NET PROFIT INCREASED BY MORE THAN $1.26M TO $1.4
MILLION AND $0.02 EPS
VANCOUVER, Dec. 17, 2015 /CNW/ - TIO Networks Corp.
(TSX-V: TNC) today announced first quarter 2016 financial results
for the period ended October 31,
2015.
First Quarter financial & business highlights (all figures
in CA dollars):
- Adjusted EBITDA increased 129.5% on a Year over Year (YoY)
basis to $2.01M from $876k and increased sequentially on a quarter
over quarter (QoQ) basis by 48.9% from Q4 2015
- Revenues increased QoQ by 9.5% to $15.3M
- Gross profit increased 32.1% to $7.84M on a YoY basis and 15.9% QoQ
- Gross margin increased by 21% to 51% on a YoY basis and 2%
sequentially QoQ
- Cash Flow from Operating activities increased by $1.03M or 108.6% YoY to $1.97m
- Processed approx 14.2M transactions worth approx. $1.7B representing 7.3% YoY transaction growth
and 3.1% growth sequentially
- TIO's direct-to-consumer membership base increased to
1,144,057
- Finished the period with $34,632,296 in cash and cash equivalents
(including restricted cash and cash held to fulfill bill payment
obligations) and no long-term debt
|
Three months ended
October 31
|
|
2015
|
2014
|
Revenue
|
$ 15,276,822
|
$ 19,684,213
|
Adjusted
EBITDA**
|
$
2,010,000
|
$
876,000
|
Cash Flow from
Operations
|
$
1,972,172
|
$
945,537
|
Net Income
|
$
1,403,597
|
$
126,637
|
Q1, 2016 sequential
comparison to Q4, 2015
|
Quarter
ended
|
|
October, 31
2015
|
July 31,
2015
|
Revenue
|
$ 15,276,822
|
$ 13,951,435
|
Gross
Profit*
|
$
7,843,955
|
$ 6,769,464
|
Adjusted
EBITDA**
|
$
2,010,000
|
$ 1,350,000
|
Cash flow from
operations
|
$
1,972,172
|
$
770,350
|
Net Income
|
$
1,403,597
|
$
142,379
|
* Restated certain marketing costs from COS to Sales and
Marketing as noted in Q1 2016 MD&A
** EBITDA is a non-IFRS measure - earnings before interest, tax,
depreciation and amortization. Adjusted EBITDA is EBITDA plus
stock-based compensation and one-time M&A costs less one-time
gross profit earned from kiosks. EBITDA is not a defined term under
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-IFRS 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 IFRS.
"We are very pleased to deliver the best quarterly net profit,
EBITDA and gross profit metrics in the Company's lifetime" said
Hamed Shahbazi, Chairman and CEO of
TIO Networks. "This quarter we continued to build on the
successes of the prior fiscal year as TIO and its subsidiaries all
achieved improvements in growth and profitability. As we move
into calendar 2016, we look forward to closing our acquisition of
Softgate Systems which will enhance profitability and further
establish TIO as one of the leading players in the US consumer bill
payment processing and receivables management marketplace."
A conference call to discuss the results will be held
Thursday December 17, 2015 at
2:00 pm EST, 11:00am PST. To participate in the call please
dial 416-847-6330 in Toronto or
Toll free, 1-866-530-1553 and request the TIO Conference.
To learn more, visit: www.TIOnetworks.com
About TIO Networks
TIO is a multi-channel cloud-based bill payment processor
serving the largest telecom, wireless, cable and utility bill
issuers in North America.
TIO symbolizes fast, convenient and secure bill payment. Visit:
www.TIOnetworks.com. Join the conversation:
www.twitter.com/TIOnetworks or like us:
http://www.facebook.com/TIOnetworks
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.
SOURCE TIO Networks Corp.