Burnaby's TIO Networks Corp. (TSX-V:TNC) reported a 37% increase in its annual net loss for its fiscal year ending July 31, 2007, despite a 32% increase in annual revenue.
The company's annual revenue rose to $13.5 million from $10.2 million in TIO's 2006 fiscal year. That growth was based in large part on the strength of higher revenue from transactional fees charged by users of its cash-based kiosks that provide banking services for cash-based consumers. Transactional revenue rose to $11.7 million from $8.9 million.
Despite the company's revenue growth, TIO's net loss rose to $3.8 million from $2.8 million due mainly to higher administrative and research and development costs and amortization of property and equipment. R&D costs doubled to $1 million from $500,000 and general and administrative expenses rose to $3.2 million from $2.3 million.
The company had a positive outlook for 2008. It plans to focus on expanding the use of the company's transaction software and network to increase transactional revenue. It recently announced an agreement with IPP of America under which TIO bill payment services will be available at IPP's 4,500 locations across the U.S., effectively doubling the number of locations where bill payments can be made.
TIO's share price range during the past week: between $1.02 and $1.15; 52-week high: $1.59; 52-week low: $0.85.