Reference should be made to the Company’s annual consolidated financial statements and management’s discussion and analysis which can be viewed under the Company’s profile on SEDAR at http://www.sedar.com.“Fiscal 2012 was a year of significant turnaround for CIBT Group. The result placed us on a strong and positive trajectory with steady and solid growth. We transformed our various subsidiaries into leaner organizations with the ability to adapt to the declining economic environment,” commented Toby Chu, President, CEO, and Vice Chairman of CIBT Education Group Inc. “While we are pleased with our 5 year revenue growth from US$8.2 million in F2007 to CAD$58.0 million in F2012, both organically and through our acquisitions, we continue to be vigilant on our operating cost structure. Our Adjusted Net Income of $1.20 million speaks volumes about management’s relentless efforts to perform better with less resources. This yielded a steady revenue base but significant reduction of operating expenses from $32.9 million in F2011 to $29.6 million in F2012, a saving of $3.3 million or 10%. Our cash or cash equivalent position as at August 31, 2012 increased to $8.0 million from $6.5 million as at August 31, 2011, an increase of 23%. Our long term debt was $1.6 million as of August 31, 2012, a decline of $0.6 million (27%) from the same day last year and we expect this trend will continue on a yearly basis. This strong cash position and minimal debt ratio will allow us to act swiftly on appealing acquisition opportunities as they are identified.
CIBT Reports Fiscal Year 2012 Financial Results
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