Business
CIBT Reports Financial Results for Third Quarter of Fiscal 2020
VANCOUVER, BC / ACCESSWIRE / July 14, 2020 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF...
About this update from Global Education Communities Corp
[{"type":"text","content":"\nCIBT Reports Financial Results for Third Quarter of Fiscal 2020VANCOUVER, BC / ACCESSWIRE / July 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 third quarter of fiscal 2020 ended May 31, 2020 (collectively, the \"Q3 Filing\"). The following is selected financial information for the nine months ended May 31, 2020 (\"Q3 2020\") and comparative results. Please refer to the Q3 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. Nine Months ended May 31, 20202019% changeTotal revenues$46,563$48,759(5)%Educational revenues - SSCC$27,881$25,8038%Educational revenues - SSLC / VIC$6,404$8,689(26)%Educational revenues - CIBT China$2,213$2,321(5)%Design and advertising revenues - IRIX$611$697(12)%Commissions and referral fees - GEA$362$570(36)%Rental revenues - GECH$8,153$8,526(4)%Development fees - GECH and Corporate$939$2,153(56)%Other operating expenses$24,168$25,899(7)%Finance costs$5,484$4,93011%Gain on change in fair value of investment properties$8,261$8,1002%Other income (expense), net$660$737(10)%Income before income taxes$5,946$4,96220%Net income$5,537$5,688(3)%Income per share - CIBT shareholders - basic $ 0.08 $ 0.03167%Income per share - CIBT shareholders - diluted $ 0.07 $ 0.03133%EBITDA [Non-IFRS]$14,375$13,07710% The following reconciles the net income to EBITDA and Adjusted EBITDA (non-IFRS): Nine Months ended May 31,20202019 ($)($) (1)Net income - Continuing operations5,5375,688Deduct: interest income (2,305)(163)Add: interest expense 6,2365,201Add: income tax provision (recovery)409(726)Add: depreciation and amortization4,4983,077EBITDA [non-IFRS] (1)(2)14,37513,077Deduct (gain) on changes in fair value of investment properties(8,261)(8,100)Deduct (gain) on derivatives, net(751)(336)Adjusted EBITDA [non-IFRS] (1)(2)5,3634,641 The application of IFRS 16 results in higher EBITDA and Adjusted EBITDA. See the section titled Adoption of New Accounting Standards in the Q3 2020 MD&A for the impact.For the nine months ended May 31, 2019, previously reported EBITDA and Adjusted EBITDA were $10,964 and $2,864, ...