CIBT Reports Fiscal Year 2012 Financial Results
Despite the global economic uncertainties and negative investor sentiment toward the private education industry, CIBT’s fiscal 2012 results of operations show a positive trend. CIBT Group foresaw the troubling development trend since 2008 and implemented a series of strategies to deal with some of the most common obstacles that the U.S. private Education sector is facing today, including high default rates and tightening of student loans. Our most significant accomplishments during the past 4 years include our:
- global expansion and reduced reliance on any single student loan program
- addition of new partners or operations in the United States, China, Vietnam and Korea
- diversified income sources internationally, in advance of our industry peers
- establishment of a fully experienced international team and infrastructure
- addition of language schools to our global infrastructure, which have served as our platform for international expansion with excellent cash flow and no student loan requirement
- addition of our very own Global Career Center to ensure job placement for our graduates
- addition of overseas campuses, thereby allowing us to deliver our programs to students who cannot come to us
- development of our own Global Learning Network for effective delivery of educational programs
- acquisition of core assets which added tremendous value and at reasonable valuation
- entry into the Junior and High School sectors and addition of Children English programs to our list of programs, both of which are non-student loan dependent income streams for our business
These initiatives are mostly catered to the international market and contributed to increased international student revenues of $4.7 million during Fiscal 2012. These exciting initiatives were conducted while we were streamlining our operations and reducing operating costs, resulting in decreased general and administrative expenses of $3.3 million during Fiscal 2012. Our management team achieved these results when the global economy continued to retract and the economic outlook remained pessimistic during the period.
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