CIBT Education earns $129,420 in Q3 2009
2009-07-14 16:51 ET - News Release
Mr. Toby Chu reports
CIBT REPORTS NINE MONTH OPERATING RESULTS
CIBT Education Group Inc. has released its fiscal 2009 third quarter operating results as of May 31, 2009.
For the nine months ending May 31, 2009, the company's gross revenue totalled $31,761,891 as compared with $24,696,526 for the nine months ending June 30, 2008, an increase of 29 per cent. EBITDA (earnings before interest taxes depreciation and amortization) for the nine months ending May 31, 2009, was $2,140,809 as compared with $27,498 for the nine months ending June 30, 2008, an increase of 7,685 per cent. Adjusting the EBITDA for the non-cash, stock-based compensation expense and other non-cash expense items would result in an adjusted EBITDA of $2,728,922 for the nine months ending May 31, 2009, as compared with $1,153,225 for the nine months ending June 30, 2008, an increase of 137 per cent. Net income after deduction of all non-cash expenses such as amortization, depreciation, goodwill and stock-based compensation for the nine months ending May 31, 2009, was $202,277.
Using an EBITDA analysis allows management to isolate financial statement items and actual financial results from normalized operations that contribute to the changes in income figures.
To view a copy of the company's interim financial statements for the three months ending May 31, 2009, please visit the SEDAR or EDGAR websites.
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