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TIO Reports Q2 FY2017 Financial Results - Revenue Up Sharply (49.6%), Net Income Up 27%
Wednesday, April 5, 2017Company Profile | Follow Company
8th Consecutive Quarter of Record Adjusted EBITDA Performance
Vancouver, BC, April 5, 2017--(T-Net)--TIO NETWORKS CORP. (TSX-V: TNC) today announced second quarter financial results for the period ended January 31, 2017.
Second quarter financial & business highlights (all figures in Canadian dollars except where noted):
Q2, 2017 comparison to Q2, 2016 | Three months ended Jan. 31 | Six months ended Jan. 31 | ||
2017 | 2016 | 2017 | 2016 | |
Revenue | $ 24,537 | $ 16,397 | $ 48,755 | $ 31,674 |
Gross Profit | $ 12,064 | $ 8,008 | $ 23,893 | $ 15,852 |
Adjusted EBITDA* | $ 4,160 | $ 2,653 | $ 7,755 | $ 4,663 |
Operating Cash Flow before non-cash working capital items | $ 2,576 | $ 1,845 | $ 6,261 | $ 3,817 |
Net Income | $ 2,110 | $ 1,661 | $ 3,747 | $ 3,065 |
Q2, 2017 sequential comparison to Q1, 2017 | Quarter ended | |
Jan. 31, 2017 | Oct. 31, 2016 | |
Revenue | $ 24,537 | $ 24,218 |
Gross Profit | $ 12,064 | $ 11,829 |
Adjusted EBITDA* | $ 4,160 | $ 3,595 |
Operating Cash Flow before non-cash working capital items | $ 2,576 | $ 3,685 |
Net Income | $ 2,110 | $ 1,637 |
“Our business performed very well during fiscal Q2, 2017 and notched its 8thconsecutive quarter of record adjusted EBITDA performance. This is an achievement that we're very proud of,” said Hamed Shahbazi, Chairman and CEO of TIO.
About TIO Networks
TIO is a cloud-based multi-channel bill payment processing and receivables management company, serving the largest telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back office of billing systems to accept, validate, and accept payments outside of the traditional bank channel, via self-service kiosk, retail walk-in, mobile, and web solutions. TIO symbolizes fast, convenient, and secure access to expedited bill payment services.
Visit: www.tionetworks.com
Contacts:
Richard Cheung - CFO
Tel: 604.298.4636 Ext. 265
Email: Richard.Cheung@tio.com
John Lewis - Business Development
Tel: 416.523.7086
Email: jrlewis@tio.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
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 does not intend and does not assume any obligation to update these forward-looking statements.
* EBITDA is a non-IFRS measure - earnings before interest, tax, depreciation and amortization. Adjusted EBITDA is EBITDA plus stock-based compensation, non-recurring transaction and restructuring expenses. EBITDA is not a defined term under IFRS nor does it have a standard, agreed upon meaning. Accordingly, TIO's EBITDA may not be directly comparable to EBITDA reported by other issuers.
TIO management had determined EBITDA is a useful supplemental measure in evaluating TIO'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 TIO's performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.