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TIO reports record Q4 and fiscal 2012 financial results
VANCOUVER, Nov. 27, 2012, 2012 (Canada NewsWire via COMTEX) --
~Full Year Fiscal 2012 Revenue Up 16%~
~ Revenue From Mobile and Web Up Six-Fold ~
TIO Networks Corp. (TSX-V: TNC) today
announced record fourth quarter 2012 and fiscal 2012 financial results
for the period ended July 31, 2012.
ANNUAL AND FOURTH QUARTER HIGHLIGHTS
-- Fiscal Q412 revenue increased 10% to $10.7 million, up from
$9.8 million in fiscal Q411
-- Fiscal 2012 revenue increased 16% to $42.2 million, up from
$36.6 million in fiscal 2011
-- Annual revenue from mobile and web increased 537% to $929,000,
while annual gross profit from mobile and web increased 547% to
$625,000
-- R&D increased to $2.0 million in fiscal 2012, up from $968,000
in fiscal 2011
-- Annual sales and marketing expenses increased to $2.3 million
up from $1.1 million a year ago
-- As of July 31, 2012, the Company had $3.8 million in cash,
cash equivalents and restricted cash and no long-term debt
Business Development Highlights for fiscal 2012:
-- Surpassed $100M processed in mobile bill payment proceeds
through various platforms (Apple iOS, Android and Blackberry)
-- Announced TIO Wallet, designed to provide the estimated 60
million under-banked Americans access to mainstream financial
products
-- Launched TIO MobilePay, the first phase of TIO Wallet and the
first mobile app that allows users to pay multiple bills via
VISA or MasterCard branded payment cards in real time for
expedited payments
-- Launched Pacific Gas and Electric Company (PG&E) Mobile Bill
Payment application for Androidâ ¢
-- Signed an agreement with MAPCO Express Inc. to deploy
self-serve bill pay kiosks to stores in Memphis and Nashville,
TN
Fiscal 2012 4(th) Quarter ended July 31 Year ended July 31
2012 2011 2012 2011
$'000 $'000 $'000 $'000
Revenue $10,709 $9,772 $42,248 $ 36,565
EBITDA* $299 $514 $1,370 $ 1,800
Net Income (loss) $57 $86 $284 $ (86)
Weighted average 46,617,340 46,542,639 46,449,422
number of shares
outstanding 46,433,340
"We are very pleased to announce record fourth quarter and annual
financial results," said Hamed Shahbazi, Chairman and CEO of TIO
Networks. "TIO Networks posted double-digit growth and delivered its
first profitable full year based on its recurring revenue business
model. In fiscal 2012, we made substantial investments in R&D for TIO
Wallet, our mobile payments platform, and other related cloud-enabled
solutions as well as augmenting our sales and marketing organizations.
Looking forward to fiscal 2013, we are confident that we have the
foundation and systems in place to aggressively pursue new and exciting
growth opportunities across our multiple business channels. Today's
launch of our mobile payments application with NYSE listed utility
company El Paso Electric (EPE) is just one example of the exciting
prospects we see in the mobile space alone."
Conference Call:
A conference call to discuss the results will be held today at 1:30pm
EST, 10:30 am PST.
To participate in the call please dial,(416) 644-3426 in Toronto or Toll
free, 1-800-731-5319 and request the TIO Conference.
TIO Networks Corp.
TIO is a cloud based multi-channel bill payment processor serving the
largest telecom, wireless, cable and utility network operators in North
America. With more than 57,000 physical location endpoints to its bill
payment processing network, TIO symbolizes fast, convenient and secure
access to high quality bill payment services. Please visit www.tionetworks.com
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 - Earnings before interest, tax, depreciation and amortization,
and stock-based compensation.
(EBITDA is not a defined term under International Financial Reporting
Standards (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-GAAP
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
GAAP)
SOURCE: TIO Networks Corp.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2012/27/c3738.html
SOURCE: TIO Networks Corp.
Derek Lai - Acting CFO - TIO Networks Tel:604.298.4636, Ext. 269
Email:Derek.Lai@tionetworks.com Brett Maas, Hayden IR Tel:646-536-7331
Email:Brett@haydenir.com John Lewis, Business Development Tel:416-523-7086
Email:jrlewis@tionetworks.com
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