Business
CIBT Reports Financial Results for Fiscal Year Ended August 31, 2021
VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / CIBT Education Group Inc. (" CIBT " or the ...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Reports Financial Results for Fiscal Year Ended August 31, 2021VANCOUVER, BC / ACCESSWIRE / November 29, 2021 / CIBT Education Group Inc. (\"CIBT\" or the \"Company\") (TSX:MBA)(OTCQX:MBAIF) reports that it has filed on SEDAR its annual audited consolidated financial statements (the \"Annual Financial Statements\") and related Management's Discussion & Analysis (the \"MD&A\") (collectively, the \"2021 Financial Report\") for the fiscal year ended August 31st, 2021 (\"Fiscal 2021\"). This news release should be read in conjunction with the 2021 Financial Report in its entirety. To review the 2021 Financial Report, please visit CIBT's profile at www.sedar.com.The following table presents selected financial data from the 2021 Financial Report with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted. Fiscal 2021 Fiscal 2020 % ChangeTotal revenues$60,869 $62,548 (3%)Educational revenues - Sprott Shaw College$40,282 $37,036 9%Educational revenues - Sprott Shaw Language College & VIC Vancouver International College$3,280 $7,173 (54%)Educational revenues - CIBT School of Business$2,671 $2,666 -Rental revenues - Global Education City Holdings Inc. (\"GECH\")$9,878 $10,016 (1%)Development fees - GECH and Corporate$3,134 $4,540 (31%)Design and advertising revenues - IRIX Design Group Inc.$996 $716 39%Commissions and referral fees - Global Education Alliance Inc.$628 $401 57%Other operating expenses$(33,956) $(32,769) 4%Finance costs$(12,513) $(8,168) 53%Change in fair value gain (loss)$8,802 $(5,730) 254%Other income (expense), net$8,175 $5,317 54%Income (loss) before income taxes$5,708 $(4,441) 229%Income tax (expense)$(531) $(310) (71%)Net income (loss)$5,177 $(4,751) 209%Net income attributable to CIBT shareholders$4,703 $1,229 283%Income (loss) per share - CIBT shareholders Basic$0.07 $0.02 250%Diluted$(0.01) $(0.01) -Book value per share (1)$0.73 $0.69 6%EBITDA [Non-IFRS] (1)$21,409 $9,119 135%Total assets$519,039 $452,767 15%Total non-current financial liabilities$99,639 $99,794 -The following reconciles net income (loss) to EBITDA and adjusted EBITDA (non IFRS):Presented in thousands of Canadian dollarsFiscal 2021 Fiscal 2020 Net income (loss) 5,177 (4,751)Deduct: interest income(2) (3,463) (2,863)Add: interest expense 12,365 8,496 Add: income tax pr...