TORONTO, June 12, 2024 (GLOBE NEWSWIRE) -- Currency Exchange International, Corp. (the "Group" or "CXI") (TSX:CXI, OTC:CURN) today reported its financial results and Management's Discussion and Analysis ("MD&A") for the three and six-months ended April 30, 2024 (all figures are in U.S. dollars except where otherwise indicated). The complete financial statements and MD&A can be found on the Company's SEDAR profile at www.sedarplus.ca. Randolph Pinna, CEO of the Group, stated, "CXI delivered revenue growth over the prior period which aligns with our strategy. Our balance sheet is strong, our business model is diverse, and we continue to grow our revenue with a heightened focus on expense management. We remain committed to executing against our strategy, including developing scale in our global payments offering and the international banknote marketplace, and increasing our penetration of financial institutions. Growing our direct-to-consumer reach through our online and agent platforms as well as company-owned locations remains a strategic pillar, while ensuring that the Company has the infrastructure to support this growth. I am confident that CXI will continue to grow as a global leader in the supply of currency and exchange services. In the second quarter, Management reassessed the recoverability of its deferred tax asset, specifically related to the unused loss carry forwards in its wholly-owned subsidiary, Exchange Bank of Canada. As a result, the deferred tax asset was reduced and a corresponding increase in deferred tax expense in the amount of $1.4 million was recorded in the statement of income. This change in the deferred tax expense resulted in a material increase in the effective tax rate for the three and six-month periods ended April 30, 2024." Financial Highlights for the three-months ended April 30, 2024 compared to the three-months ended April 30, 2023: Revenue increased by 7% or $1.4 million to $20.1 million compared to $18.7 million. Payments revenue grew 30% or $0.9 million over the prior period and Banknotes revenue grew by 3% or $0.5 million; Net operating income increased by 2% or $0.1 million to $3.8 million from $3.7 million;   Reported net income declined by 77% or $1.7 million to $0.5 million from $2.2 million. As stated above, the results were impacted by the reduction of the deferred tax assets in Canada. Adjusted net income1 declined by 14% or $0.3 million to $1.9 million from $2.2 million; Reported earnings per share was $0.08 on a basic and a fully diluted basis (adjusted earnings per share1 were $0.30 and $0.29 on a basic and a fully diluted basis, respectively) compared to reported earnings per share of $0.35 and $0.33, respectively; and The Group had strong liquidity and capital positions of $72.8 million in net working capital and $79.9 million in total equity as at April 30, 2024. ________________1 This is a non-GAAP measure. For further information, refer to the non-GAAP financial metrics and measures section on page 3 of this document Financial Highlights for the six-months ended April 30, 2024 compared to the six-months ended April 30, 2023: Revenue increased by 7% or $2.6 million to $38.2 million compared to $35.6 million. Banknotes revenue grew 6% or $1.8 million over the prior period and Payments revenue grew by 11% or $0.8 million; Net operating income declined by 6% or $0.4 million to $6.1 million from $6.5 million;   Reported net income declined by 65% or $2.4 million to $1.4 million from $3.8 million. As stated above, the results were impacted by the reduction of the deferred tax assets in Canada. Adjusted net income2 declined by 27% or $1.0 million to $2.8 million from $3.8 million; Reported earnings per share was $0.21 on a basic and a fully diluted basis (adjusted earnings per share2 were $0.44 and $0.42 on a basic and a fully diluted basis, respectively) compared to reported earnings per share of $0.60 and $0.57, respectively; and Cash flows from operating activities, excluding the changes in working capital amounted to $6.9 million compared to $7.0 million. Corporate Highlights for the three-months ended April 30, 2024: The Group continued to grow its Banknotes product line as a result of the strong consumer demand for foreign currencies as international travel continued to strengthen. This is supported by the rate of travelers passing through TSA check points in United States airports which increased 8% compared to the same time last year; The ...