CIBT Reports Financial Results for First Quarter of Fiscal 2021

About this update from Global Education Communities Corp

[{"type":"text","content":"CIBT Reports Financial Results for First Quarter of Fiscal 2021VANCOUVER, BC / ACCESSWIRE / January 14, 2021 / 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 2021 ended November 30, 2020 (collectively, the \"Q1 Filing\"). The following is selected financial information for the three months ended November 30, 2020 (\"Q1 2021\") 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. Q1 2021Q1 2020% changeTotal revenues$14,402$17,108(16)%Educational revenues - SSCC, SSLC, VIC, CIBT China combined$10,534$12,744(17)%Design and advertising revenues - IRIX$213$225(5)%Commissions and referral fees - GEA$85$5652%Rental revenues - GECH$1,591$3,683(57)%Development fees - GECH and Corporate$1,979$400395%Other operating expenses$(8,019)$(7,648)5%Finance costs$(2,778)$(2,527)10%Gain (loss) on change in fair value of investment properties$677$(298)327%Other income, net$2,693$826226%Income before income taxes$1,340$295354%Net income$1,099$283288%Net income attributable to CIBT shareholders$1,051$462185%Income per share - CIBT shareholders - basis and diluted$0.01$0.00NMEBITDA [Non-IFRS]$5,054$4,08424% NM indicates not meaningfulThe following reconciles the net income to EBITDA and Adjusted EBITDA (non-IFRS): Q1 2021Q1 2020 (1)Net income - Continuing operations$1,099$283Deduct: interest income (881) (767)Add: interest expense 2,847 2,352Add: income tax provision 241 12Add: depreciation and amortization 1,748 2,204EBITDA [non-IFRS]$5,054$4,084Add loss/deduct (gain) on changes in fair value of investment properties (677) 298Add loss/deduct (gain) on derivatives, net (69) 153Adjusted EBITDA [non-IFRS]$4,308$4,535 For the three months ended November 30, 2019, previously reported EBITDA and Adjusted EBITDA were $2,943 and $3,344, respectively. Previous presentation of interest expense did not include accretion of deferred finance fees. Previous presentations of depreciation and amortization did not include the amortization of agency fee intangibles.Please refer to the note at the...

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