Business
GECC Reports Financial Results for Fiscal Year Ended August 31, 2023
VANCOUVER, BC / ACCESSWIRE / November 30, 2023 / Global Education Communities Corp. ("GECC" or t...
About this update from Global Education Communities Corp
[{"type":"text","content":"GECC Reports Financial Results for Fiscal Year Ended August 31, 2023VANCOUVER, BC / ACCESSWIRE / November 30, 2023 / Global Education Communities Corp. (\"GECC\" or the \" Company \") (TSX:GEC)(OTCQX:GECSF) 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 \" 2023 Financial Report \") for the fiscal year ended August 31, 2023 (\" Fiscal 2023 \"). This news release should be read in conjunction with the 2023 Financial Report in its entirety. To review the 2023 Financial Report, please visit GECC's profile at www.sedarplus.ca.The following table presents selected financial data from the 2023 Financial Report with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted. Fiscal 2023 Fiscal 2022 % Change2023 (2) Total revenues $78,603 $73,235 7 Educational revenues - SSCC $39,270 $39,784 (1)Educational revenues - SSLC / VIC $13,934 $10,173 37 Educational revenues - CIBT China $2,217 $2,577 (14)Rental revenues - GECH $21,130 $18,547 14 Development fees - GECH and Corporate $479 $588 (19)Design and advertising revenues - IRIX $420 $581 (28)Commissions and referral fees - GEA $1,153 $985 17 Gross profit (1) $43,547 $41,962 4 Other expenses $(36,276) $(34,114) 6 Finance costs (16,316) (8,467) 93 Net gain on investment property fair value changes 7,835 8,650 (9)Other income, net 54 1,945 (97)Provision for expected credit losses on development and other assets - (26,940) (100)Impairment of development assets - (40,000) (100)Income loss before income taxes $(1,156) $(56,964) (98)Income tax recovery 520 1,194 (56)Net loss $(636) $(55,770) (99)Net loss attributable to GECC shareholders $(3,909) $(15,336) (75)Loss per share - GECC shareholders Basic $(0.06) $(0.22) (74)Diluted $(0.06) $(0.22) (74) EBITDA [Non-IFRS] (1) $19,976 $(39,148) (151)Adjusted EBITDA [Non-IFRS] (1) $12,145 $18,652 (35)Total assets $497,682 $477,733 4 Total non-current financial liabilities $159,452 $78,572 103 See section \"Non-IFRS Financial Measures\" for more information on each non-IFRS specified financial measure.Percentage change amounts reflect the relative change in the individual balance with the impact (negative or positive) on net...