/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 01/12/16 -- Currency Exchange International, Corp. (the "Company") (TSX: CXI)(OTCBB: CURN) is pleased to announce its financial results and present management's discussion and analysis ("MD&A") for the three months and year ended October 31, 2015 (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.sedar.com.

Financial Highlights for the Year Ended October 31, 2015 compared to the Year ended October 31, 2014:

--  Net income increased to $3.6 million for the year ended October 31, 2015
    from $3.4 million for the year ended October 31, 2014. The increase in
    net income was primarily due to a net $0.7 million decrease in income
    tax expense resulting from the exercise of employee and director stock
    options offset by a one-time tax increase resulting from the movement of
    capital from the Canadian subsidiary to the parent company in
    combination with an increase in depreciation and amortization of $0.4
    million;
--  Net operating income decreased 1% to $7.1 million for the year ended
    October 31, 2015 from $7.2 million for the prior year. The decline in
    net operating income is due to increased revenues offset with increased
    operating expenditures. The increase in operating expenditures is
    attributed to an increase in staffing costs in the U.S. and Canada to
    support the Company's bank application, increased shipping costs from
    more transactional activity, increased premises costs for new locations
    and continued impact of the strengthening US dollar;
--  Revenues increased 9 % to $24.1 million for the year ended October 31,
    2015 from $22.0 million for the year ended October 31, 2014. The
    increase in revenue is attributable to an increase in the number of
    customer transactions resulting from the addition of new branches and
    transacting locations since October 31, 2014. Transactions between the
    between the Company and its customers increased 14% compared to the
    previous year; however, the strengthening U.S. dollar has negatively
    impacted the growth rate of revenue. On a year over year basis, the U.S.
    dollar has appreciated approximately 17% against the Company's most
    commonly traded currencies;
--  During the year the Company opened 4 new branches as follows: the
    Orlando Eye in Orlando, Florida, the Garden State Plaza in Paramus, New
    Jersey, the Sunvalley Shopping Center in Concord, CA, and the Westfield
    Mission Valley Mall in San Diego, California bringing the Company's
    total branch network to 36 locations; and
--  Since October 31, 2014, the Company has added 52 new client
    relationships representing over 1,800 new transacting locations, a 19%
    increase.

Financial Highlights for the Three Months Ended October 31, 2015 Compared to the Three Month Period Ended October 31, 2014:

--  Net income decreased to $0.5 million for the three month period ended
    October 31, 2015 from $1.0 million for the three month period ended
    October 31, 2014. The decrease in net income was primarily due to a one-
    time $0.6 million increase in income tax expense resulting from the
    movement of capital from the Canadian subsidiary to the parent company;
--  Net operating income increased 2% to $2.3 million for the three month
    period ended October 31, 2015 compared to the same period in the prior
    year. The increase in operating income is due to increased revenues
    offset by higher operating expenditures; and
--  Revenues increased 5 % to $6.9 million for the three month period ended
    October 31, 2015 from $6.6 million compared to the same period in the
    prior year. The increase in revenue is attributable to an increase in
    the number of customer transactions resulting from the addition of new
    branches and transacting locations since October 31, 2014. Transactions
    between the between the Company and its customers increased 8% compared
    to the same period of the previous year; however, the strengthening U.S.
    dollar has negatively impacted the growth rate of revenue. On a year
    over year basis, the U.S. dollar has appreciated approximately 13%
    against the Company's most commonly traded currencies.

Selected Financial Data

----------------------------------------------------------------------------
Three-                      Net                                     Earnings
months                operating        Net       Total       Total per share
ending       Revenue  income(i)     income      assets      equity (diluted)
----------------------------------------------------------------------------
                   $          $          $           $           $         $
----------------------------------------------------------------------------
31-Oct-15  6,882,336  2,330,425    505,780  52,241,996  47,436,566      0.08
----------------------------------------------------------------------------
31-Jul-15  6,688,467  2,231,642  2,087,038  50,835,334  46,922,010      0.33
----------------------------------------------------------------------------
30-Apr-15  5,311,102  1,333,013    661,818  49,633,902  44,582,384      0.11
----------------------------------------------------------------------------
31-Jan-15  5,193,869  1,242,367    353,574  38,859,547  32,456,426      0.06
----------------------------------------------------------------------------
31-Oct-14  6,552,184  2,279,682  1,045,192  39,709,302  33,025,175      0.19
----------------------------------------------------------------------------
31-Jul-14  6,839,330  2,830,097  1,456,004  42,044,018  32,185,439      0.26
----------------------------------------------------------------------------
30-Apr-14  4,487,432  1,109,212    466,774  37,244,354  30,586,996      0.09
----------------------------------------------------------------------------
31-Jan-14  4,127,007    970,779    451,156  32,844,973  29,835,415      0.08
----------------------------------------------------------------------------

(i)Excludes depreciation and amortization expense

Seasonality is reflected in the timing of when foreign currencies are in greater or lower demand. In a normal operating year there is seasonality to the Company's operations with higher revenues generated from March until September and lower revenues from October to February. This coincides with peak tourism seasons in North America when there are generally more travelers entering and leaving the United States and Canada.

Conference Call

The Company plans to host a conference call on January 13, 2016 at 2:00 PM (EST). To participate in or listen to the call, please dial the appropriate number:

--  Toll Free: +1 (855) 336-7594
--  Conference ID number: 19464972

About Currency Exchange International, Corp.

The Company is in the business of providing a range of foreign currency exchange and related products and services in North America, including the Hawaiian Islands. Primary products and services include the exchange of foreign currencies, wire transfer payments, purchase and sale of foreign bank drafts and international traveler cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com ("CEIFX"), and licensing retail foreign currency operations to select companies in agreed locations.

The Company's services are provided in Canada by its wholly-owned Canadian subsidiary, Currency Exchange International of Canada Corp., based in Toronto, Canada through the use of its proprietary software www.ceifx.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management's expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "preliminary", "project", "will", "would", and similar terms and phrases, including references to assumptions.

Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Company's actual results, performance or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company's proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, and the regulatory approval process for a new Canadian Schedule I bank, as well as the factors identified throughout this press release and in the section entitled "Risks and Uncertainties" of the Company's Management's Discussion and Analysis for Year Ended October 31, 2015. The forward- looking information contained in this press release represents management's expectations as of the date hereof (or as of the date such information is otherwise stated to be presented), and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.

Contacts:
Currency Exchange International, Corp.
Bill Mitoulas
Investor Relations
(416) 479-9547
bill.mitoulas@ceifx.com
www.ceifx.com

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.