Currency Exchange Intl Corp Stock Price, News & Analysis

Currency Exchange International (CURN) has announced that its subsidiary, Exchange Bank of Canada (EBC), is now part of the Federal Reserve’s Foreign Bank International Cash Services (FBICS) program. This participation enables EBC to open limited-purpose accounts with the Federal Reserve Bank of New York, granting access to essential currency services for international banknote operations. Key benefits include the ability to place same-day USD banknote orders and expedited processing for large-denomination deposits. CEO Randolph Pinna highlighted EBC's commitment to the wholesale banknote sector.

Currency Exchange International, Corp. (CURN) reported financial results for the three and six months ending April 30, 2021. Revenue rose 4% to $6.6 million compared to the prior year, marking an inflection point amid COVID-19 impacts. Operating expenses declined by 17%, but net loss was $0.9 million, improving from $2.9 million the previous year. For the six-month period, revenue fell 28% due to ongoing travel restrictions. Despite this, the liquidity position remains strong with $54 million in cash. The company is optimistic about a recovery in international travel.

Currency Exchange International, Corp. (CURN) reported the results of its Annual General and Special Meeting held on March 17, 2021. All nominees listed in the management circular dated February 4, 2021, were successfully elected to the Board of Directors. Joseph August received 99.69% of votes for, while Chirag Bhavsar received an impressive 99.99%. Other nominees, including Johanne Brossard and Chitwant S. Kohli, also garnered high percentages of support. The company specializes in foreign exchange technology and services in North America, including wire transfers and foreign currency exchanges.

Currency Exchange International (CURN) reported Q1 financial results for the period ending January 31, 2021, revealing a 48% decline in revenue to $5.1 million, influenced by a 62% drop in banknotes sales due to the ongoing pandemic. Nonetheless, their payments segment grew by 82%. The company recorded a net loss of $1.7 million and a negative operating cash flow of approximately $1.5 million. Despite these challenges, CXI remains optimistic about future growth, particularly in their payments sector and has strong liquidity with $57 million in cash.

Currency Exchange International (CURN) announced its integration with Jack Henry Banking's Vendor Integration Program (VIP), enhancing its foreign exchange software, CXIFX, with SilverLake, CIF 20/20, and Core Director. This integration aims to improve automation for financial institutions by providing a comprehensive suite of services, including foreign currency exchange and international payments. The partnership allows banks to streamline their foreign exchange services, enhancing customer relationships and operational efficiency.

Currency Exchange International (CURN) has launched a new concierge service for purchasing cryptocurrencies at select branches, beginning February 17, 2021. This initiative, developed in partnership with Cyclebit and CEX.IO, aims to simplify the cryptocurrency acquisition process for customers, allowing purchases of Bitcoin and Ethereum in under 10 minutes. Initially, the service will be available at 12 locations across the U.S., where customers can use cash, debit, or credit cards. The first 1,000 buyers will receive a complimentary NFC-enabled hardware wallet.