TIO Reports Q3 Fiscal 2015 Financial Results
VANCOUVER, June 29, 2015 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced fiscal third quarter 2015 financial results for the period ended April 30, 2015.
Quarterly and 9 month financial & business highlights
Quarterly Adjusted EBITDA increased by 147% YoY (year over year) and 88% sequentially QoQ (quarter over quarter) to $1M
Revenue increased 5% YoY to $13,568,328Quarterly Gross profit increased 42% YoY and 7% QoQ to $6,317,961
Quarterly Gross margin increased YoY to 46.6% from 34.4%
Quarterly Transactions increased 149% YoY to 13.3 million worth $1.59 billion
Quarterly Operating Cash Flow increased 67% YoY to $495,000The Company recorded its largest quarterly investment in R&D ever at more than $1.2M (all fully expensed)
Finished the period with $35,841,426 in cash and cash equivalents and restricted cash (including cash held to fulfill bill payment obligations) and no long-term debt
| Three months ended April 30
| Nine months ended April 30
| | 2015
| 2014
| 2015
| 2014
| Revenue
| $
| 13,568,328
| $
| 12,926,089
| $
| 48,560,049
| $
| 31,172,614
| Gross Profit
| $
| 6,317,961
| $
| 4,451,307
| $
| 17,964,941
| $
| 9,321,011
| Adjusted EBITDA*
| $
| 1,001,000
| $
| 405,000
| $
| 2,410,000
| $
| 641,000
| Operating Cash Flow before non-cash working capital items
| $
| 495,625
| $
| 297,581
| $
| 2,073,198
| $
| 470,456
| Net Income (loss)
| $
| 24,056
| $
| (242,693)
| $
| (101,537)
| $
| (620,858)
|
| Quarter ended
| | April 30, 2015
| January 31, 2015
| Revenue
| $
| 13,568,328
| $
| 15,307,508
| Gross Profit
| $
| 6,317,961
| $
| 5,905,878
| Adjusted EBITDA*
| $
| 1,001,000
| $
| 533,000
| Operating Cash Flow before non-cash working capital items
| $
| 495,625
| $
| 632,037
| Net Income (loss)
| $
| 24,056
| $
| (252,230)
|
*Adjusted EBITDA is a non-IFRS measure - earnings before interest, tax, depreciation and amortization, stock-based compensation, and non-recurring transaction and restructuring expenses
|
"We are executing on our M&A synergies and related cost reduction strategies and its paying off", said Hamed Shahbazi , Chairman and CEO of TIO Networks. "We experienced record performance in adjusted EBITDA, the strongest in the company's history. All our acquired entities including TIO's core business recorded meaningful improvements in profitability this past quarter. We made strong progress with our platform consolidation and shared services initiatives. When fully implemented these initiatives will make the Company a financially strong competitor in the receivables management and bill payment processing industries."
A conference call to discuss the results will be held on Monday June 29, 2015 at 1:30 p.m. EST. To participate please dial, 416-260-0113 in Toronto or Toll free, 800-524-8950 and request the TIO Networks Conference.
TIO NETWORKS CORP.
TIO is a cloud based multi-channel payment processor focused on serving up bill payments for the largest wireless, utility, cable and rent bill issuers in North America. With more than 69,000 physical location endpoints and 24 mobile and web programs to its bill payment processing network, TIO symbolizes fast, convenient and secure access to high quality bill payment services. Please visit www.tionetworks.com |
