December 10, 2016 6:35 PM ET

Consumer Finance

Company Overview of Currency Exchange International Corp.

Company Overview

Currency Exchange International, Corp. provides foreign currency exchange and related products in the United States and Canada. Its services include foreign currency exchange, traveler’s cheques, multi-currency prepaid cards, foreign check clearing, issuing foreign bank drafts, and international wire transfers. The company serves individuals, groups, companies, and corporations, as well as financial institutions and money service businesses; and hotels, travel companies, theme parks, colleges, and shopping centers. It operates a network of 36 branches. The company was founded in 1998 and is headquartered in Orlando, Florida.

6675 Westwood Boulevard

Suite 300

Orlando, FL 32821

United States

Founded in 1998

261 Employees

Phone:

407-240-0224

Key Executives for Currency Exchange International Corp.

Chairman, Chief Executive Officer and President
Age: 47
Total Annual Compensation: $259.0K
Chief Financial Officer and Senior Vice President
Total Annual Compensation: $168.6K
Chief Operating Officer
Age: 39
Total Annual Compensation: $90.0K
Chief Risk Officer and Senior Vice President
Age: 45
Total Annual Compensation: $140.0K
Chief Compliance Officer, General Counsel and Corporate Secretary
Total Annual Compensation: $107.1K
Compensation as of Fiscal Year 2015.

Currency Exchange International Corp. Key Developments

Currency Exchange International Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended July 31, 2016

Currency Exchange International Corp. reported earnings results for the third quarter and nine months ended July 31, 2016. Revenues increased 15% or $1.0 million to $7.7 million for the three month period ended July 31, 2016 from $6.7 million for the three month period ended July 31, 2015. Net operating income increased 17% or $372,000 to $2.6 million for the three month period ended July 31, 2016 from $2.2 million for three month period ended July 31, 2015. Net income decreased $603,000 to $1.5 million or $0.24 per diluted share for the three month period ended July 31, 2016 from $2.1 million or $0.33 per diluted share for the three month period ended July 31, 2015. The decrease in net income was primarily related to a reduction of $990,000 in income tax payable during the three month period ended July 31, 2015 resulting from the exercise of 176,174 employee and director stock options. Revenues increased 11% o r $1.9 million to $19.1 million for the nine month period ended July 31, 2015 from $17.2 million for the nine month period ended July 31, 2015. Net operating income decreased $149,000 to $4.7 million for the nine month period ended July 31, 2016 from $4.8 million for nine month period ended July 31, 2015. Net income decreased $840,000 to $2.3 million for the nine month period ended July 31, 2016 from $3.1 million for the nine month period ended July 31, 2015. The decrease in net operating income and in net income was primarily due to higher expenses for compliance, sales and developing the payments business and a reduction of $990,000 in income tax payable during the three month period ended July 31, 2015 resulting from the exercise of 176,174 employee and director stock options.

Currency Exchange International Corp., Q3 2016 Earnings Call, Sep 08, 2016

Currency Exchange International Corp., Q3 2016 Earnings Call, Sep 08, 2016

Currency Exchange International, Corp. Announces New Agreement with a Financial Institution Representing More Than 800 Branches

Currency Exchange International Corp. announced it has signed a Master Services Agreement and a corresponding Statement of Work with a national financial institution in North America. The foreign currency services are expected to commence at select locations in August 2016 and are expected to be in place at all transacting locations by the end of 2016. The financial institution will utilize CXI’s inventory on consignment model at select locations and a decentralized foreign banknote model across its customer network. All branches will directly interact with CXI through the company’s proprietary software – CEIFX. The first set of locations serviced by CXI in August 2016 will be through the consignment model, immediately expanding the currency service offering. The entire branch network, using the decentralized model, is expected to begin transacting with CXI in October 2016.

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