CIBT Reports Financial Results for Second Quarter of Fiscal 2021

About this update from Global Education Communities Corp

[{"type":"text","content":"CIBT Reports Financial Results for Second Quarter of Fiscal 2021VANCOUVER, BC / ACCESSWIRE / April 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 second quarter of fiscal 2021 ended February 28, 2021 (collectively, the \"Q2 Filing\"). The following is selected financial information for the six months ended February 28, 2021 (\"Q2 2021\") and comparative results (\"Q2 2020\"). Please refer to the Q2 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. Q2 2021 YTDQ2 2020 YTD% ChangeTotal revenues$28,343$32,911(14)%Educational revenues - SSCC, SSLC/VIC, CIBT China$21,188$25,262(16)%Design and advertising revenues - IRIX$482$522(8)%Commissions and referral fees - GEA$277$16667%Rental revenues - GECH$4,025$6,408(37)%Development fees - GECH and Corporate$2,371$553329%Other operating expenses$15,992$16,335(2)%Finance costs$5,975$3,76359%Gain on change in fair value of investment properties$9,077$6,08149%Other income (expense), net$4,972$(308)1,714%Income before income taxes$8,764$4,58491%Net income$7,609$4,42672%Net income attributable to CIBT shareholders$7,650$4,06888%Income per share - CIBT shareholders - basic$0.11$0.05120%Income per share - CIBT shareholders - diluted$0.03$0.05(40%)EBITDA [Non-IFRS]$16,245$10,44256%The following reconciles the net income to EBITDA and Adjusted EBITDA (non-IFRS): Three Months EndedSix Months EndedFebruary 28,February 29,February 28,February 29,2021202020212020 ($)($) (1)($)($) (1)Net income - Continuing operations6,5104,1437,6094,426Deduct: interest income(904)(772)(1,785)(1,539)Add: interest expense3,0741,7015,9214,053Add: income tax provision (recovery)9141461,155158Add: depreciation and amortization1,5971,1403,3453,344EBITDA [non-IFRS]11,1916,35816,24510,442Deduct (gain) on changes in fair value of investment properties(8,400)(6,379)(9,077)(6,081)Add loss/deduct (gain) on derivatives, net148(443)79(290)Adjusted EBITDA [non-IFRS]2,939(464)7,2474,071 (1) For the three months ended February 29, 2020, previously reported EBITDA and Adjusted EBITDA were $6,385 and ($479), respectively. F...

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