Bridges Initiatives first quarter results
The Bridges Initiatives Inc BIT
Shares issued 8,799,250 Apr 20 close $4.09
Wed 21 Apr 99 News Release
Ms. Penny O'Neill reports
For the first three months ending Feb. 28, 1999, the Bridges
Initiatives (Bridges.com) achieved a net income of $267,134
resulting in earnings of three cents per share. Revenues of
$1,042,199 with expenses of $684,357 and amortization of $90,708,
compared with a reported net income of $102,053 on revenues of
$605,892 for the first quarter of fiscal 1998.
Approximately half of 1999 first quarter revenues resulted
from the purchase of Career Explorer (CX in the United
States) for 750 English-speaking and 82 French-speaking Ontario
secondary schools. The province-wide purchase by the Ontario
Ministry of Education and Training allows schools to assess the
resource for one year. Schools can elect to renew its
subscription after the completion of the contract. As a result
more than 32 per cent of Canada's middle and secondary
schools now subscribe to Bridges.com's information services.
New site sales were twice the number projected by management, with
361 new sites generating $443,350 in revenue. San Bernardino
County in California contributed to the increase, with 141 of its
schools subscribing for two years. The number of subscribers to
Career Explorer (CX) at the end of the first quarter increased to
3,194, which is 120 per cent higher than the 1,450 subscribers in
February, 1998.
Government financed pilot projects also contributed to first
quarter revenues. Bridges.com completed a two-week daily education
news pilot for young people, sponsored by CanLearn (Human Resources
Development Canada).
Bridges.com also developed prototypes for a national on-line
portfolio on behalf of the National Life/Work Centre.
Outlook Bridges.com intends to focus on the following four corporate
goals during the second quarter of 1999.
Increase new site sales A total of 550 new site sales are projected
for the second quarter, the most ambitious quarterly
projection to date - 306 new site sales were completed in the
second quarter of 1998.
Career Explorer (CX) development Bridges.com intends to continue to
promote new regional services in the second quarter. In
addition, product migration strategies will be explored
for enhanced content serviceds and Career Explorer content in
other languages. Career Explorer is currently available in American
and Canadian editions, and regional services for Manitoba and North
Carolina.
New product development
Bridges.com intends to diversify its line of products and services.
The new portfolio project will continue to develop during the
second quarter.
Planning for an information service for libraries, employment
centres and postsecondary institutions will also be started.
Service team development In order to maintain Bridges.com's 90 per
cent rate of resubscription, additional service personnel will
be added to promote use of Careern Explorer (CX) by existing
subscribers.
STATEMENT OF INCOME
Three months ended Feb. 29
1999 1998
Revenue
On-line services $ 989,402 $502,745
Other services 44,867 101,100
---------- --------
1,034,269 603,845
Interest income 7,930 2,047
---------- --------
1,042,199 605,892
---------- --------
Expenses
Content develop-
ment and delivery 213,233 138,843
General, selling
and admin 471,124 278,056
---------- --------
684,357 416,899
---------- --------
Income before
amortization 357,842 188,993
Amortization of
deferred develop-
ment costs 80,729 77,205
Amortization of
capital assets 9,979 9,735
---------- --------
90,708 86,940
---------- --------
Net income for
the period $ 267,134 $102,053
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Well, very nice.
I believe 3.2 was my guess...
Mr. Manning & the BIT crew, GREAT WORK. Thanks
DM |
