKS CORP. (TSX-V: TNC, the "Company" or "TIO") today announced third quarter financial results for the period ended April 30, 2017.
Third quarter financial & business highlights (all figures in Canadian dollars except where noted):
Q3 2017 comparison to Q3 2016 |
Three months ended Apr. 30 |
Nine months ended Apr. 30 | ||||||
2017 |
2016 |
2017 |
2016 | |||||
Revenue |
$ |
23,763 |
$ |
17,967 |
$ |
72,518 |
$ |
49,641 |
Gross Profit |
$ |
11,392 |
$ |
8,919 |
$ |
35,285 |
$ |
24,771 |
Adjusted EBITDA** |
$ |
2,922 |
$ |
2,880 |
$ |
10,677 |
$ |
7,543 |
Operating Cash Flow before non- |
$ |
3,397 |
$ |
2,050 |
$ |
10,460 |
$ |
5,865 |
Net Income |
$ |
78 |
$ |
1,605 |
$ |
3,825 |
$ |
4,670 |
Q3 2017 sequential comparison |
Quarter ended | |||
Apr. 30, 2017 |
Jan. 31, 2017 | |||
Revenue |
$ |
23,763 |
$ |
24,537 |
Gross Profit |
$ |
11,392 |
$ |
12,064 |
Adjusted EBITDA** |
$ |
2,922 |
$ |
4,160 |
Operating Cash Flow before non- |
$ |
3,397 |
$ |
3,192 |
Net Income |
$ |
78 |
$ |
2,110 |
"We had a solid quarter and continued to improve in our all-important *cashflow metric which has been a key focus for management" said Hamed Shahbazi, Chairman and CEO of TIO. "We thank the shareholders for their support of the PayPal transaction as we had over 99.7% support as part of our shareholder approval process. We are making good progress towards finalizing the transaction and are excited about joining the PayPal family."
The Company expects the acquisition of TIO Networks by Paypal to be completed in 2017 subject to certain closing conditions.
There will be no conference call.
* Cashflow from operating activities specifically relates to the Company's cashflow generation capabilities. This metric adds back one-time costs related to the Company's M&A activity. In Q3 2017, cashflow from operating activities was $3,397 (in '000's) comprised of operating cashflow from operating activities of $2,403 plus $994 in one-time M&A costs. In Q2 2017, cashflow from operating activities was $3,192 (in '000's) (operating cashflow from operating activities of $2,576 plus $616 in one-time M&A costs)
** 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, TIO's EBITDA may not be directly comparable to EBITDA reported by other issuers. TIO management had determined EBITDA is a useful supplemental measure in evaluating TIO'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 TIO's performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
About TIO
TIO 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. TIO symbolizes fast, convenient, and secure access to expedited bill payment services.
Visit: www.tionetworks.com.
Join the conversation at: www.twitter.com/TIOnetworks or like us: www.facebook.com/TIOnetworks
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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 does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE TIO Networks Corp.
Copyright 2017 Canada NewsWire
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