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.

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