TORONTO, Sept. 13, 2021 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (the �Company) (TSX: CXI; OTCBB: CURN), announces its financial results and management’s discussion and analysis (“MD&A“) for the three and nine-months ended July 31, 2021 (all figures are in U.S. dollars except where otherwise indicated). The complete financial statements and MD&A can be found on the Company’s SEDAR profile at www.sedar.com.
On March 11, 2020 the World Health Organization (WHO) officially declared COVID-19, the disease caused by a novel coronavirus, a pandemic. Measures enacted to curtail COVID-19 by various governments have significantly impacted travel and tourism, and therefore the demand for foreign currencies. The Company has experienced a material decline in revenue as a result. While the Company continues to operate, it is not possible to reliably estimate the duration and severity of these consequences as well as their impact on the financial position and results of future periods.
Randolph Pinna, CEO of the Company, stated, We are pleased with the progress that CXI made in Q3 in spite of continued restrictions on international mobility due to the protracted pandemic. We were able to generate positive operating leverage and cash flow in the quarter despite revenue being 30% below the pre-pandemic peak. This reflects our persistent focus on executing against our strategy of increased penetration in the banknote market and significantly growing our groups payments businesses while ensuring a more efficient operating environment. We are also honored that Exchange Bank of Canada now has a formal relationship with the Federal Reserve Bank of New York and its foreign bank international cash services program. It is a strategic advantage to be accepted into this program, and it is a key pillar to our Banks strategy of growing our global banknote business.
Corporate and Operational Highlights:
Financial Highlights for the Three-month Period Ended July 31, 2021 compared to the Three-month Period Ended July 31, 2020:
Financial Highlights for the Nine-month Period Ended July 31, 2021 compared to the Nine-month Period Ended July 31, 2020:
As demonstrated in the table below, 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. The coronavirus pandemic has significantly impacted the ability for people to travel, and therefore the three-month periods ending April 30, 2020, July 31, 2020, October 31, 2020, January 31, 2021, April 30, 2021, and July 31, 2021 are not indicative of typical seasonality.
Selected Financial Data
Three-months ending | Revenue | Net operating income (loss) | Net income (loss) | Total assets | Total equity | Earnings (loss) per share (diluted) |
$ | $ | $ | $ | $ | $ | |
7/31/2021 | 8,633,413 | 1,047,889 | (120,246) | 92,962,398 | 56,319,701 | ($0.02) |
4/30/2021 | 6,573,570 | (558,010) | (924,691) | 79,856,635 | 56,520,124 | ($0.14) |
1/31/2020 | 5,089,429 | (1,315,151) | (1,721,104) | 82,354,069 | 57,039,436 | (0.27) |
10/31/2020 | 4,935,917 | (1,852,195) | (3,465,632) | 85,758,517 | 58,229,735 | (0.54) |
7/31/2020 | 3,879,873 | (1,993,117) | (2,274,719) | 96,105,961 | 61,462,798 | (0.35) |
4/30/2020 | 6,323,344 | (1,303,410) | (2,942,948) | 99,263,039 | 62,965,874 | (0.43) |
01/31/2020 | 9,874,289 | 1,162,930 | 159,274 | 108,319,219 | 66,323,630 | 0.02 |
10/31/2019 | 11,469,079 | 1,863,442 | 769,393 | 82,729,714 | 66,329,035 | 0.13 |
Conference Call
The Company plans to host a conference call on September 14, 2021 at 8:30 AM (EDT). To participate in or listen to the call, please dial the appropriate number:
About Currency Exchange International, Corp.
The Company is in the business of providing a range of foreign exchange technology and processing services in North America. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, purchase and sale of foreign bank drafts and international travelers cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com (CXIFX), and licensing retail foreign currency operations to select companies in agreed locations.
The Companys wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services to financial institutions and select corporate clients in Canada through the use of its proprietary software www.ebcfx.com.
Contact Information
For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: bill.mitoulas@cxifx.com
Website: www.ceifx.com
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 managements 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 Companys 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, the impact of COVID-19 coronavirus on factors relevant to the Companys business, 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 Companys 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 as well as the factors identified throughout this press release and in the section entitled Risks and Uncertainties of the Companys Managements Discussion and Analysis for Year Ended October 31, 2020. The forward-looking information contained in this press release represents managements 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.
An iterative process is highly effective in increasing the value of large items HONG KONG…
HOHHOT, CHINA - Media OutReach Newswire - 7 November 2024 - In Q4 2024, the…
TAIPEI, TAIWAN - Media OutReach Newswire - 7 November 2024 - TVBS is a leading…
Redefining the Golden Years with “Care Food” HONG KONG SAR - Media OutReach Newswire -…
TAIPEI, TAIWAN - Media OutReach Newswire - 7 November 2024 - The UK's Competition and…
PHNOM PENH, CAMBODIA - Media OutReach Newswire - 7 November 2024 - The way people…