EpicQuest Education Group International Ltd. Announces First Half Fiscal Year 2023 Financial Results and Operations Update

About this update from Epicquest Education Group International Limited

[{"type":"text","content":"MIDDLETOWN, Ohio, July 14, 2023 /PRNewswire/ -- EpicQuest Education Group International Limited (NASDAQ: EEIQ), (\"EpicQuest Education\", \"EEIQ\" or the \"Company\"), a provider of comprehensive education solutions for domestic and international students seeking college and university degrees in the US, Canada and the UK, today announced its first half financial results for the six months ended March 31, 2023 and an operations update.\n\n \n \n \n \n \n \n\n \n\"Our operations provide a diversified revenue stream from our two owned and operated colleges as well from our recruiting relationships. We believe that EEIQ's educational niche provides practical educational programming that meaningfully connects to students who see our programs as an effective way to reach their career goals. However, the effects of the global Covid-19 pandemic severely hampered our recruiting activities in the year-ago period which, coupled with a heightened wave of the pandemic in China from November 2022 to February 2023, caused substantially lower foreign student in-person attendance at our US campuses, and resulted in an operating loss in the current period.\"\nHowever, our costs decreased for the first six months of fiscal 2023 as compared to the year-ago period due to operational synergies, which resulted in an increase in our gross margin. With the worst of the pandemic expected to be behind us, we believe that our strong recruiting efforts and a normalized learning environment will result in improved top line results going forward, while cost synergies across our operations could continue to enhance our gross margin,\" continued CEO Jianbo Zhang. \n\"Our two acquired colleges, EduGlobal College and Davis College, have developed cross-border educational collaborations and created global academic programming designed to better serve our students' needs and have diversified our student base, which steps taken together are expected to improve our operating metrics over time. We believe that an enriched international academic experience will help our students reach their full potential and better prepare them for fulfilling careers. Further, our recently executed five-year agreement with Miami University to recruit for the MU Regional Campuses' English Language Center will continue to serve as a key cornerstone for our business. Our financial condi...

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