Global EFTs

Search documents
Currency Exchange International, Corp. Announces Approval to Amend Share Buyback Program
Globenewswire· 2025-08-20 23:37
Core Viewpoint - Currency Exchange International, Corp. ("CXI") has announced an amendment to its normal course issuer bid (NCIB), increasing the maximum number of common shares that may be repurchased from 316,646 to 377,000, which represents 10% of the public float as of the current date [1][5]. Group 1: Share Buyback Program - The amendment to the NCIB is effective from August 25, 2025, and allows for the repurchase of an additional 60,354 shares [1]. - As of August 18, 2025, CXI has repurchased 221,400 common shares at a weighted-average price of C$20.84 since the program began on December 2, 2024 [2]. - The company will purchase shares on the open market through the TSX and alternative Canadian trading platforms, with all repurchased shares being cancelled [3]. Group 2: Purchase Guidelines - Under TSX policies, CXI can repurchase a maximum of 1,000 shares in a single trading day and is allowed to make a block purchase once per week [4]. - The purchases will be funded through available cash, and the actual number and timing of purchases will be determined by CXI [4]. Group 3: Rationale for Buyback - The Board of Directors believes that the market price of the common shares may not fully reflect their long-term value, making the buyback an attractive use of available funds [5]. - The company has amended its automatic share purchase plan (ASPP) to allow for the purchase of up to 377,000 shares under the ASPP, which will be included in the NCIB calculations [6]. Group 4: Company Overview - Currency Exchange International provides foreign exchange technology and processing services for banks, credit unions, businesses, and consumers, with primary products including currency exchange, wire transfer payments, and foreign cheque clearing [7].
Currency Exchange International Reports Second Quarter 2025 Results
Globenewswire· 2025-06-11 22:49
Core Insights - Currency Exchange International, Corp. (CXI) reported a net income of $1.98 million for Q2 2025, a 291% increase year-over-year, driven by $2.7 million from continuing operations despite a $0.7 million loss from its discontinued subsidiary, Exchange Bank of Canada [1][2][10] - Adjusted net income rose by 18% compared to the previous year, with adjusted diluted earnings per share (EPS) increasing by 24% [1][2][10] - The company experienced a 3% decline in total revenue due to reduced consumer demand for foreign currency as travel activity decreased, although net income increased due to favorable currency revaluation [2][10] Financial Performance - Reported EBITDA for Q2 2025 was $4.9 million, up 10% year-over-year, while adjusted EBITDA was $5.1 million, reflecting a 15% increase [2][10] - For the six-month period ending April 30, 2025, total revenue was $31.3 million, a 3% increase from $30.5 million, with payments revenue up 11% [10][11] - The company maintained a strong financial position with total equity of $81.2 million and net working capital of $60.4 million as of April 30, 2025 [2][10] Strategic Developments - CXI announced the cessation of operations for its subsidiary, Exchange Bank of Canada, with plans to apply for discontinuance under the Bank Act in Q4 2025 [3][4] - The restructuring plan is expected to result in approximately $3 million in annualized costs after tax, which will be fully borne by continuing operations [4] - The company upgraded its U.S. securities listing to the OTCQX Best Market under the symbol CURN on May 20, 2025 [5] Market Position and Growth - CXI continued to expand its direct-to-consumer market presence, adding 124 new clients in the banknotes sector during Q2 2025 [13] - The payments product line saw growth due to investments in core banking platform integrations, processing 45,788 payment transactions in Q2 2025, an increase from 37,781 in the prior period [13] - The company’s diversified business model in the U.S. supports ongoing client growth in the payments sector, despite challenges in banknote revenues due to decreased international travel [6][10]
Currency Exchange International to Report its Second Quarter 2025 Results on June 11, 2025, and Host Earnings Conference Call on June 12, 2025 at 8:30 AM EST
Globenewswire· 2025-06-04 20:00
Financial Results Announcement - Currency Exchange International, Corp. will report its financial results for the Second Quarter of 2025 after-market close on June 11, 2025 [1][2] - The earnings conference call is scheduled for June 12, 2025, at 8:30 a.m. EST [1][3] Conference Call Details - Participants can join the conference call by dialing the local numbers provided for New York and Toronto, or the toll-free number for North America [3] - A recorded copy of the conference call will be available on the Company website for those unable to participate live [3] Company Overview - Currency Exchange International provides foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the U.S. and select global clients [4] - The Company offers services including foreign currency exchange, wire transfer payments, Global EFTs, and foreign cheque clearing [4] - Wholesale customers are served through proprietary FX software applications and personal relationship managers, while consumers are served through retail branches and an e-commerce platform [4]
Currency Exchange International Corp. Commences Trading on the OTCQX Market Under the Symbol CURN
Globenewswire· 2025-05-20 11:30
Core Points - Currency Exchange International Corp. has upgraded its trading status to the OTCQX Best Market under the symbol CURN, effective May 20, 2025, from the Pink market [1][3] - The company will continue to maintain its primary listing on the Toronto Stock Exchange under the symbol CXI [2] - The upgrade aims to enhance the company's visibility and engagement with U.S. investors, aligning with its strategy to increase its U.S. shareholder base [3] Company Overview - Currency Exchange International Corp. provides comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the U.S. and select global clients [4] - Key products and services include foreign currency exchange, wire transfer payments, Global EFTs, and foreign cheque clearing [4] - The company serves wholesale customers through proprietary FX software applications and personal relationship managers, while consumers are served through retail branches and an e-commerce platform [4] Operational Changes - The company's wholly-owned Canadian subsidiary, Exchange Bank of Canada, is in the process of discontinuing its operations [5]