Currency Exchange International Corp. announced the appointment of Peter Scherer as Senior Vice President and Chief Financial Officer. Scherer was previously Senior Vice President and Chief Financial Officer at AGF Trust Company and prior to that held a number of senior financial positions at AGF Management Limited. Mr. Scherer is active with several charities and community service organizations, including the Juvenile Diabetes Research Foundation. Scherer will be succeeding Mr. Wade Bracy, who continues his strong performance with CXI and assumes the role of Chief Financial Officer of Currency Exchange International of America Corp.

The company reported earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company's total revenue was $2,919,000 compared to $3,076,000 for the three months ended March 31, 2012. Operating income decreased slightly to $435,000 from $632,000 for the same quarter in the previous year as a result of lower revenues offset by additional expenses from investments in Currency Exchange International of Canada Corp. and four additional branch locations compared to the same period of the previous year. The company incurred a net loss of $575,000 during the second quarter of 2013. The net loss represents a decrease of $1.1 million in net income when compared to $497,000 in net income during the comparable period in 2012. The primary reason for the decline in net income is a $926,000 loss from mark to market adjustment on common share purchase warrants.

For the six months, the company's total revenue was $5,727,000 compared to $5,792,000 for the six months ended March 31, 2012. Revenues increased over 300% in Canada compared to the same period of the previous year while revenues generated in the United States reduced by 10%. Operating income decreased to $743,000 from $1,462,000 as a result of slightly less revenues offset by additional expenses from investments in Currency Exchange International of Canada Corp. and four additional branch locations compared to the same period of the previous year. The company incurred a net loss of $495,000 during the first six months of 2013. The net loss represents a decrease of $1.5 million in net income when compared to $1.0 million in net income during the comparable period in 2012. The primary reason for the decline in net income is a $923,000 loss from mark to market adjustment on common share purchase warrants.