Elite Education Group International Ltd. Announces First Half Fiscal Year 2022 Financial Results and Operational Update

About this update from Epicquest Education Group International Limited

[{"type":"text","content":"MIDDLETOWN, Ohio, June 14, 2022 /PRNewswire/ -- Elite Education Group International Limited (NASDAQ: EEIQ), (the \"Company\" or \"Elite Education Group International\"), a provider of comprehensive education solutions for domestic and international students interested in college and university programs in the US, Canada and the UK, today announced its unaudited first half financial results for the six months ended March 31, 2022 and an operational update.\n\n \n \n \n \n \n \n\n \n\"We are pleased to report a 32% revenue increase for the first half of fiscal 2022 compared to the first half of 2021 due to a higher number of in-person attendance at the English Language Program at the regional campuses of Miami University as restrictions associated with the global Covid-19 pandemic eased somewhat compared to the year-ago period. Due to our ability to operate efficiently and keep costs down, the more normalized learning environment resulted in a 50% increase in gross profit as compared to the first half of 2021. While our operating performance was strong, non-operating expenses resulted in a net loss for the period,\" commented Jianbo Zhang, Chairman and Chief Executive Officer. \nCEO Jianbo Zhang continued, \"We completed two acquisitions during the first half of fiscal 2022 and recently entered into several collaborations as we continue to execute our mission to establish Elite Education Group International as a truly international service provider of higher learning. Our career training and English proficiency offer a cost-effective, practical education for our students, and combined with our pathway programs, enable advanced degrees and expanded career options.\"\n\"We plan upon implementing our international strategy by acquiring select colleges in different regions of the world, developing cross-border educational partnerships, creating international academic programming and diversifying our student base. We believe that an enriched international academic experience will help our students reach their full potential and better prepare them for fulfilling careers,\" CEO Jianbo Zhang concluded.\nFirst Half 2022 Financial Results Ended March 31, 2022\nRevenues were $4.1 million for the first half of fiscal 2022 compared to $3.1 million for the same period of 2022, representing an increase of $1.0 million, or 32.3%. The increase wa...

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