Currency Exchange International announces financial results for the three-month period ended April 30, 2021 and adoption of notice statute

Currency Exchange International announces financial results for the three-month period ended April 30, 2021 and adoption of notice statute

In the three-months ending April 30, 2021, the Company has further increased its penetration in the financial institution market in the U.S. with the addition of 42 new clients (106 for fiscal year 2021), representing 112 (233 for fiscal year 2021) locations. Exchange Bank of Canada continued its growth in the international payments segment in Canada, initiating trades with 210 new corporate clients, enabling it to more than double its payment revenue over the same quarter in the prior year. The Company increased its penetration in the global banknote market with the addition of a European-based financial institution client.

Corporate and Operational Highlights: Story continues

Since April 30, 2020, the Company has added 768 new customer relationships comprising 1,196 locations, of which 274 relationships representing 608 locations were added in the U.S. and 494 relationships representing 588 locations were added in Canada. Approximately one-half of the new customer relationships in Canada were added pursuant to the business acquisition completed on July 29, 2020 as announced on June 30, 2020. Randolph Pinna, CEO of the Company, stated, “Q2 marked a milestone in the pandemic for the Company. CXI’s trailing twelve-month revenue was higher in Q2 than in the previous quarter ended January 31, 2021. This inflection point also coincided in the same quarter that saw the group’s consolidated net revenue being higher than it was in the comparative period a year ago. While the improvement is seemingly small relative to CXI’s pre-pandemic revenue, it is important to note that it is mostly not as a result of a recovery in travel and tourism based demand for foreign currencies, but rather due to the execution of our strategic plan and the diligent effort by our employees to diversify our revenue base while becoming more efficient in process and cost control. Significant progress has been made in growing our international payments business, as well as strengthening our position in the global banknote trade. While we continue to pursue this strategy, we are optimistic that we are now on the precipice of a recovery in international travel. There are tangible indicators that the vaccines have proven effective at combatting the coronavirus, allowing some countries to relax regulations that restrict global mobility. The European Union is now opening up travel to vaccinated travelers and we anticipate that the border between Canada and the U.S. is likely to re-open sometime this summer. We are taking a conservative approach in our expectations on the recovery as it pertains to revenue and maintain a focus on returning to profitability.”

A net operating loss of $0.6 million in the three-month period ended April 30, 2021 compared to $2.3 million in net operating income for the three-month period ended April 30, 2020. Operating expenses declined by 17%, in part due to previous restructuring actions and other cost reduction efforts that have mitigated a significant amount of the revenue decline; Other income included $0.5 million from government grants for the three-month period ended April 30, 2021; Revenue increased 4% or $0.3 million to $6.6 million for the three-month period ended April 30, 2021. This represents an inflection point for the Company, as the revenue in the prior year period included revenue prior to the declaration of the COVID-19 pandemic on March 11, 2020. While revenue between the two periods is relatively consistent, the operating expenses as a percentage of revenue has improved, demonstrating progression towards the Company’s goal of returning to positive operating leverage. This reflects the positive impact from the restructuring actions taken in 2020 to re-size the business;

Financial Highlights for the Three-month Period Ended April 30, 2021 compared to the Three-month Period Ended April 30, 2020: The Company had a net negative operating cash flow, excluding the impact of working capital changes in the quarter of approximately $0.5 million, or $0.2 million per month, which indicates a progressive reduction in operating cash outflow since October 31, 2020. The liquidity position is strong with $54M in unrestricted cash.

The News Highlights

  • Currency Exchange International announces financial results for the three-month period ended April 30, 2021 and adoption of notice statute
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Young sisters raise money to help build homes for the homeless

Young sisters raise money to help build homes for the homeless

“The homeless people in our community need a home,” said Cooper. The sisters’ proceeds were donated to We Fortify, a nonprofit that is building a tiny home ...
Nineteen Union County Hotel Companies Receive Covid Subsidy Waiver |  News

Nineteen Union County Hotel Companies Receive Covid Subsidy Waiver | News

Nineteen Union County businesses that experienced revenue loss of 25 percent or more, including eight downtown businesses, received grants through CHIRP, said ...
UMMS Launches Campaign to Change UP Health Care in Prince George’s and Southern Maryland – Maryland Matters

UMMS Launches Campaign to Change UP Health Care in Prince George’s and Southern Maryland – Maryland Matters

In a phone interview before the hospital’s ribbon-cutting ceremony, U.S. Rep. Anthony Brown (D), a champion for the project, called its opening “a big win.” ...
A giant in the car dealership business, Billy Fuccillo, dies |  local news

A giant in the car dealership business, Billy Fuccillo, dies | local news

In the past two years, Fuccillo had sold seven dealerships, the newspaper reported. He bought his first wholesale car dealership in 1981 and eventually grew ...
Luxury picnics arrived in Augusta, with the launch of new businesses

Luxury picnics arrived in Augusta, with the launch of new businesses

How it works  “I feel like Augusta is a beautiful city. It’s quiet, it’s homey and I feel like there is a lot of things to do but there is not a lot of things ...
Sony wants to expand its cross-platform support. Jim Ryan, the CEO of PlayStation, says

Sony wants to expand its cross-platform support. Jim Ryan, the CEO of PlayStation, says

In an interview with Axios, Ryan clearly stated that “we support and encourage cross-play,” while also noting that cross-play currently works with such big ...
Atrium Health Cabarrus and Keselowski Team Up for Veterans Program |  local news

Atrium Health Cabarrus and Keselowski Team Up for Veterans Program | local news

Source “At its core, the Checkered Flag Foundation is about giving back to those that have served our great nation and protected its freedoms. Being able to ...
6 Best Smart Speakers To Buy In Australia in the year 2021

Get two Echo Dots for $50 ahead of Amazon Prime Day

Echo Dot With Amazon Prime Day only a few days away, there are a bunch of early deals that Prime members can take advantage of. Two Echo Dots will cost you ...
PS4 and PS5 Games: Battlefield 2042

PS4 and PS5 Games: Battlefield 2042

Set in a near-future world transformed by disorder, you’ll have to adapt and overcome dynamic battlegrounds with the help of your squad and an arsenal of ...
Hartland Chamber back to normal |  The business

Hartland Chamber back to normal | The business

This year, it will also be holding the annual Party in the Park street dance, which was formerly known as the Hartland Street Dance, on July 24 between 5:30 ...
Show next
Compsmag - Latest News from tech, business and health
Logo