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Tio Reports Record 2016 Revenue and Net Profit - Revenue Up 19.4% to $74.7 Million, Gross Profits Way Up
Monday, November 21, 2016Company Profile | Follow Company
6th Consecutive Quarter of Record Adjusted EBITDA
Vancouver, BC, November 21, 2016--(T-Net)--TIO Networks Corp. (TSX-V: TNC) today announced fiscal fourth quarter and full fiscal year 2016 financial results for the period ended July 31, 2016.
Annual and Quarterly financial & business highlights (all figures in CA dollars)
Three months ended July 31, |
Year ended July 31, |
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In thousands expressed in Canadian dollars |
2016 |
2015 |
2016 |
2015 |
Revenue |
$ 25,020 |
$ 13,951 |
$ 74,661 |
$ 62,511 |
Gross Profit |
$ 11,848 |
$ 6,769 |
$ 36,620 |
$ 25,307 |
Adjusted EBITDA* |
$ 3,092 |
$ 1,350 |
$ 10,635 |
$ 3,760 |
Operating Cash Flow before non- cash working capital items |
$ 2,296 |
$ 908 |
$ 8,162 |
$ 2,981 |
Net Income (loss) |
$ (478) |
$ 142 |
$ 4,193 |
$ 41 |
“2016 was a transformational year for TIO,” said Hamed Shahbazi, Chairman and CEO of TIO Networks. “We closed and have made great progress in integrating the Softgate acquisition - the largest in our corporate history. Our annual revenue and profitability hit record highs and has put us in the best financial position we have ever been as a company. With the full-weight of Softgate's financial and operational strengths ahead of us, in addition to other catalysts that we are working on, 2017 promises to be another strong year of profitable growth.”
To learn more, visit: www.TIONetworks.com
About TIO Networks Corp
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. With more than 71,000 endpoints in its processing network, TIO symbolizes fast, convenient, and secure access to expedited bill payment services.
Visit: www.TIO.com
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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@tionetworks.com
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.
* 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, 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.