• Financial Institutions
  • Corporations
  • Travelers
  • Foreign Bank Note Exchange
  • International Drafts
  • International Wire Transfers
  • Global EFT
  • Foreign Check Clearing
  • Foreign Draft Issuance
  • Travel
  • Technology Companies
  • Payroll
  • Healthcare
  • Nonprofit
  • Partnerships

Currency Exchange International Announces Financial Results for the Three-Month Period and Financial Year Ended October 31, 2019

Ryan January 28th, 2020
Currency Exchange International Announces Financial Results for the Three-Month Period and Financial Year Ended October 31, 2019



January 28, 2020

Toronto, Canada – 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-month period and year ended October 31, 2019 (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.

Randolph Pinna, CEO of the Company stated “2019 was an eventful year for CXI. We succeeded in growing our core foreign currency banknote business in both Canada and the U.S., continued to diversify our revenue base by expanding our capability to offer global foreign currency payments, and acquired a banknote company based in Longview, Texas. We continued to face challenges in our retail business and expense growth for most of the year exceeded revenue growth, but by the final quarter we generated growth in net operating income compared to the fourth quarter of 2018. CXI is very well positioned in the market and our strong capital base gives us the ability to capitalize on potential growth opportunities in 2020.”

Corporate and Operational Highlights for 2019:

  • Banknote business segment: the wholesale banknote business continued to perform strongly, achieving 12% year-over-year growth. The Company continued to expand its customer base within new market segments in both Canada and the U.S. However, retail revenues declined 5% year-over-year.
  • Foreign Currency International Payments segment: the Company continued to diversify its revenue base with payments revenues growing 56% year-over year, increasing from 4.3% to 6.3% of revenue.
  • Total transaction volume in payments and banknotes increased by 8%, driven largely by new, larger clients being onboarded.
  • On September 6th, the Company acquired eZforex.com, a successful money service business located in Longview, Texas. It was a longtime client of the Company with a client base consisting primarily of financial institutions similar to those of the Company, facilitating an efficient integration. The acquisition contributed positively to EBITDA in the fourth quarter.
  • Significant investment has been made in strengthening human capital within the Sales, Compliance, Risk Management teams as well as the Board of Directors.
  • The Company continues to be strongly capitalized with complementary available Lines of Credit, providing ample flexibility and nimbleness to fund organic growth and to consider and capitalize upon accretive M&A opportunities in 2020.

Financial Highlights for the Three-month Period Ended October 31, 2019 compared to the Three-month Period Ended October 31, 2018:

  • During the three-month period ended October 31, 2019, transactional activity between the Company and its customers increased 8% to 351,000 transactions from 320,000 for the three-month period ended October 31, 2018;
  • Revenues increased 12% or $1.2 million to $11.5 million for the three-month period ended October 31, 2019;
  • Net operating income increased to $1.9 million from $1.7 million for the three-month period ended October 31, 2019; and
  • Net income decreased to $.8 million from $1 million for the three-month period ended October 31, 2019.


Financial Highlights for the financial Year Ended October 31, 2019 compared to the Year Ended October 31, 2018:

  • During the financial year ended October 31, 2019, transactional activity between the Company and its customers increased 8% to 1,210,000 transactions from 1,118,000 for the year ended October 31, 2018. Since October 31, 2018, the Company has added 318 new customer relationships comprising 1,759 locations, of which 318 relationships representing 1,688 transacting locations were added in the United States and 30 relationships representing 71 locations were added in Canada;
  • Revenues increased 7% or $2.7 million to $41.8 million for the year ended October 31, 2019;
  • Net operating income decreased to $6.2 million from $8.1 million for the year ended October 31, 2019;
  • Net income decreased to $2.9 million from $4.2 million for the year ended October 31, 2019; and
  • The decrease in profitability for the year is attributable primarily to lower revenue from the retail stores and increased expenses related to the strengthening of our infrastructure to support continued growth.


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.


Selected Financial Data for Currency Exchange International

Three-months ending

Revenue $

Net operating income $

Net income (loss) $

Total assets $

Total equity $

Earnings (loss) per share (diluted) $


























































Conference Call

The Company plans  to  host  a  conference  call  on  January 29, 2020 at 8:30 AM (EST). To participate in or listen to the call, please dial the appropriate number:



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 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 wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, provides foreign exchange and international payment services to financial institutions and select corporate clients in Canada through the use of its proprietary software – www.ebcfx.com


Contact Information

For further information please contact:
Bill Mitoulas
Investor Relations
(416) 479-9547
Email: [email protected]
Website: www.ceifx.com



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 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, 2019. 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.