BURNABY, British Columbia — TIO Networks Corp., a provider of self-service financial options for the underbanked, says the second quarter of fiscal year 2008/2009, which ended Jan. 31, is one of the best the company has seen. Revenue for the quarter was up 62 percent from the same period last year, totaling $5.5 million. And the company's net loss was 70 percent lower than the loss reported in 2Q '08/'09, coming in at a loss of $453,389 as compared to the $1.5 million net loss reported for the same period last year.
"The second quarter confirms the positive trend in transaction revenue growth and financial performance that we established over the last several quarters," said Hamed Shahbazi, TIO's chairman and chief executive. "We will build on these results by increasing our network endpoints and grow our biller portfolio to serve America's growing demand for expedited payments and financial services."
The company says it cut operating expenses by $497,195 during the quarter and also added utility and retail biller partners. Network endpoint activations increased to 12,577 locations, compared with the 3,235 activations attained a year earlier.
For the year, TIO's revenue is $10.3 million, up from the $6.7 million reported at the sixth month mark in FY '08/'09. Net losses for the year cam in at $1 million, compared with the $3.3 million in net losses reported one year earlier.
