CIBT Files Q1 2012 Financials In Accordance With IFRS
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.”
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