CIBT Reports Fiscal Year 2012 Financial Results
The heading for the column on the far right in the financial table should read: Year Ended August 31, 2011 (sted Year Ended August 31, 2012).
The corrected release reads:
CIBT REPORTS FISCAL YEAR 2012 FINANCIAL RESULTS
CIBT Education Group Inc. (NYSE MKT: MBA and TSX: MBA)(“CIBT Group” or the “Company”) is pleased to report its audited consolidated operating results for the year ended August 31, 2012. Highlights of the fiscal results are as follows:
- For the twelve months ended August 31, 2012 (“Fiscal 2012”), CIBT Group’s gross revenues totaled $58.0 million as compared to $58.6 million for the twelve months ended August 31, 2011 (“Fiscal 2011”), a decrease of $606,000 or 1%.
- Net income was a loss of $0.8 million in Fiscal 2012 compared to a loss of $9.5 million in Fiscal 2011, a significant turn-around of $8.6 million, tied to management’s focus of streamlining operations and to impairment charges in fiscal 2011.
- Non-IFRS EBITDA (Earnings Before Interest Tax, Depreciation and Amortization) income in Fiscal 2012 increased by $9.5 million year-over-year to $1.0 million from ($8.5) million in Fiscal 2011.
- Non-IFRS Adjusted Net Income (EBITDA excluding Share-based Compensation) increased by $9.6 million year-over-year to $1.2 million from ($8.4) million in Fiscal 2011. The EBITDA and Adjusted Net Income above added back non-cash expenses that have no material impact on the Company’s operating cash flow.
|Year Ended August 31, 2012||Year Ended August 31, 2011|
|Net income (loss)||$ (813,888)||$ (9,462,921)|
|Add: interest on long-term debt||144,899||153,656|
|Add: income tax (recovery) provision – non cash||118,446||(843,505)|
|Add: depreciation and amortization – non cash||1,581,460||1,657,575|
|Add: Share based compensation – non cash||178,564||59,896|
|Adjusted Net Income (NON-IFRS)||$ 1,209,481||$ (8,436,299)|
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