VANCOUVER, April 16 /CNW/ - CIBT Education Group Inc. (the "Company")
(NYSE Amex & TSXV symbol: MBA) is pleased to report its fiscal 2009 second
quarter operating results as of February 28, 2009.
For the three months ending February 28, 2009, the Company's gross
revenues totalled $9,866,359 as compared to $8,978,829 for the three months
ending March 31, 2008, an increase of 10%. The Company generated an EBITDA
(Earnings Before Interest Taxes Depreciation & Amortization) of $593,927 for
the three months ending February 28, 2009 compared to $351,928 for the three
months ending March 31, 2008. Adjusting the EBITDA for stock-based
compensation, a non-cash expense item that has no impact on the Company's
operating cash flow, would result in an adjusted EBITDA of $778,147. The
Company incurred a net loss of $76,812 for the three months ending February
For the six months ending February 28, 2009, the Company's gross revenue
totaled $20,387,268 as compared to $12,095,742 for the six months ending March
31, 2008, an increase of 69%. EBITDA for the six months ending February 28,
2009 was $1,361,747 as compared to a loss of $342,892 for the six months
ending March 31, 2008. Adjusting the EBITDA for the non-cash stock-based
compensation expense would result in an adjusted EBITDA of $1,762,922. Net
income for the six months ending February 28, 2009 was $72,857.
Using an EBITDA analysis allows management to isolate financial statement
items that contribute to the changes in income (loss) figures.
To view a copy of the Company's interim financial statements for the
three months ending February 28, 2009, please visit www.sedar.com or
CIBT Education Group Inc.
Vice-Chairman, President & CEO
Legal Notice Regarding Forward-Looking Statements: "Forward-looking
Statements" as defined in the Private Securities Litigation Reform Act of 1995
may be included in this news release. These statements relate to future events
or CIBT's future financial performance. These statements are only predictions
and may differ materially from actual future results or events. CIBT disclaims
any intention or obligation to revise any forward-looking statements whether
as a result of new information, future developments or otherwise. There are
important risk factors that could cause actual results to differ from those
contained in forward-looking statements, including, but not limited to risks
associated with changes in general economic and business conditions, actions
of CIBT's competitors, the extent to which CIBT is able to develop new
services and markets for their services, the time and expense involved in such
development activities, the level of demand and market acceptance of their
services and changes in our business strategies.
Neither the NYSE Amex nor the TSX Venture Exchange or its regulation
services provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news
release. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction.
For further information:
For further information: Investor Relations Contact: N. America Toll
Free: 1-800-574-0901*, Email: email@example.com