Business
CIBT Reports Financial Results for Third Quarter of Fiscal 2022
VANCOUVER, BC / ACCESSWIRE / July 14, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF...
About this update from Global Education Communities Corp
[{"type":"text","content":"CIBT Reports Financial Results for Third Quarter of Fiscal 2022VANCOUVER, BC / ACCESSWIRE / July 14, 2022 / 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 2022 ended May 31, 2022 (collectively, the \" Q3 Filing \"). The following is selected financial information for the nine months ended May 31, 2022 (\" Q3 2022 \") and comparative results (\" Q3 2021 \"). 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. Q3 2022 YTD Q3 2021 YTD % change Total revenues $52,671 $44,800 18 Educational revenues - SSCC (1) $30,007 $29,720 1 Educational revenues - SSLC/VIC (1) $6,496 $1,998 225 Educational revenues - CIBT China (1) $2,194 $2,328 (6) Rental revenues - GECH (1) $12,257 $6,678 84 Development fees - GECH and Corporate $588 $3,038 (81) Design and advertising revenues - IRIX (1) $399 $622 (36) Commissions and referral fees - GEA (1) $730 $416 75 Gross profit (2) $30,228 $26,285 15 Other operating expenses $(24,805) $(24,769) 0 Finance costs (8,991) (10,140) (11) Change in fair value (loss) gain on investment properties (1,493) 8,779 (117) Other income (expense), net 5,284 6,950 (24) Income before income taxes $223 $7,105 (97) Income tax (expense) (95) (816) (88) Net income $128 $6,289 (98) Net income attributable to CIBT shareholders $237 $6,755 (96) Income per share - CIBT shareholders Basic $0.00 $0.09 (100) Diluted $0.00 $0.02 (100) EBITDA [Non-IFRS] (2) $13,942 $18,471 (25) (1) As defined below under \"About CIBT Education Group Inc.\"(2) Please refer to Non-IFRS Financial Measurements at the end of this news release.The following reconciles the net income to EBITDA and Adjusted EBITDA (non-IFRS) (2) : Q3 2022 YTD Q3 2021 YTD Net income 128 6,289 Deduct: interest income (648) (2,739) Add: interest expense 9,472 9,105 Add: income tax expense 95 816 Add: depreciation and amortization 4,895 5,000 EBITDA [non-IFRS] 13,942 18,471 Add loss / deduct (gain) on changes in fair value of investment properties 1,493 (8,779) Add loss /deduct (gain) on derivatives, net (471) 1,055 Adjusted EBI...