Currency Exchange International Announces Financial Results for the Three and Nine Month Periods Ended July 31, 2015

TORONTO, ONTARIO--(Marketwired - Sept. 9, 2015) - Currency Exchange International, Corp. (the "Company") (TSX:CXI)(OTCBB:CURN), is pleased to announce its financial results and present management's discussion and analysis ("MD&A") for the three and nine month periods ended July 31, 2015 (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.sedar.com.

Financial Highlights for the Three Month Period Ended July 31, 2015 Compared to the Three Month Period Ended July 31, 2014:

• Net income increased to $2.1 million for the three month period ended July 31, 2015 from $1.5 million for the three month period ended July 31 2014. The increase in net income was primarily due to a $1.0 million decrease in current income tax expense resulting from the exercise of 176,174 employee and director stock options in June 2015, offset by lower net operating income;
  
  
• Net operating income decreased 21% to $2.2 million for the three month period ended July 31, 2015 from $2.8 million for three month period ended July 31, 2014. The decline in operating income is due to slightly reduced revenues combined with increased operating expenditures. The increase in operating expenditures is attributed to an increase in staffing costs in the U.S. and Canada to support the Company's bank application as well as increased premises costs for new locations;
  
  
• Revenues decreased 2% to $6.7 million for the three month period ended July 31, 2015 from $6.8 million for the three month period ended July 31, 2014. The decrease in revenue is attributable to the strengthening U.S. dollar and its negative impact on exchange volumes. During the three month period ended July 31, 2015, the number of transactions between the Company and its customers increased 12% from the same period of the previous year; however, the volume when translated into U.S. dollars actually decreased. On a year over year basis, the U.S. dollar has appreciated approximately 20% against the Company's most commonly traded currencies;
  
  
• The Company opened branches in three locations at the Orlando Eye in Orlando, Florida, the Garden State Plaza in Paramus, New Jersey, and the Westfield Mission Valley Mall in San Diego, California bringing the total to 36 branch locations; and
  
  
• Since July 31 2014, the Company has added 55 new client relationships representing over 2,000 transacting locations, a 25% increase.
  
  

Financial Highlights for the Nine Month Period Ended July 31, 2015 Compared to the Nine Month Period Ended July 31, 2014:

• Net income increased to $3.1 million for the nine month period ended July 31, 2015 from $2.4 million for the nine month period ended July 31, 2014 The increase in net income was primarily due to a $1.0 million decrease in current income tax expense resulting from the exercise of 176,174 employee and director stock options;
  
  
• Net operating income decreased 2% to $4.8 million for the nine month period ended July 31, 2015 from $4.9 million for nine month period ended July 31 2014. The decline in operating income is due to increased operating expenditures attributed to higher staffing costs in the U.S. and Canada, increased premises costs, and increased postage and shipping costs from increased transactional activity;
  
  
• Revenues increased 11% to $17.2 million for the nine month period ended July 31, 2015 from $15.4 million for the nine month period ended July 31 2014. Revenues increased for the nine month period ended July 31, 2015 due to the addition of new branch and transacting locations. The nine month period ended July 31, 2015 includes nine months of revenue from customer trading relationships acquired from the U.S. Exchange House asset acquisition completed on March 28, 2014 compared to four months of revenue for the nine months ended July 31, 2014;
  
  
• On March 12, 2015, the Company secured additional financing by the completion of a bought deal private placement offering by issuing 540,000 common shares at a price of $21.06 (Cdn$26.75) for aggregate gross proceeds of $11,371,104 (Cdn$14,445,000). The Company will utilize the proceeds to expand business opportunities in Canada and the United States; and
  
  
• The Company opened branches in six locations at Union Square in New York, New York, in the Upper East Side in New York, New York, the Sunvalley Shopping Center in Concord, California, the Orlando Eye in Orlando, Florida, the Garden State Plaza in Paramus, New Jersey and the Westfield Mission Valley Mall in San Diego, California, bringing the total to 36 branch locations.
  
  

Selected Financial Data

Period	Date	Revenue	Net operating income*	Net income		Total assets		Total equity		Earnings per share (diluted)
(unaudited)		$	$	$		$		$		$
Three-months ending	31-Jul-15	6,688,467	2,231,642	2,087,038		50,835,334		46,922,010		0.33
Three-months ending	30-Apr-15	5,311,102	1,333,013	661,818		49,633,902		44,582,384		0.11
Three-months ending	31-Jan-15	5,193,869	1,242,367	353,574		38,859,547		32,456,426		0.06
Three-months ending	31-Oct-14	6,552,184	2,279,682	1,045,192		39,709,302		33,025,175		0.19
Three-months ending	31-Jul-14	6,839,330	2,830,097	1,456,004		42,044,018		32,185,439		0.26
Three-months ending	30-Apr-14	4,487,432	1,109,212	466,774		37,244,354		30,586,996		0.09
Three-months ending	31-Jan-14	4,127,007	970,779	451,156		32,844,973		29,835,415		0.08
Four-months ending	31-Oct-13	6,463,406	2,341,712	1,669,609		33,681,819		29,763,976		0.39

*Excludes depreciation and amortization expense

Seasonality is reflected in the timing of when foreign currencies are in greater or lower demand. In a normal operating year there is seasonality to the Company's operations with higher revenues generated from March until September and lower revenues from October to February. This coincides with peak tourism seasons in North America when there are generally more travelers entering and leaving the United States and Canada.

Conference Call

The Company plans to host a conference call on September 10, 2015 at 3:00 PM (EST). To participate in or listen to the call, please dial the appropriate number:

• Toll Free: +1 (855) 336-7594
• Conference ID number: 24074502

About Currency Exchange International, Corp.

The Company is in the business of providing a range of foreign currency exchange and related products and services in North America, including the Hawaiian Islands. Primary products and services include the exchange of foreign currencies, wire transfer payments, purchase and sale of foreign bank drafts and international traveler cheques, and foreign cheque clearing. Related services include the licensing of proprietary FX software applications delivered on its web-based interface, www.ceifx.com ("CEIFX"), and licensing retail foreign currency operations to select companies in agreed locations.

The Company's services are provided in Canada by its wholly-owned Canadian subsidiary, Currency Exchange International of Canada Corp., based in Toronto, Canada through the use of its proprietary software www.ceifx.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts and statements as to management's expectations with respect to, among other things, demand and market outlook for wholesale and retail foreign currency exchange products and services, proposed entry into the Canadian financial services industry, future growth, the timing and scale of future business plans, results of operations, performance, and business prospects and opportunities. Forward-looking statements are identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "preliminary", "project", "will", "would", and similar terms and phrases, including references to assumptions.

Forward-looking information is based on the opinions and estimates of management at the date such information is provided, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties and assumptions that could cause the Company's actual results, performance or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, the competitive nature of the foreign exchange industry, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company's proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, and the regulatory approval process for a new Canadian Schedule I bank, as well as the factors identified throughout this press release and in the section entitled "Risks and Uncertainties" of the Company's Management's Discussion and Analysis for Year Ended October 31, 2014. The forward-looking information contained in this press release represents management's expectations as of the date hereof (or as of the date such information is otherwise stated to be presented), and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained in this press release.