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View Annual Report ANNUAL 2017 REPORT FINANCIAL HIGHLIGHTS 2014 20151 2016 2017 Exchange Volume: $878 $1,456 $2,137 $2,835 33% In Millions Year Over Year 2014 2015 2016 2017 Total Revenue: $22.0 $24.1 $26.8 $32.5 21% In Millions Year Over Year 2014 2015 2016 2017 Total Assets: $39.7 $52.1 $62.2 $64.0 3% In Millions Year Over Year 2014 2015 2016 2017 All amounts in this report are stated in USD and are based on fiscal year end unless otherwise noted. Corporate Customers and Transacting Locations Key Ratios 2016 2017 2014 20151 2016 2017 Earnings Per Share $0.58 $0.61 Company-Owned 32 36 38 41 Branch Locations Return On Assets 6.4% 6.0% Wholesale Company 469 521 928 977 Relationships Return On Equity 7.5% 6.8% Transacting Locations 8,274 10,157 13,603 15,026 Operating Margin 25.6% 24.4% 1Restatement made in Fiscal Year 2015 to correct the Quarterly Stock Price (TSX:CXI) TSX stock prices are quoted in Cdn$ presentation of a gain on foreign exchange along with its corresponding income tax impact which was Q1 Q2 Q3 Q4 required to be presented under IFRS as other income. The foreign exchange gain was previously disclosed Ended 1/31/2017 Ended 4/30/2017 Ended 7/31/2017 Ended 10/31/2017 under comprehensive income with no corresponding tax provision. The restatement does not impact the $27.03 $21.91 $24.00 $26.64 Company’s revenues, operating expenses, or net operating income. 1 Currency Exchange International: Annual Report 2017 PRESIDENT’S LETTER Dear CXI Shareholders, Customers, Employees and Friends, I am pleased to present the progress and achievements of Currency Exchange International, Corp. for our year ended October 31, 2017. Randolph W. Pinna President and Chief Executive Officer CXI’s Growth in 2017 in total transactions conducted and gross income generated at healthy retail exchange margins. CXI plans to maintain In fiscal year 2017, CXI completed its 10th full year in business the growth rate of its company-owned branch network by with significant growth in both customers and corporate opening locations selectively in areas that are well-suited for a structure. CXI continued to expand its foreign currency new FX retail solution. exchange and international payments services with 49 new wholesale client companies representing more than 1,400 The expansion of retail and wholesale locations serviced by transacting locations. This raises the total number of locations CXI and EBC allowed for revenues to grow to US $32.5 million, processed and served by CXI across North America to more up 21% from the previous fiscal year. Net operating income than 15,000, a year over year increase of more than 10%. increased to US $7.92 million up from US $6.88 million the previous year. The slower growth in the net operating income Exchange Bank of Canada (EBC), CXI’s wholly owned was largely due to higher operating costs, including significant subsidiary in Canada, had its first full year of operations as a one-time costs at EBC and investments into expanding CXI’s Schedule 1 Bank. Besides having many banknote customers, and EBC’s international payment business. This has resulted EBC now has over 40 established corporations utilizing its in a lower operating margin, which is expected to return to international payment services. Additionally, EBC is a valuable higher sustainable levels as revenue increases. asset to CXI given its ability to establish correspondent relationships with other banks worldwide and thus, providing CXI’s strategic plan continues to commit significant the ability to source currency at “interbank pricing”. EBC investment into expanding its current payment business with is building these relationships, which will lead to savings enhancements to both CXI’s processing capabilities and the by lowering FX transaction sourcing and processing costs, sales team driving this expansion. Specifically, in the fourth as well as, providing enhanced client servicing capabilities. quarter of fiscal year 2017 EBC experienced a noticeable Although the effects from correspondent relationships were increase in its payments business from corporate clients. not noticeable in the 2017 year, a strong foundation has been New customers generated through the sales team and savings established for 2018 and beyond. enacted by the processing enhancements will allow CXI to see greater positive impact in both top and bottom line income. CXI’s company-owned retail branch network added three new locations in fiscal year 2017, bringing the total retail branch Experienced Talent network in the U.S. to 41 locations. Two of these locations opened in the established CXI markets of San Diego, California In fiscal year 2017, one-time costs in the form of payroll at both and New York City, New York, while the third location businesses impacted the company’s expenses. CXI appointed opened in Portland, Oregon. In addition, CXI’s Westfield industry veteran Mr. Stephen Fitzpatrick as Chief Financial Century City branch in Los Angeles, California reopened after Officer (CFO) of the company and its subsidiary, EBC. Mr. being temporarily closed for more than two years during the Fitzpatrick (CPA, CGA, MBA) brought a significant amount mall’s $1 billion renovation and expansion project. Year over of financial services experience to CXI and EBC, combining year the company-owned locations continued their increase financial and business perspectives in the CFO role. Currency Exchange International: Annual Report 2017 2 PRESIDENT’S LETTER Boosting the strength in sales, trading, IT and compliance FX ATMs and multi-currency cards, while being smaller departments continue to be a priority with EBC and CXI businesses, are areas that CXI has maintained a pulse on within recruiting additional proven human resources. U.S. and Canada the industry. As opportunities evolve, the potential to ramp up both saw new hires in these departments, which have already either one of these businesses is a distinct option. made positive contributions. As the business grows, there is always a focus in doing so within a culture of sales and Positioned for Continued Growth compliance, thus additional investments will be made to both our sales and compliance teams. With an enhanced management team and software, combined with Exchange Bank of Canada’s ability to be a leading FX bank, Additional strengthening of the operations departments will our board of directors and management team are confident in also occur in the current year to ensure quality customer its ability to execute on its FINTECH expansion plan. support with low risk, allowing the CXI group to continue an aggressive expansion while strengthening its quality reputation. We are proud of the accomplishments of the past year while we stay focused on the growth of revenues and profits in the years Strategic Growth ahead. I am proud of the loyal team of almost 300 employees across the U.S. and Canada who will all work together to grow CXI reinvests in its technology and resources to be a leader our group to record levels of trading and profits. in the foreign currency exchange industry. Commitment to an unparalleled service level when providing banknote I personally thank all of CXI’s customers, employees, and payment processing for financial institutions and select shareholders, and friends for their continued support of corporations is necessary to grow the company’s market Currency Exchange International. I always remain available for share. CXI’s proprietary software, CEIFX, is being developed feedback and to discuss our company and its business with you with increased connectivity to outside systems allowing for personally. streamlined processes through integrated technology. Strategic integrations allow the company’s market reach to expand significantly. Developing solutions to digitally process cheque items is another area that the company is focused on to expand FX Randolph W. Pinna volumes/revenues. The initiative utilizes the latest technology President and Chief Executive Officer in the banking sectors to securely and quickly transmit data for processing. Shareholder’s Equity Shareholder Performance Graph $ Millions $500 Currency Exchange International, Corp. $450 S&P/TSX Composite Index October 31, $400 $56.5 2017 $350 $300 $250 October 31, $50.8 $200 2016 $150 $100 October 31, $50 $46.8 2015 November 1, October 31, October 31, October 31, October 31, October 31, 2012 2013 2014 2015 2016 2017 October 31, 11/1/12 10/31/13 10/31/14 10/31/15 10/31/16 10/31/17 $33.0 2014 CXI/TSX $100 $175.00 $291.41 $368.44 $476.56 $416.25 S&P/TSX Composite Index $100 $107.73 $118.04 $109.28 $117.20 $129.44 This graph compares the yearly percentage change in the cumulative total shareholder return for C$100 invested in Common All amounts in this report are stated in Shares on November 1, 2012 against the cumulative total shareholder return of the S&P/TSX Composite Index for the most USD unless otherwise noted. recently completed financial years of Currency Exchange International, Corp. since it became listed on the Toronto Stock Exchange (“TSX”), assuming the reinvestment of all dividends. Currency Exchange International, Corp. has never paid any dividends, and will only pay dividends in the future as the board of directors deems appropriate. 3 Currency Exchange International: Annual Report 2017 COMPANY SNAPSHOT 2007 - 2009 Operations at CXI commence when CXI officially launches its proprietary, CXI commences services for financial it purchased eight retail branches of web-based FX software - CEIFX. institutions, allowing its wholesale Foreign Currency Exchange Corp., partnerships to grow rapidly. a subsidiary of the Bank of Ireland Group. 2010 - 2012 Three vaults are established in the U.S. CXI Canada is established and its CXI Canada files an application to with the main currency processing Toronto vault begins operations.
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