The Company's total revenue for the six months ended March 31, 2013 was $5,727,000 compared to $5,792,000 for the six months ended March 31, 2012. Revenues increased over 300% in Canada compared to the same period of the previous year while revenues generated in the United States reduced by 10%. The decrease in revenues can be attributed to a reduction in the trading volume of exotic currencies, particularly the Iraqi Dinar, which were executed at higher margins and have subsequently declined in both frequency and volume. Certain expenses, being salaries and benefits, rent, and stock based compensation were higher during the period to support expansion of Currency Exchange International of Canada Corp. and the Company's branch and downstream client network.
Appointment of Chief Financial Officer
Currency Exchange International is pleased to announce the appointment of Mr. Peter Scherer as Senior Vice President and Chief Financial Officer. Mr. Scherer was previously Senior Vice President and Chief Financial Officer at AGF Trust Company and prior to that held a number of senior financial positions at AGF Management Limited. Mr. Scherer is active with several charities and community service organizations, including the Juvenile Diabetes Research Foundation. Mr. Scherer received his MBA from the Wharton School, University of Pennsylvania and holds a Chartered Accountant (CA) and Chartered Financial Analyst (CFA) designation. Mr. Randolph W. Pinna, President and Chief Executive Officer and director of Currency Exchange International stated, "We welcome Mr. Scherer to the senior management team of CXI. Peter has significant financial experience which will be valuable as the Company seeks to grow its business and pursues its banking charter." Mr. Scherer will be succeeding Mr. Wade Bracy, who continues his strong performance with CXI and assumes the role of Chief Financial Officer of Currency Exchange International of America Corp, a subsidiary of the Company.
"Wade Bracy's hard work and dedication over the past 6 years has been instrumental to the success of Currency Exchange International," commented Mr. Randolph W. Pinna. "Wade has improved our efficiency by fully integrating the entire operations into our accounting platform. Mr. Bracy also managed a smooth transition to our public listing on the Toronto Stock Exchange in 2012 and migration from GAAP to International Financial Reporting Standards (IFRS). We are pleased that he will assume his new role with our US operating subsidiary and will devote his time to expanding its business," added Mr. Pinna.
On May 3, 2013, the Company granted 22,000 options to CXI employees at a price of Cdn$7.65, with an expiration date of May 3, 2018. Vesting terms under the Plan will occur 1/3 upon the first anniversary, 1/3 upon the second anniversary and 1/3 upon the third anniversary of the grant.
The Company plans to host a conference call on May 7, 2013 at 4:00 PM (EST). To participate in the call please dial:
Toll Free Canada: +1 (888) 350-3035Toll Free United States: +1 (877) 273-4202Conference ID number: 6986532
To listen to the conference call, please dial the appropriate number and conference Id number 6986532.
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 international traveler cheques, and foreign cheque clearing. Related products and 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.