Business
ProBility Media Corp. Reports Fiscal Third Quarter 2018 Financial Results
ProBility Media Corp. Reports Fiscal Third Quarter 2018 Financial Results.
About this update from Probility Media Corp.
[{"type":"text","content":"\nNine Month Revenue Up 75%; Third Quarter Revenue Down 11%\n HOUSTON, Oct. 26, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – ProBility Media Corp. (OTCQB: PBYA), an education technology (EdTech) company offering immersive technologies, digital learning and compliance solutions for the industrial education and training markets, today announced its financial results for the fiscal 2018 third quarter ended July 31, 2018. Revenue for the nine months ended July 31, 2018 totaled $10,456,581, an increase of 75% compared to $5,972,276 for the nine months ended July 31, 2017. The increase was primarily due to sales contributed by companies that were acquired during the nine-month period. Revenue for the third quarter of 2018 totaled $2,703,470, a decrease of 11% compared to revenue of $3,043,449 in the third quarter ended July 31, 2017. The decrease was due to a change in credit terms requiring payment in advance for all special orders and reduced advertising expenditures which combined to produce a negative impact on sales. The Company plans to increase advertising expenditures in the first calendar quarter 2019. “ProBility has undertaken certain aggressive initiatives to streamline and improve the operational efficiency of the Company which we believe will offer us the opportunity to turn profitable in calendar year 2019,” stated Evan Levine, CEO of ProBility Media Corp. “The Company is currently taking steps to address payables and debt. In order to reduce costs and increase margins, the Company has adjusted its business model by moving away from printed materials to higher margin training and e-learning products. We are focusing our range of products to reduce inventory and have moved our fulfillment of orders from our Houston office to Amazon. The Company is also in the process of settling certain debt obligations which would positively impact the balance sheet and income statement.” Recent Operating Highlights: Disco Learning Media Authored the Instructional Content for the Launch of a Renewable Energy Stem Resource for K-5 Schools for MP2 Energy, a Subsidiary of Shell Energy North America.ProBility Media Corp. Increased Efficiency by Expanding its Amazon Service Relationship.Disco Learning Media and Immersive Experience Partner VISYON Launched a New Augmented Reality App for Georgia Public Broadcasting....