Currency Exchange International Announces a 2% and 5% Increase in Revenue for the Three and Nine-Months Ended July 31, 2024 Versus the Prior Year

Currency Exchange International
Currency Exchange International
Currency Exchange International
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TORONTO, Sept. 11, 2024 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (the “Group” or “CXI”) (TSX: CXI; OTCBB: CURN), today reported its financial results and Management’s Discussion and Analysis (“MD&A”) for the three and nine-month periods ended July 31, 2024 (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.sedarplus.ca.

Randolph Pinna, CEO of the Group, stated, “CXI group delivered revenue growth over the prior period keeping our balance sheet strong while managing expenses. CXI’s business is very strong in the USA as its model is diverse with both its wholesale and direct-to-consumer customers. CXI remains committed to executing against our strategy of profitable growth while maintaining adequate capital levels. The management team and I are confident in our ability to continue to grow and become a global leader in the supply of foreign currency and payment services.”

Financial Highlights for the three-months ended July 31, 2024 compared to the three-months ended July 31, 2023:

  • Revenue increased by 2% or $0.4 million to $24.0 million compared to $23.6 million. Payments revenue grew 5% or $0.2 million over the prior period and Banknotes revenue grew by 1% or $0.2 million;

  • Net operating income increased by 5% or $0.3 million to $6.7 million from $6.4 million;

  • Net income decreased by 3% or $0.1 million to $3.9 million from $4.0 million;

  • Earnings per share were $0.61 and $0.59 on a basic and fully diluted basis, respectively, compared to reported earnings per share of $0.63 and $0.60, respectively; and

  • The Group had strong liquidity and capital positions of $74.9 million in net working capital and $83.1 million in total equity as at July 31, 2024.

Financial Highlights for the nine-months ended July 31, 2024 compared to the nine-months ended July 31, 2023:

  • Revenue increased by 5% or $3.0 million to $62.2 million compared to $59.2 million. Banknotes revenue grew 4% or $2.0 million over the prior period and Payments revenue grew by 9% or $1.0 million;

  • Net operating income decreased by 1% or $0.1 million to $12.8 million from $12.9 million;

  • Reported net income declined by 33% or $2.6 million to $5.3 million from $7.9 million primarily related to the deferred tax expense recorded in the second quarter;

  • Reported earnings per share was $0.84 on a basic basis and $0.80 on a fully diluted basis (adjusted earnings per share1 was $1.06 and $1.02 on a basic and a fully diluted basis, respectively) compared to reported earnings per share of $1.23 and $1.18, respectively; and

  • Cash flows from operating activities, excluding the changes in working capital amounted to $13.9 million compared to $13.6 million.

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