TORONTO, March 16, 2022 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the �Company) (TSX: CXI; OTCBB: CURN), today reported net income of $1.5 million for the three-month period ended January 31, 2022, compared to the net loss of $1.3 million reported in the prior year (all figures are in U.S. dollars except where otherwise indicated). The interim financial statements and Managements Discussion and Analysis (“MD&A“) can be found on the Company’s SEDAR profile at www.sedar.com.
Randolph Pinna, CEO of the Company, stated, We are extremely pleased with the Groups performance in the first quarter, as these results demonstrate the benefits of developing and executing against a focused strategic plan. Despite the ongoing pandemic, CXI delivered 25% sequential revenue growth, its highest quarterly revenue ever as each of our strategic pillars contributed to the increase. Our payments business in both Canada and the United States continue to add new clients with predictable revenue patterns throughout the year. Growth in our global banknote segment has accelerated with Exchange Bank of Canadas participation in the Federal Reserve Bank of New Yorks foreign bank international cash services program. The domestic banknote demand benefitted from the United States easing restrictions in November to allow European, Mexican, and Canadian residents the ability to travel more freely to America. While we remain vigilant to the various risks that may impact the recovery in international travel, we are confident that CXI is much more resilient to fluctuations in demand than it was prior to the start of the COVID-19 pandemic. We look forward to continuing this trend in the quarters and years ahead.
Corporate and Operational Highlights for the Three-month Period Ended January 31, 2022:
Financial Highlights for the Three-month Period Ended January 31, 2022, Compared to the Three-month Period Ended January 31, 2021:
As demonstrated in the table below, seasonality is reflected in the timing of when foreign currencies are in greater or lower demand. In a normal operating year there is seasonality to the Company’s operations, with higher revenues generated from March until September and lower revenues from October to February. This coincides with peak tourism seasons in North America when there are generally more travelers entering and leaving the United States and Canada. The coronavirus pandemic has significantly impacted the ability to travel, and therefore the three-month periods ending, April 30, 2020, July 31, 2020, October 31, 2020, January 31, 2021, April 30, 2021, July 31, 2021, October 31, 2021, and January 31, 2022, are not indicative of typical seasonality.
Selected Financial Data
Three-months ending | Revenue | Net operating income (loss) | Net income (loss) | Total assets | Total equity | Earnings (loss) per share (diluted) | |
$ | $ | $ | $ | $ | $ | ||
1/31/2022 | 12,462,247 | 3,111,368 | 1,504,999 | 129,297,226 | 59,332,997 | 0.23 | |
10/31/2021 | 9,967,107 | 776,345 | 1,634,364 | 102,525,187 | 58,015,799 | 0.25 | |
7/31/2021 | 8,633,413 | 1,047,889 | (120,246) | 92,962,398 | 56,319,701 | (0.02) | |
4/30/2021 | 6,573,570 | (558,010) | (924,698) | 79,856,635 | 56,520,124 | (0.14) | |
1/31/2021 | 5,089,428 | (1,315,153) | (1,721,104) | 82,354,069 | 57,039,436 | (0.27) | |
10/31/2020 | 4,935,917 | (1,852,195) | (3,465,632) | 85,758,517 | 58,229,735 | (0.54) | |
7/31/2020 | 3,879,873 | (1,993,117) | (2,274,719) | 96,105,961 | 61,462,798 | (0.35) | |
4/30/2020 | 6,323,344 | (2,316,356) | (2,942,948) | 99,263,039 | 62,965,874 | (0.43) |
Conference Call
The Company plans to host a conference call on Thursday, March 17, 2022, at 8:30 AM (EDT). To participate in or listen to the call, please dial the appropriate number:
On March 11, 2020, the World Health Organization (WHO) officially declared COVID-19, the disease caused by a novel coronavirus, a pandemic. Measures enacted to curtail COVID-19 by various governments have significantly impacted travel and tourism, and therefore the demand for foreign currencies. While the Company continues to operate, it is not possible to reliably estimate the duration and severity of these consequences as well as their impact on the financial position and results of future periods.
About Currency Exchange International, Corp.
Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (CXIFX), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform order.ceifx.com (OnlineFX).
The Companys wholly owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services in Canada and select international foreign jurisdictions. Customers are served through the use of its proprietary software, www.ebcfx.com (EBCFX), related APIs to core banking platforms, and personal relationship managers.
Contact Information
For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.ceifx.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to managements expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as anticipate, believe, could, estimate, expect, intend, may, plan, predict, preliminary, project, will, would, and similar terms and phrases, including references to assumptions.
Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Companys actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, the impact of COVID-19 coronavirus on factors relevant to the Companys business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Companys proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital as well as the factors identified throughout this press release and in the section entitled Risks and Uncertainties of the Companys Managements Discussion and Analysis for Year Ended October 31, 2021. The forward-looking information contained in this press release represents managements expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.
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