CXI Reports Impressive Revenue Growth in Recent Quarters

Currency Exchange International's Strong Financial Performance

Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTCBB: CURN) recently showcased its robust financial results for the three and nine-month periods ending July 31, 2024. The report highlights significant revenue increases and strong operational performance, contributing positively to CXI's growth narrative.

CEO's Insights on Growth Strategy

Randolph Pinna, CEO of CXI, expressed his satisfaction with the revenue growth achieved over the previous periods, indicating that the company has managed to keep its balance sheet healthy while efficiently controlling expenses. The diverse business model enables CXI to serve both wholesale and direct-to-consumer customers effectively, particularly in the U.S. market. Pinna emphasized their commitment to profitable growth as they aim to solidify their position as a global leader in foreign currency and payment services.

Key Financial Highlights for Q3 2024

The three-month financial review reveals several impressive metrics:

• Revenue increased by 2% to $24.0 million, compared to $23.6 million in the same quarter last year.
• Payments revenue saw a growth of 5%, bringing in an additional $0.2 million.
• Net operating income rose by 5% to $6.7 million, reflecting strong operational performance.
• Although net income slightly decreased by 3% to $3.9 million, earnings per share remained stable, recorded at $0.61 on a basic basis.
• Liquidity was robust, with $74.9 million in net working capital reported.

Year-to-Date Financial Performance

For the nine-month period ending July 31, 2024, CXI noted that total revenue increased by 5%, amounting to $62.2 million, up from $59.2 million during the same timeframe last year. Key highlights here include:

• Banknotes revenue witnessed a growth of 4% or $2.0 million, while Payments revenue surged by 9%, contributing an extra $1.0 million.
• Reported net income declined significantly by 33% due to deferred tax expenses, but adjusted earnings per share improved, landing at $1.06.
• Operating cash flows from activities reached $13.9 million compared to $13.6 million previously.

Corporate Developments Reflecting Strong Market Position

In addition to impressive revenue figures, CXI's corporate developments indicate a firm grip on the market. For the three-month period, CXI's Payments product line benefited from strategic investments in banking platform integration, enabling the Group to extend its operational reach within the U.S. Furthermore, consumer demand for foreign currencies continued to flourish, supported by increasing international travel.

Expansion of Client Base and Services

The company also enhanced its Financial Institutions sector with the addition of 98 new clients, representing a total of 123 additional transacting locations. CXI's OnlineFX platform continues to expand, now providing services across 43 states, thereby increasing its accessibility to customers nationwide. During this period, CXI processed nearly 40,000 payment transactions, totaling around $3.38 billion in volume compared to the previous quarter.

Looking Ahead: Earnings Conference Call

CXI plans to host an earnings conference call to further discuss these results. Interested parties can participate by dialing in, providing an excellent opportunity for investors and stakeholders to engage with the company's leadership.

About Currency Exchange International

Currency Exchange International specializes in offering comprehensive foreign exchange technology and processing services tailored for banks, businesses, and consumers both in the U.S. and select global markets. Their suite of services includes foreign currency exchange, wire transfer payments, and international cheque clearing. The strategically designed platforms enhance customer experience, whether through online channels or retail branches.

Frequently Asked Questions

What are the recent revenue increases reported by CXI?

For Q3 2024, CXI reported a 2% revenue increase to $24.0 million, with a 5% increase in year-to-date revenues to $62.2 million.

Who is the CEO of Currency Exchange International?

Randolph Pinna serves as the CEO of Currency Exchange International, guiding the company with a strategy focused on profitable growth.

What is the performance of CXI's Payments product line?

The Payments product line saw a 5% growth in revenue during the last quarter and processed nearly 40,000 transactions valued at around $3.38 billion.

What actions is CXI taking to expand its services?

CXI is continually expanding its OnlineFX platform and has added numerous clients in the Financial Institutions sector, enhancing its market presence.

How can I contact Currency Exchange International for more information?

For inquiries, you can reach out to Bill Mitoulas at (416) 479-9547 or via email. Visit their website for additional details about their services.

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