CIBT Files Q1 2012 Financials in Accordance with IFRS
15 Febbraio 2012 - 8:56PM
Business Wire
CIBT Education Group Inc. (NYSE AMEX: MBA and TSX: MBA)
(“CIBT Group”) is pleased to announce it has filed its Q1 fiscal
2012 financial statements, which were prepared in accordance with
the International Financial Reporting Standards (“IFRS”), in
accordance with Canadian securities laws that generally require
reporting issuers in a province of Canada to adopt IFRS for their
financial year beginning on or after January 1, 2011. The
reconciliation for Canadian Generally Accepted Accounting
Principles (“GAAP”) to IFRS is included in the first quarter
filing, as required.
For the three months ended November 30, 2011, despite the impact
of the global recession and adverse industry factors, CIBT Group’s
revenues remained stable, totalling $12.64 million dollars as
compared to $13.35 million dollars for the three months ended
November 30, 2010. Although revenue declined marginally by 5%,
corporate profitability rebounded with $349,687 in EBITDA (earnings
before interest, tax, depreciation and amortization) (non-IFRS,
reconciled below) for the three months ended November 30, 2011, as
compared to an EBITDA loss of $119,108 for the same period last
year, an increase of $468,795. CIBT Group’s net earnings increased
from a net loss of $186,766 in the three months ended November 30,
2010 to a net income of $35,683 in the three months ended November
30, 2011, an increase of $222,449.
Toby Chu, President and CEO, and Vice Chairman of CIBT Education
Group Inc. commented that “the first quarter of fiscal 2012
demonstrates a favourable start to the new fiscal year for several
reasons:
- Deferred education revenue,
representing committed future revenue, increased by $6.33 million
in Q1 of this fiscal year as compared to an increase of $3.40
million for same period last year;
- Profitability increased by over
$468,000 in EBITDA and over $222,000 in net income as compared to
the same period last year, demonstrating our continued commitment
to streamlining and reorganizing operations;
- Cash flow generated from operating
activities was $2.08 million for the three months ended November
30, 2011, representing a cash increase of $1.63 million after
investing and financing activities for the three months ended
November 30, 2011 and a cash and cash equivalents balance of $8.33
million as at November 30, 2011;
- Sprott-Shaw has returned to a high
margin business after a year of re-organization with an EBITDA of
over $908,000 representing an EBITDA margin of 13.2% compared to an
EBITDA of roughly $855,000 and an EBITDA margin of 11.8% from same
period last year;
- The KGIC business has demonstrated a
higher value than we had originally forecast upon its acquisition,
having consistent growth and profitability since it was acquired
compared to negative profitability prior to its acquisition;
- The CIBT China business has nearly
broken even due to its strategic transformation and new cost
efficient business model and is expected to continue to expand
margins and grow responsibly via its Global Learning Network.
After a year of re-organization, costing reduction, streamlining
of operations and launching of our Global Learning Network platform
in fiscal 2011, we have now gained traction for our planned
strategies and we are ready to embark on further expansion and
acquisitions.”
Note: EBITDA is a non-IFRS measure which allows management to
isolate financial statement items that contribute to the operating
performance and cash flow activities of CIBT Group. The following
reconciles the net income (loss) to EBITDA (non-IFRS):
Three Months Ended
November 30, 2011
Three Months Ended
November 30, 2010
Net income (loss) $ 35,683 $ (186,766)
Add: interest on long-term debt 35,660 40,657 Add:
income tax (recovery) provision (29,573) (368,207) Add:
depreciation and amortization 307,917 395,208
EBITDA (non-IFRS) $ 349,687 $ (119,108)
About CIBT Education Group:
CIBT Education Group Inc. is an education management company
focused on the global education market. Listed on the Toronto Stock
Exchange and the NYSE Amex, CIBT Group owns and operates a network
of business, technical and language colleges and has cooperative
joint programmes in 18 countries. Its subsidiaries include
Sprott-Shaw Community College (established in 1903), Sprott-Shaw
Degree College, CIBT School of Business China, and King George
International College. Through these subsidiaries, CIBT Group
offers Western and Chinese accredited business and management
degrees, and programmes in college preparation, automotive
maintenance, information technology, hotel management and tourism,
English language training, English teacher certification, and other
career/vocational training. In addition to its wholly-owned
subsidiaries, CIBT Group is the exclusive licensee for the American
Hotel & Lodging Educational Institute (AHL-EI) in China and the
Philippines, and the WyoTech Automotive Institute for China. CIBT
Group also owns Irix Design Group, a leading design and advertising
company based in Vancouver, Canada.
ON BEHALF OF THE BOARD OF DIRECTORS
“Toby Chu”
Toby ChuVice-Chairman, President & CEO
FORWARD-LOOKING STATEMENTS:
This news release contains statements of forward-looking
information (the “forward-looking statements”) about CIBT Education
Group Inc. and its future plans. Forward-looking statements are
statements that are not historical facts. The forward-looking
statements in this news release are subject to various risks,
uncertainties and other factors that could cause the company's
actual results or achievements to differ materially from those
expressed in or implied by forward-looking statements. With respect
to the statement in this news release as to the future revenues,
profitability, and strategies of CIBT Group, these risks,
uncertainties and other factors include, without limitation,
uncertainty as to the company's ability to achieve the goals and
satisfy the assumptions of management; uncertainties as to the
demand for the programs offered; and general economic factors and
other factors that may be beyond the control of the company.
Forward-looking statements are based on the beliefs, opinions and
expectations of the company's management at the time they are made,
and CIBT Group does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
Neither the NYSE Amex nor the Toronto Stock Exchange accepts
responsibility for the adequacy or accuracy of this news
release.
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