Business
Global Education Communities Corp. Reports 2023 Third Quarter Financial Results
VANCOUVER, BC / ACCESSWIRE / July 17, 2023 / Global Education Communities Corp. (" GECC " or t...
About this update from Global Education Communities Corp
[{"type":"text","content":"Global Education Communities Corp. Reports 2023 Third Quarter Financial ResultsVANCOUVER, BC / ACCESSWIRE / July 17, 2023 / Global Education Communities Corp. (\" GECC \" or the \" Company \") (TSX:GEC)(OTCQX:GECSF) is pleased to report that it has filed on SEDAR its consolidated financial statements (\" Q3 2023 Financial Statements \") and related management's discussion and analysis (\" MD&A \") for its third quarter of fiscal 2023 ended May 31, 2023 (collectively, the \" Q3 Filing \"). The following is selected financial information for the nine months ended May 31, 2023 (\" YTD 2023 \") and comparative results (\" YTD 2022 \"). Please refer to the Q3 Filing in its entirety, which is available under the Company's profile at www.sedar.com .The following table presents selected financial data from the Q3 Filing with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted. 2023 YTD 2022 YTD % change(2) Total revenues $55,360 $52,671 5 Educational revenues - SSCC $29,381 $30,007 (2)Educational revenues - SSLC / VIC $8,363 $6,496 29 Educational revenues - CIBT China $2,829 $2,194 29 Rental revenues - GECH $14,013 $12,257 14 Development fees - GECH and Corporate $479 $588 (19)Design and advertising revenues - IRIX $295 $399 (26)Commissions and referral fees - GEA $906 $730 24 Gross profit (1) $30,882 $30,228 2 Other operating costs $(26,376) $(24,805) 6 Finance costs (11,437) (8,991) 27 Net gain (loss) on investment property fair value changes 2,049 (1,493) (237)Other income (expense), net 8 5,284 (100)Income (loss) before income taxes $(4,874) $223 (23)Income tax recovery (expense) 885 (95) n/m Net income (loss) $(3,989) $128 n/m Net income (loss) attributable to GECC shareholders $(3,275) $237 n/m Dividends declared - - - Income (loss) per share - GECC shareholders Basic $(0.05) $0.00 n/m Diluted $(0.05) $0.00 n/m EBITDA [Non-IFRS] (1) $10,704 $13,942 (23)Adjusted EBITDA [Non-IFRS] (1) $8,725 $14,964 (42)Non-IFRS specified financial measure. See \"Non-IFRS Financial Measures\" at the end of this news release for more information on each non-IFRS specified financial measure. Gross margins reflected in the table above and referenced in the MD&A below as \"Margins,\" are defined in the section \"Non-IFRS Financial Measures\" on page 15 of the MD&A.Percentage ...