Currency Exchange International, Corp. (the "Company")
(TSX:CXI)(TSX:CXI.WT.S)(OTCBB:CURN), is pleased to announce its
financial results and present the management's discussion and
analysis ("MD&A") for the three and nine month periods ended
June 30, 2013 (all figures are in U.S. dollars except where
otherwise indicated). The complete and detailed financial
statements and MD&A can be found on the Company's SEDAR profile
at www.sedar.com.
Financial Highlights for the Three Month Period Ended June 30,
2013:
-- Revenues increased 21% to $3.8 million in 2013 from $3.2 million for the
same period in 2013;
-- Operating income increased 62% to $1.1 million from $0.7 million for the
same quarter in the previous year;
-- Net income increased to $1.5 million for the third quarter of 2013 from
$0.2 million for the same period in 2012. The increase in net income was
due primarily to a $0.8 million gain on the fair value change in warrant
liability and a $0.4 million increase in operating income. The Company's
warrants are expected to be exercised or expire by September 8,
2013. Either the exercise or expiration of the warrants will result in
an additional $0.3 million gain on the fair value change in warrant
liability; and
-- The Company added 47 new clients representing approximately 2,200
locations.
The Company's total revenue for the three month period ended
June 30, 2013 was $3.8 million compared to $3.2 million for the
three month period ended June 30, 2012. Revenues increased over 33%
in Canada compared to the same period of the previous year while
revenues generated in the United States increased by nearly 20%.
Certain expenses, including salaries and benefits, stock based
compensation and rent were higher during the period to support the
expansion of Currency Exchange International of Canada Corp. and
the Company's branch and client network.
Financial Highlights for the Nine Month Period Ended June 30,
2013
-- Revenues increased 7% to $9.5 million in 2013 from $8.9 million for the
same period in 2012;
-- Operating income decreased 15% to $1.8 million from $2.2 million due
primarily as a result of additional expenses from investments in
Currency Exchange International of Canada Corp, additional stock based
compensation. and the opening of additional branch locations compared to
the same period in the previous year;
-- The Company added 88 new clients representing approximately 2,400
locations; and
-- The Company added two new retail stores in Seattle, Washington and Ft.
Lauderdale, Florida.
The Company's revenue for the nine month period ended June 30,
2013 was $9.5 million compared to $8.9 million for the nine months
ended June 30, 2012, an increase of 7%. Revenues increased over
133% in Canada compared to the same period of the previous year
while revenues generated in the United States remained relatively
constant. Certain expenses, including salaries and benefits, rent,
and stock based compensation were higher during the period to
support the expansion of Currency Exchange International of Canada
Corp. and the Company's branch and client network.
Selected Financial Data
For the three Operating Net Total
months ended Revenue income income Assets
(unaudited) $ $ $ $
----------------------------------------------------------------------------
June 30, 2013 3,799,683 1,094,456 1,466,835 19,997,719
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March 31, 2013 2,919,292 435,357 (575,087) 18,709,964
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December 31, 2012 2,808,053 308,233 80,338 19,929,308
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September 30, 2012 3,369,548 1,423,083 1,475,426 18,225,628
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June 30, 2012 3,152,246 676,915 208,542 17,275,581
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March 31, 2012 3,076,693 631,705 497,415 16,829,379
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December 31, 2011 2,715,986 831,209 536,269 10,391,386
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September 30, 2011 2,988,585 1,106,515 483,399 9,914,292
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For the three Return Return
months ended Total equity on assets on equity
(unaudited) $ % %
---------------------------------------------------------------------------
June 30, 2013 17,607,201 7.3% 8.3%
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March 31, 2013 16,255,314 -3.1% -3.5%
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December 31, 2012 16,734,553 0.4% 0.5%
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September 30, 2012 16,226,974 8.1% 9.1%
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June 30, 2012 14,711,060 1.2% 1.4%
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March 31, 2012 14,478,596 3.0% 3.4%
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December 31, 2011 6,695,607 5.2% 8.0%
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September 30, 2011 6,159,338 4.9% 7.9%
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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.
Conference Call
The Company plans to host a conference call on August 6, 2013 at
4:15 PM (EST). To participate in or listen to the call, please dial
the appropriate number:
Toll Free: +1 (855) 336-7594
Conference ID number: 27514805
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign
currency exchange and related products and services in North
America, including the Hawaiian Islands. Primary products and
services include the exchange of foreign currencies, wire transfer
payments, purchase and sale of foreign bank drafts and
international traveler cheques, and foreign cheque clearing.
Related products and services include the licensing of proprietary
FX software applications delivered on its web-based interface,
www.ceifx.com ("CEIFX") and licensing retail foreign currency
operations to select companies in agreed locations.
The company's services are provided in Canada by its wholly
owned subsidiary based in Toronto, Canada through the use of its
proprietary software www.ceifx.ca.
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 management's 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 Company's 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, 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
Company's 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, and the regulatory approval process for a new
Canadian Schedule I bank, as well as the factors identified
throughout this press release and in the section entitled "Risk
Factors" of the Company's Management's Discussion and Analysis for
the year ended September 30, 2012. The forward-looking information
contained in this press release represents management's
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.
Contacts: Currency Exchange International, Corp. Randolph W.
Pinna President, Chief Executive Officer & Director
407.240.0224Randolph@ceifx.com www.ceifx.com
Currency Exchange (TSX:CXI)
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