CIBT Reports Fiscal Year 2012 Financial Results
VANCOUVER, British Columbia - (BUSINESS WIRE) - 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 ($8.4) million in Fiscal 2011. The EBITDA and Adjusted Net Income above added back non-cash expenses that have no material impact on the Company's operating cash flow.
Adjusted EBITDA and Adjusted Net Income are non-IFRS measures which allow management to isolate financial statement items that contribute to the operating performance and cash flow activities and can be reconciled to the consolidated financial statements as follows:
August 31, 2012
August 31, 2012
|Net income (loss)||$ (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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