BURNABY, British Columbia — TIO Networks Corp., owner of a North American automated bill payment and financial services network, announced financial results for the third quarter that ended April 30, 2007.
Total recurring revenue for the quarter including transaction services and maintenance/licensing services revenue, increased 37 percent and accounted for $3,355,835 or 92 percent of total revenue, compared to $2,442,746 or 94 percent for the quarter ended April 30, 2006.
Quarterly revenue increased 40 percent to $3,639,693, from $2,606,949 one year ago. EBITDA loss for the period was ($146,000) compared to a loss of ($380,000) one year ago. Net income was a loss of $1,119,695 compared to a loss of $880,588 one year ago. Contributing to the financial results for Q3 were:
- Amortization of property and equipment of $597,269, compared with $315,278 in Q3 2006
- Interest expenses of $235,135 compared to $138,500 in Q3 2006
- Research and Development expenses of $192,656 compared to $131,977 in Q3 2006
- Foreign exchange loss of $113,938 compared to a loss of $5,952 in Q3 2006
- Severance payment to a departed officer of the company in the amount of $60,000.
