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.

Adjusted EBITDA and Adjusted Net Income are non-IFRS measures which allow management to isolate financial statement items that contribute to the operating performance and cash flow activities and can be reconciled to the consolidated financial statements as follows:
    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
     
EBITDA (NON-IFRS) 1,030,917 (8,495,195)
     
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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