Currency Exchange International, Corp. Announces Earnings Results for the Fourth Quarter and Year Ended October 31, 2016
January 10, 2017
Share
Currency Exchange International, Corp. announced earnings results for the fourth quarter and year ended October 31, 2016. Revenues increased 12% or $810,000 to $7.7 million for the three month period ended October 31, 2016 from $6.9 million for the three month period ended October 31, 2015. Net operating income decreased $111,000 to $2.2 million for the three month period ended October 31, 2016 from $2.3 million for the three month period ended October 31, 2015. Net income increased $989,000 to $1.4 million for the three month period ended October 31, 2016 from $391,000 for the three month period ended October 31, 2015. The increase in net income was due to a decrease in income taxes payable of $882,000 and decreases in other operating expenses of $219,000 related primarily to fees incurred to pursue a banking license in Canada. Earnings per share (diluted) were $0.22.
Revenues increased 11% or $2.7 million to $26.8 million for the year ended October 31, 2016 from $24.1 million for the year ended October 31, 2015. Net operating income decreased $260,000 to $6.9 million for the year ended October 31, 2016 from $7.1 million for the year ended October 31, 2015. Net income decreased $1.1 million to $3.6 million for the year ended October 31, 2016 from $4.7 million for the year ended October 31, 2015. The decrease in net income was primarily related to a non-recurring $1.5 million gain on foreign exchange offset by income taxes of $440,000 during the year ended October 31, 2015.
Currency Exchange International, Corp. is a foreign exchange technology and service provider. It provides a range of foreign exchange services to clients in the United States and through its subsidiary, Exchange Bank of Canada, in Canada. The Company provides comprehensive foreign exchange services, risk management solutions, and integrated international payments processing technology in North America. Its technology platform, CXIFX, delivers foreign currency services, such as foreign banknote exchange, foreign and US travelers' cheques, foreign and US travelers' cheques, foreign draft issuance, global EFTs and international wire payments. Its foreign bank note exchange services, which enable customers to buy and sell more than 80 foreign currencies from around the world, remove teller errors with its automated transaction process and updated banknote verification images and others. It serves various industries, including travel, technology, payroll, healthcare and nonprofit.