TIO Networks Corp., a provider of billpay kiosks and bill payment processing services, has announced financial results for the fiscal 2009 fourth quarter, ended July 31. The company's revenue increased to $5.4 million from $4 million in Q4 2008, representing a 34 percent increase. Year-to-date revenue is $21.5 million, a 50 percent increase compared with $14.2 million in 2008.
Hamed Shahbazi, TIO's chairman and CEO, says high demand for last-minute billpay options in a tough economy has helped the company grow:
We had a strong year of growth, having achieved substantial improvements on both the top and bottom line of the company. Most importantly, we found a way to grow the company's revenue while reducing capital expenditures to record lows, demonstrating a substantial strengthening of our business model. Although we continue to operate in a difficult economic climate, TIO's last-minute bill payment processing services continue to be in high demand. The company expects to continue to grow revenues and is working hard to accelerate its growth with a very strong line-up of opportunities and initiatives.
Also today, TIO announced it will work with utility provider Georgia Power to deploy self-service billpay kiosks in select Atlanta-area retail locations. TIO says the touchscreen kiosks are expected to be fully operational this winter.
