GROSS PROFIT INCREASED BY 194% YEAR OVER YEAR, TRANSACTIONS INCREASED BY 10% QUARTER OVER QUARTER
VANCOUVER, Dec. 17, 2014 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced first quarter 2015 financial results for the period ended October 31, 2014.
First Quarter financial & business highlights
Revenue increased 138% YoY (year over year) to $19,684,213
Gross profit increased 194% YoY to $5,741,102
Gross margin increased YoY to 29.2% from 23.6%
Cash Flow from Operating activities increased YoY by $3,166,564 to $1,067,202
Processed approx 13M transactions worth about $1.3B representing 375% YoY transaction growth and 10% growth sequentially
Finished the period with $29,728,405 in cash and cash equivalents (including restricted cash and cash held to fulfill bill payment obligations) and no long-term debt
Acquired the assets of San Francisco, CA based VeriFone Commerce Solutions (chargesmart.com), a leading provider of online bill payment services for US consumers
TIO's direct-to-consumer membership base grew 274% sequentially to over 970,000 members, including the Company's branded "TIO Wallet" and "ChargeSmart" consumer programs.
*EBITDA is a non-IFRS measure - earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is EBITDA plus stock-based compensation
"We had another very strong quarter driven by significant organic and inorganic growth," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "In the first quarter, we continued to execute on our growth initiatives as well as the ongoing integration of Global Express and the acquisition of the ChargeSmart.com assets. Our efforts are continuing to transform TIO into a leading multi-channel bill payment processor well positioned to capture a larger share of a growing, multi-billion dollar industry."
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. TIO symbolizes fast, convenient and secure access to high quality bill payment services. Please visit www.TIOnetworks.com.
VANCOUVER, Dec. 17, 2014 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced first quarter 2015 financial results for the period ended October 31, 2014.
First Quarter financial & business highlights
Revenue increased 138% YoY (year over year) to $19,684,213
Gross profit increased 194% YoY to $5,741,102
Gross margin increased YoY to 29.2% from 23.6%
Cash Flow from Operating activities increased YoY by $3,166,564 to $1,067,202
Processed approx 13M transactions worth about $1.3B representing 375% YoY transaction growth and 10% growth sequentially
Finished the period with $29,728,405 in cash and cash equivalents (including restricted cash and cash held to fulfill bill payment obligations) and no long-term debt
Acquired the assets of San Francisco, CA based VeriFone Commerce Solutions (chargesmart.com), a leading provider of online bill payment services for US consumers
TIO's direct-to-consumer membership base grew 274% sequentially to over 970,000 members, including the Company's branded "TIO Wallet" and "ChargeSmart" consumer programs.
*EBITDA is a non-IFRS measure - earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is EBITDA plus stock-based compensation
"We had another very strong quarter driven by significant organic and inorganic growth," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "In the first quarter, we continued to execute on our growth initiatives as well as the ongoing integration of Global Express and the acquisition of the ChargeSmart.com assets. Our efforts are continuing to transform TIO into a leading multi-channel bill payment processor well positioned to capture a larger share of a growing, multi-billion dollar industry."
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. TIO symbolizes fast, convenient and secure access to high quality bill payment services. Please visit www.TIOnetworks.com.
