CIBT Reports Second Quarter and Six Month Results
April 16th 2009 CNW Group: CIBT Education Group Inc. (the “Company”) (NYSE Amex & TSXV symbol: MBA) is pleased to report its fiscal 2009 second quarter operating results as of February 28, 2009.
For the three months ending February 28, 2009, the Company’s gross revenues totalled $9,866,359 as compared to $8,978,829 for the three months ending March 31, 2008, an increase of 10%. The Company generated an EBITDA (Earnings Before Interest Taxes Depreciation & Amortization) of $593,927 for the three months ending February 28, 2009 compared to $351,928 for the three months ending March 31, 2008. Adjusting the EBITDA for stock-based compensation, a non-cash expense item that has no impact on the Company’s operating cash flow, would result in an adjusted EBITDA of $778,147. The Company incurred a net loss of $76,812 for the three months ending February 28, 2009.
For the six months ending February 28, 2009, the Company’s gross revenue totaled $20,387,268 as compared to $12,095,742 for the six months ending March 31, 2008, an increase of 69%. EBITDA for the six months ending February 28, 2009 was $1,361,747 as compared to a loss of $342,892 for the six months ending March 31, 2008. Adjusting the EBITDA for the non-cash stock-based compensation expense would result in an adjusted EBITDA of $1,762,922. Net income for the six months ending February 28, 2009 was $72,857.
Using an EBITDA analysis allows management to isolate financial statement items that contribute to the changes in income (loss) figures.
To view a copy of the Company’s interim financial statements for the three months ending February 28, 2009, please visit www.sedar.com.
CIBT Education Group Inc.
Vice-Chairman, President & CEO
Investor Relations Contact: Ed Cheung N. America Toll Free: 1-888-865-0901 extension 318 * Email: email@example.com
Legal Notice Regarding Forward-Looking Statements: “Forward-looking Statements” as defined in the Private Securities Litigation Reform Act of 1995 may be required in this news release. These statements relate to future events or CIBT’s future financial performance. These statements are only predictions and may differ materially from actual future results or events. CIBT disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. There are important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with changes in general economic and business conditions, actions of CIBT’s competitors, the extent to which CIBT is able to develop new services and markets for their services, the time and expense involved in such development activities, the level of demand and market acceptance of their services and changes in our business strategies.
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