TIO Reports Q2 Fiscal 2015 Financial Results
53% REVENUE GROWTH AND RECORD GROSS MARGINS IN Q2. THE COMPANY IS WELL POSITIONED FOR CONTINUED GROWTH AND IMPROVED PROFITABILITY.
VANCOUVER, March 30, 2015 /CNW/ - TIO Networks Corp. (TSX-V: TNC) today announced fiscal second quarter 2015 financial results for the period ended January 31, 2015.
Quarterly financial & business highlights
~ Revenue increased 53% YoY (year over year) to $15,307,508
~ Gross profit increased 103% YoY to $5,905,878
~ Gross margin increased YoY to 38.6% from 29.2%
~ Processed more than 12 million transactions worth about $1.29 billion representing 132% YoY transaction growth
~ Finished the period with $36,352,119 in cash and cash equivalents and restricted cash (including cash held to fulfill bill payment obligations) and no long-term debt
TIO's direct-to-consumer membership surpassed the 1 million-member mark and ended the quarter with 1.03M end-user registrations. This number includes all end users registered in the Company's "TIO" and "ChargeSmart" branded consumer bill payment programs
The Company has maintained its highest level of R&D and IT investment ever at $1.1M designed to support the expansion of large customers and accomplish key integration milestones
TIO experienced continued success with its investments to support the integration and migration efforts of its largest billing partner to the extent that this transition is proceeding ahead of schedule and will be substantially complete before the end of FY 2015
Subsequent to the end of the quarter, the company initiated and began to realize a number of acquisition related synergies and other expense reductions worth approx. $1.5M per year in savings scheduled to be completed by the end of the fiscal year.
*Adjusted EBITDA is a non-IFRS measure - earnings before interest, tax, depreciation and amortization, stock-based compensation.
"We had another strong quarter as positioned by the significant organic and inorganic growth experienced in the last 12 months," said Hamed Shahbazi, Chairman and CEO of TIO Networks. "In the second quarter, we maintained record investment levels and made significant progress towards our integration milestones. We are now realizing real synergies and positioned well to unlock the value of our combined businesses. "
A conference call to discuss the results will be held on Monday, March 30, 2015 at 1:30 p.m. EST. To participate please dial, 416-644-3426 in Toronto or Toll free, 800-731-5319 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 65,000 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
