Currency Exchange International Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2012; Appoints Chirag J. Bhavsar as Director
August 07, 2012 at 05:54 pm IST
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Currency Exchange International Corp. reported unaudited consolidated earnings results for the third quarter and nine months ended June 30, 2012. For the quarter, the company reported revenue increased to $3,152,246 up 25% compared to $2,521,236 for the three months ended June 30, 2011. Operating income decreased to $700,837, down 32% compared to $1,029,635 for the three months ended June 30, 2011. Net income after tax decreased to $208,542, down 66% compared to $622,490 for the three months ended June 30, 2011. The commissions from trading increased to $2,841,834 and the fee income increased to $310,412, as compared to $2,284,311 and $236,925, respectively, for the three months ended June 30, 2011. The increase in trading commissions can be attributed to retaining new financial institution customers and the addition of five new retail stores during the period. Additional revenue was generated from increased trading volumes of exotic currencies.
For the Nine Months Ended June 30, 2012, revenue increased to $8,944,925, up 57% compared to $5,695,121 for the nine months ended June 30, 2011. Operating income increased to $2,174,460, up 29% compared to $1,690,265 for the nine months ended June 30, 2011. Net income after tax increased to $1,242,225, up 23% compared to $1,010,931 for the nine months ended June 30, 2011. The commissions from trading increased to $8,097,035 and the fee income increased to $847,890, as compared to $5,104,197 and $590,924, respectively, for the nine months ended June 30, 2011. The increase in trading commissions can be attributed to retaining new financial institution customers and the addition of five new retail stores during the period. Additional revenue was generated from increased trading volumes of exotic currencies.
The company announced that Mr. Chirag J. Bhavsar has been appointed as a director subject to regulatory approval. Mr. Bhavsar is the Executive Vice President and Chief Financial Officer of CNLBank. Formerly, Mr. Bhavsar was founding member of Florida Choice Bank where he served as the Executive Vice President, Chief Operating Officer and Chief Financial Officer. He is currently a director or treasurer of several community service organizations including Family Services of Metro Orlando, Church Street Investment Properties, Florida Banker's Association, Christian Service Center, and Fellowship of Christian Athletes.
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.
Currency Exchange International Corp. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2012; Appoints Chirag J. Bhavsar as Director
CURRENCY EXCHANGE INTERNATIONAL, CORP. 
