News

Info Touch discloses second-quarter financials

April 3, 2004

BURNABY, British Columbia -- A drop in revenue was offset by a bigger decrease in expenses as Info Touch Technologies Corp. (CDNX:IFT) recorded a net loss of $356,099 for the second quarter of fiscal year 2002, ending Jan. 31. The loss represented a 49.5 percent drop over the second quarter of 2001, when the company reported a loss of $705,330.

During second quarter 2002, the kiosk solution provider recorded revenue of $794,366, a 23 percent drop over 2001 ($1,031,525). But decreases in cost of sales (from $725,036 to $392,624) and bad debt expense (from $118,059 to $13,357) offset the loss in revenue.

For the six-month period ending Jan. 31, Info Touch recorded a net loss of $623,233 on revenue of $2,035,396. During the same period in 2001, the company lost $1,400,650 on revenue of $1,705,607.

Company officials said the second-quarter results showed an improvement in all facets of Info Touch's financial operations. Info Touch chief executive officer Hamed Shahbazi credited a move away from manufactured goods and toward software and service-based revenue for the improved financial performance.

According to a report filed with the Canadian Depository for Securities Ltd., the company is focusing its efforts on developing cutting-edge technologies for the kiosk industry. Those technologies include mapping systems, public video e-mail broadcasting, video teleconferencing, e-coupons, and wireless operability between kiosks and personal digital assistants.

[Editor's note: Info Touch Technologies became Tio Networks in April 2006.]