February 21, 2017 7:13 PM ET

Consumer Finance

Company Overview of Currency Exchange International, Corp.

Company Overview

Currency Exchange International, Corp. provides 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. It operates a network of 38 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

274 Employees

Phone:

407-240-0224

Key Executives for Currency Exchange International, Corp.

Chairman, Chief Executive Officer and President
Age: 47
Total Annual Compensation: $259.8K
Chief Financial Officer and Senior Vice President
Total Annual Compensation: $158.3K
Senior Vice President
Total Annual Compensation: $194.2K
Chief Risk Officer and Senior Vice President
Age: 45
Total Annual Compensation: $140.0K
Treasurer
Age: 34
Total Annual Compensation: $110.0K
Compensation as of Fiscal Year 2016.

Currency Exchange International, Corp. Key Developments

Currency Exchange International, Corp. Announces Resignation of Peter Scherer as Chief Financial Officer

Currency Exchange International, Corp. announced that its Chief Financial Officer (CFO), Peter Scherer, has submitted a notice of resignation to pursue another opportunity. It is anticipated that a replacement CFO will be appointed before the departure of Mr. Scherer, expected to be on or about March 14, 2017.

Currency Exchange International, Corp. Announces Earnings Results for the Fourth Quarter and Year Ended October 31, 2016

Currency Exchange International, Corp. announced earnings results for the fourth quarter and year ended October 31, 2016. Revenues increased 12% or $810,000 to $7.7 million for the three month period ended October 31, 2016 from $6.9 million for the three month period ended October 31, 2015. Net operating income decreased $111,000 to $2.2 million for the three month period ended October 31, 2016 from $2.3 million for the three month period ended October 31, 2015. Net income increased $989,000 to $1.4 million for the three month period ended October 31, 2016 from $391,000 for the three month period ended October 31, 2015. The increase in net income was due to a decrease in income taxes payable of $882,000 and decreases in other operating expenses of $219,000 related primarily to fees incurred to pursue a banking license in Canada. Earnings per share (diluted) were $0.22. Revenues increased 11% or $2.7 million to $26.8 million for the year ended October 31, 2016 from $24.1 million for the year ended October 31, 2015. Net operating income decreased $260,000 to $6.9 million for the year ended October 31, 2016 from $7.1 million for the year ended October 31, 2015. Net income decreased $1.1 million to $3.6 million for the year ended October 31, 2016 from $4.7 million for the year ended October 31, 2015. The decrease in net income was primarily related to a non-recurring $1.5 million gain on foreign exchange offset by income taxes of $440,000 during the year ended October 31, 2015.

Currency Exchange International, Corp. Announces Restatement of Unaudited Earnings Results for the Years Ended October 31, 2015 and 2014

Currency Exchange International, Corp. announced restatement of unaudited earnings results for the years ended October 31, 2015 and 2014. For the year 2015, the company restated net income of USD 4.7 million or USD 0.77 diluted earnings per share compared to previously reported profit of USD 3.6 million or USD 0.59 diluted earnings per share. For the year 2014, the company restated net income of USD 4.2 million or USD 0.77 diluted earnings per share compared to previously reported profit of USD 3.4 million or USD 0.62 diluted earnings per share.

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