News

Info Touch posts strong Q3 results

June 25, 2003

VANCOUVER, British Columbia -- Info Touch Technologies Corp. announced strong operating results for the third quarter ended April 30, 2003.

According to a news release, the company achieved substantial growth and profitability in the quarter with revenue increasing 289 percent to $2.8 million with a net income of $585,258 compared with revenue of $714,084 and a net loss of $248,459 in the third quarter one year ago. See related story, "Info Touch receives Profit Magazine honors."

For the nine-month period, revenue increased 59 percent to $4.3 million with a net income of $531,946 or $0.04 per share compared with a net loss of $871,692 or $0.07 per share for the comparative period, the release said.

The company generates revenue from five distinct streams: kiosk systems, software, transactional, media and professional services. A growing percentage of revenue comes from recurring revenue sources, the release said.

The company's business model allows multiple transaction- and consumer-based services such as bill payment, money transfer and other financial services to be easily incorporated into the kiosk offering, according to the release.

"The company's objective has been, and continues to be sustained profitable growth," said Hamed Shahbazi, chairman and chief executive officer of Info Touch.

Shahbazi said the company's success in the United States with Zaplink and wireless payment kiosk deployments has piqued interest from both the convenience store and alternative payment location sectors.

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