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CIBT Reports Financial Results for First Quarter of Fiscal 2020
Vancouver, British Columbia--(Newsfile Corp. - January 14, 2020) - CIBT Education Group Inc. (...
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[{"type":"text","content":"CIBT Reports Financial Results for First Quarter of Fiscal 2020Vancouver, British Columbia--(Newsfile Corp. - January 14, 2020) - CIBT Education Group Inc. (TSX: MBA) (OTCQX: MBAIF) (\"CIBT\" or the \"Company\") is pleased to report that it has filed on SEDAR its consolidated financial statements and related management's discussion and analysis for its first quarter of fiscal 2020 ended November 30, 2019 (collectively, the \"Q1 Filing\"). The following is selected financial information for the first quarter of fiscal 2020 ended November 30, 2019 (\"Q1 2020\") and comparative results. Please refer to the Q1 Filing in its entirety, which is available under CIBT's profile at www.sedar.com. All figures are in thousands of Canadian dollars except share and per share data unless otherwise noted.in thousands of Canadian dollars except for per share amountsQuarter Ended Nov 30, 2019Quarter Ended Nov 30, 2018 Percentage ChangeTotal revenues$17,108$17,066$0%Educational revenues - SSCC$9,355$8,715$7%Educational revenues - SSLC / VIC$2,621$3,003$(13)%Educational revenues - CIBT China$768$747$3%Design and advertising revenues - IRIX$225$279$(19)%Commissions and referral fees - GEA$56$175$(68)%Rental revenues - GECH$3,683$3,328$11%Development fees - GECH and Corporate$400$819$(51)%Other operating expenses$7,646$8,978$(15)%Finance costs$2,661$1,714$55%Loss (gain) on change in fair value of investment properties$(248)$3,100$(108)%Other income (expense), net$826$36$2194%Income before income taxes$213$2,065$(90)%Net income $201$2,188$(91)%Income per share - CIBT shareholders - basic$ 0.00$0.02(100)%Income per share - CIBT shareholders - diluted$0.00$0.02(100)%EBITDA [Non-IFRS]$2,943$4,294$(31)%The following reconciles the net income to EBITDA (non-IFRS): in thousands of Canadian dollarsThree months ended November 30,20192018 (3)($)($)Net income - Continuing operations2012,188Deduct: interest income (1) (767)(18)Add: interest expense2,5081,714Add: income tax provision (recovery)12(123)Add: depreciation and amortization989533EBITDA [non-IFRS] (2)2,9434,294Add back loss/ deduct (gain) on changes in fair value of investment properties 248(3,100)Add back: loss on derivatives, net153-Adjusted EBITDA [non-IFRS] (2)3,3441,194 Interest income not associated with operations.The application of IFRS 16, Leases, results in higher EBITDA an...