Business
Global Education Communities Corp. Reports Fiscal 2024 Second Quarter Financial Results
VANCOUVER, BC / ACCESSWIRE / April 15, 2024 / Global Education Communities Corp. (" GECC " or th...
About this update from Global Education Communities Corp
[{"type":"text","content":"Global Education Communities Corp. Reports Fiscal 2024 Second Quarter Financial ResultsVANCOUVER, BC / ACCESSWIRE / April 15, 2024 / 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 (\"Q2 2024 Financial Statements\") and related management's discussion and analysis (\"MD&A\") for its second quarter of fiscal 2024 ended February 29, 2024 (collectively, the \"Q2 Filing\"). The following is selected financial information for the three months ended February 29, 2024 (\"Q2 2024\") and comparative results. Please refer to the Q2 Filing in its entirety, which is available under GECC's profile at www.sedarplus.ca.The following table presents selected financial data from the Q2 Filing with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted. 2024 YTD 2023 YTD $ Change(2) % Change(2) Total revenues $39,675 $35,459 $4,216 12 Educational revenues - SSCC $20,031 $18,561 $1,470 8 Educational revenues - SSLC / VIC $6,068 $5,625 $443 8 Educational revenues - CIBT $1,242 $1,274 $(32) (3) Rental revenues - GECH $10,252 $9,048 $1,204 13 Development fees - GECH and Corporate $952 $381 $571 150 Design and advertising revenues - IRIX $262 $221 $41 19 Commissions and referral fees - GEA $868 $349 $519 149 Gross profit (1) $23,355 $19,642 $3,713 19 Other expenses $(18,921) $(17,707) $(1,214) 7 Finance costs (7,854) (7,408) (446) 6 Net gain (loss) on investment property fair value changes (757) 2,560 (3,317) (130) Other income, net 10,554 57 10,497 n/m Income (loss) before income taxes $6,377 $(2,856) $9,233 (323) Income tax recovery (expense) (356) 685 (1,041) (152) Net income (loss) $6,021 $(2,171) $8,192 (377) Net income (loss) attributable to GECC shareholders $2,571 $(2,796) $5,367 (192) Income (loss) per share - GECC shareholders Basic $0.04 $(0.04) $0.08 (200) Diluted $0.04 $(0.04) $0.08 (200) EBITDA [Non-IFRS] (1) $16,651 $7,569 $9,082 120 Adjusted EBITDA [Non-IFRS] (1) $7,134 $5,143 $1,991 39 (1) See the section titled \"Non-IFRS Financial Measures\" for more information on each non-IFRS specified financial measure.(2) Percentage change amounts reflect the relative change in the individual balance with the impact (negative or positive) on net income.T...