Currency Exchange International Corp., $8.35, symbol CXI on Toronto (Shares outstanding: 4.0 million; Market cap: $33.4 million; www.ceifx.com), provides foreign currency exchange and related financial products and services in North America.
The company’s main offerings include currency exchange, wire transfers, international travellers’ cheques, foreign bank drafts and international cheque clearing.
Currency Exchange International operates 24 branches that buy and sell foreign currencies. These outlets are located in what the company sees as high-traffic areas across the U.S. It also operates four vaults in the U.S. and Canada that serve as distribution centres for its branch network. These vaults also fulfill orders for its clients, which include financial institutions and companies, in addition to consumers.
In the six months ended June 30, 2013, Currency Exchange International’s revenue rose 20.5%, to $3.8 million from $3.2 million a year earlier. Cash flow fell 9.1%, to $0.20 a share from $0.22.
The company operates in a highly competitive business, especially its branch locations. In addition to…
Privacy Policy and Terms of Use
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