Q3 2024 Currency Exchange International Corp Earnings Call Transcript
Key Points
- Currency Exchange International Corp (CURN) reported a 19% increase in revenue for the third quarter of 2024 compared to the second quarter, consistent with typical growth patterns.
- The company's net income in the United States grew by 13% to $5.14 million, showcasing strong performance in the U.S. market.
- The payments product line in the United States experienced a significant growth of 27% in the last three months, driven by new customer acquisitions and increased activity from existing financial institutions.
- The company successfully added Maryland and Iowa to its network, expanding its online services to almost 93% of the United States population.
- Currency Exchange International Corp (CURN) is focusing on international expansion, with new clients in London and potential partnerships with sizable banks in the pipeline.
- Net income for the third quarter was slightly lower at $3.9 million compared to $4 million for the same period last year.
- The company's return on equity (ROE) decreased to 9% from 17% in the same period last year.
- Revenue in Canada declined by 6% in the third quarter compared to the same period last year, primarily due to reduced transactional volumes and economic pressures.
- Operating expenses increased by 1% for the three-month period ended July 31, 2024, slightly impacting profitability.
- The Mexican peso contributed to net foreign exchange losses for the three-month period ended July 31, 2024, contrasting with gains in the same period last year.
Good morning, ladies and gentlemen, and welcome to Currency Exchange International third-quarter 2024 financial results conference call. (Operator Instructions) I would now like to turn the conference over to Bill Mitoulas, Investor Relations Manager. Please go ahead.
Thank you, operator. Good morning, everyone. Welcome to the Currency Exchange International conference call to discuss the financial results for the third quarter of the fiscal 2024 year. Thanks for joining us. With us today are President and CEO, Randolph Pinna; and Group CFO, Gerhard Barnard.
Gerhard will provide an overview of CXI's financial results and his latest perspective on the company's operations. Randolph will then provide his commentary on CXI's strategic initiatives, sales efforts and business activities. After which we'll open it up for your questions.
Today's conference call is open to shareholders, prospective shareholders, members of the investment community, including the media. For those
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