Despite a growing economic slowdown, Burnaby's TIO Networks Corp. (TSX-V:TNC) reported a 12% increase revenue in its fourth quarter ending July 31.
It rose to $4.1 million from $3.6 million due to increases in transactional revenue from its network of kiosks and other locations offering cash-based financial services to clients who don't have a bank account. TIO's transactional sales accounted for 95% of all company revenue, which is up from 87% in 2007.
However, the company posted a net loss of $1.7 million compared with $1.5 million in 2007's fourth quarter. The company said its earnings were affected this year by a $600,000 non-cash write-down of property and equipment relating to its network of kiosks.
In the quarter, TIO expanded its number of locations to 11,815 locations. The total included 1,380 kiosks in retail outlets, 2,381 non-kiosk clerk-assisted locations and 8,128 OEM Express locations driven by the company's application programming interface system.
TIO's share price range during the past week: between $0.14 and $0.15; 52-week high: $1.15; 52-week low: $0.10.