Currency Exchange International, Corp. Reports Earnings Results for the Fourth Quarter and Full Year Ended October 31, 2017
January 09, 2018 at 08:05 pm EST
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Currency Exchange International, Corp. reported earnings results for the fourth quarter and full year ended October 31, 2017. For the quarter the company reported revenues increased 22% or $1.7 million to $9.4 million from $7.7 million for the three month period ended October 31, 2016, net operating income increased 18% or $390,000 to $2.6 million from $2.2 million for the three month period ended October 31, 2016. The increase in net operating income was primarily due to an increase in the number of customer transactions resulting from the addition of three new CXI branches as well as 10% growth in wholesale banknote transacting locations since October 31, 2016, and net income decreased 3% or $42,000 to $1.3 million from $1.4 million for the three month period ended October 31, 2016. The decrease in net income is primarily due to increased income tax expense in the quarter. Diluted earnings per share were $0.21 against $0.22 a year ago.
For the full year, the company revenues increased 21% or $5.6 million to $32.5 million from $26.8 million for the year ended October 31, 2016, net operating income increased 15% or $1 million to $7.9 million from $6.9 million for the year ended October 31, 2016, the increase in net operating income is attributable to an increase in the number of customer transactions resulting from the addition of three new CXI branches as well as 10% growth in wholesale banknote transacting locations since October 31, 2016 and net income increased 5% or $180,000 to $3.8 million from $3.6 million for the year ended October 31, 2016. The lower rate of growth in net income compared to net operating income is attributable to a 56% increase in income tax expense that arose because of a change in the mix of income between the Company’s Canadian and US based operations.
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.