News

Quarterly revenues, profits up for Info Touch Technologies

April 1, 2004

BURNABY, B.C.--Info Touch Technologies Corp.'s second quarter report for the period ended January 31 show the company's revenue and profits are on an upswing.

According to a press release, Info Touch's revenue increased 75 percent to $1,605,526 with a net profit of $12,937 compared to revenue of $916,579, and a profit of $9,173 one year ago. Revenue for the six-month period increased 96 percent to $3,146,617, with a net profit of $77,878, compared to revenue of $1,601,401 and a loss of $53,312 one year ago.

As of January 31, the company reported cash and cash equivalents of $1,149,484 and a net working capital of $578,148. This compares with a cash balance of $1,010,657 and a net working capital deficiency of $333,622 as at July 31, 2003, and reflects an increase of $138,827 and $911,770 in the company's cash and working capital positions respectively.

For the quarter, compared to one year ago, the number of kiosks has increased to 219 from 37, and transactional revenue increased 107 percent, accounting for $758,556 or 47 percent of total quarterly revenue. Total recurring revenue which includes both transactional and maintenance revenue increased by 209 percent to account for $938,407 or 58.5 percent of total quarterly revenue.

The chairman and CEO of Info Touch said the company's growth picture is solid.

"Going forward, our primary focus is threefold; growing and optimizing the transactional revenue on its kiosk networks; growing the number of kiosks deployed and growing the number of applications and optimizing their effectiveness," said Hamed Shahbazi.

The company's kiosks are equipped to merchandise recurring revenue services such as pre-paid telecommunications, wireless access (Wi-Fi), self-service lottery sales and pre-paid mobile phone content including games and ring tones. The kiosks also offer personal financial services (PFS) applications such as bill payment, money transfer and other prepaid products and services.

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