The company continued to focus its efforts on the marketing and expansion of the "TIO" network, which provides financial services for the for under-banked community, expanded the E-Wiz kiosk program with ExxonMobil with a deployment to Charlotte, N.C., deployed the Tulsa and Oklahoma markets with Kum & Go LLC and deployed the Buffalo, N.Y., market with NOCO Express. In total, 86 kiosks were deployed bringing the total number of kiosks in the network to 495.
Highlights (Q3 2005 vs. Q3 2004):
- Rate of kiosk deployments increased by 125 percent
- Total transactions increased by 106 percent
- Total recurring revenue increased by 71 percent
Revenue for the quarter ended April 30, 2005 increased 34 percent to $1,959,661, from revenue of $1,463,433 in Q3 2004. Total recurring revenue for Q3 2005, including transaction services and maintenance services revenue, increased 71 percent and accounted for $1,719,601 or 88 percent of total revenue, compared to $1,007,741 or 69 percent for the quarter ended April 30, 2004. The company did not report profits for the period.
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