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Currency Exchange International, Corp. reports developments in foreign exchange technology, payments processing, and retail currency services under the CURN symbol. The company serves banks, credit unions, businesses, and consumers in the United States and select global clients, with products that include foreign currency exchange, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale activity is supported by proprietary FX software, APIs connected to core banking platforms, and relationship managers, while consumer activity is handled through company-owned branches, agent branches, and the OnlineFX e-commerce channel.
Company news also covers financial results, normal course issuer bid share repurchases, shareholder meeting votes, incentive and rights-plan matters, vault and cash-management operations, and the completed dissolution of Exchange Bank of Canada as part of CXI's exit from Canada.
Currency Exchange International (CURN) held its Annual General and Special Meeting on March 17, 2022, where all nominees listed in the management information circular were elected as directors. Joseph August, Chirag Bhavsar, and others received over 99% approval. Additionally, shareholders appointed Grant Thornton LLP as auditors with approximately 99.66% approval. An advance notice bylaw was also approved with 98.56% of votes in favor. The Company provides foreign exchange services for banks and consumers, utilizing proprietary software and a web-based interface.
Currency Exchange International (CURN) reported strong financial results for the three months ending January 31, 2022, achieving a net income of $1.5 million, a recovery from a $1.3 million loss in the previous year. This period saw a 245% revenue increase to $12.5 million, driven by a 199% rise in banknote revenue. The company added 272 new customer relationships and processed over $2.34 billion in international payments. Despite the ongoing pandemic, CXI's growth trajectory remains positive, supported by increased demand for travel-related services.
Currency Exchange International, Corp. (CURN) will announce its Q1 2022 financial results on March 16, 2022, at 7:30 a.m. EDT. A conference call will follow on March 17, 2022, at 8:30 a.m. EDT to discuss the results. The company also invites stakeholders to its 2022 Annual General and Special Meeting, set for March 17, 2022, at 12:00 p.m. EDT, which will be held virtually. Shareholders can vote online before the meeting or during it with a control number.
Currency Exchange International (CURN) reported significant financial results for the fiscal year ended October 31, 2021, with revenues increasing by 21% to $30.3 million, compared to $25.0 million in 2020. The company achieved a net income of $1.6 million in Q4 2021, reversing a loss of $3.3 million from the prior year. Operating cash flows turned positive, aided by $4.2 million from government grants. The company is optimistic about future growth, especially in corporate payments and new integrations with banking platforms.
Currency Exchange International Corp. (TSX: CXI; OTCBB: CURN) will announce its financial results for Q4 and the 2021 fiscal year on January 27, 2022, before the market opens. An earnings conference call is scheduled for January 28, 2022 at 8:30 a.m. EST, where management will discuss the results. The Company provides various foreign exchange services in North America, including currency exchange, wire transfers, and FX software solutions. Further details can be accessed on the Company’s website.
Currency Exchange International (CURN) reported its financial results for the three and nine months ended July 31, 2021. Revenue surged 123% year-over-year to $8.6 million due to growth in banknote and payments segments. The company achieved its first positive operating income of $1.0 million since the onset of COVID-19. Notably, unrestricted cash holdings stood at $57.7 million, highlighting strong liquidity. Despite revenue being 30% below pre-pandemic levels, management emphasized strategic advancements, particularly a partnership with the Federal Reserve Bank of New York.
Currency Exchange International has appointed Alan Stratton as Interim Chief Financial Officer, effective immediately. Stratton, previously Vice-President of Finance at Exchange Bank of Canada, brings valuable experience in financial reporting and capital management. The company recognizes Stephen Fitzpatrick for his service as CFO, who stepped down for personal reasons. A search for a permanent CFO has begun. Currency Exchange International provides foreign exchange technology and services across the U.S. and select global clients.
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.