Nexient Learning Inc. Announces 2008 Financial Results



    SYDNEY, NS, April 24 /CNW/ - Nexient Learning Inc. (NEX: NXL-H.V)
Canada's largest provider of skills and talent development, announced today
its financial results for the fourth quarter and audited financial results
year ended December 31, 2008.
    "Fiscal 2008 was a year of transition and challenge for Nexient.
Following the conclusion of a strategic review of the business early in 2008
and the subsequent recapitalization of the business completed on June 30,
2008, the Company focused its efforts on its stated goals of improving revenue
performance, streamlining our processes and focusing on operational
excellence." said Donna de Winter, President & CEO. "However, toward the end
of the third quarter and all of the fourth quarter of 2008, the business was
adversely impacted by the Canadian federal election when most government
training budgets were frozen and, of course, the broad base economic recession
that so quickly descended upon the country. As a consequence, Nexient's
financial performance in the fourth quarter of 2008 and for the entire year
was disappointing."
    Ms. de Winter continued: "During the year the Company has been engaged in
activities to better meet our customer's needs, position the Company
competitively and deliver improved financial performance to our key
stakeholders. We also analyzed our customer markets to develop revenue growth
strategies that include sales segmentation, product innovation and
partnering."

    
    Selected Annual Information

    For the fiscal year ended December 31:
    -------------------------------------------------------------------------
                                           4th Quarter         Fiscal Year
                                            (unaudited)         (audited)
    (in millions)                         2008      2007      2008      2007
    -------------------------------------------------------------------------
    Revenues                          $   14.3  $   16.6  $   55.2  $   61.2

    EBITDA (see note)                     (0.4)      1.3       0.5       3.8

    Net loss                              (4.6)    (11.8)     (9.1)    (14.6)
    Loss per share                      (0.258)   (1.362)   (0.690)   (1.685)
    -------------------------------------------------------------------------

    Note - EBITDA - Earnings before interest, taxes, depreciation and
    amortization does not have a standardized meaning under GAAP. For our
    purposes it is calculated as revenues minus cost of revenues, general and
    administrative, sales and marketing, and restructuring expenses. However,
    management believes that this is a useful performance measure as it
    approximates cash generated from operations.
    

    Annual Files

    Nexient Learning Inc. has filed via SEDAR its audited annual consolidated
financial statements and Management's Discussion and Analysis for the year
ended December 31, 2008, including further discussion and analysis of fourth
quarter events or items that affected results of operations, financial
position and cash flows. These filings will be available via www.sedar.com and
is currently available on the Company's website at www.nexientlearning.com.
    The Company's Annual General and Special Meeting of shareholders will be
held in early June in Toronto subsequent to the preparation and circulation of
the 2008 Annual Report and management information circular. Specific details
to follow.
    With regret, the Board of Directors also announces that Rod Phillips has
resigned from the Board of Directors effective April 6, 2009. Mr. Phillips
offers his support to both management and the Board of Directors however other
time demands do not permit the time required to serve on Nexient's board.

    About Nexient Learning Inc.

    Nexient Learning Inc. is the largest corporate training and consulting
company in Canada. Nexient delivers the broadest choice of top calibre,
industry-recognized curricula in information technology, business process
improvement and leadership and business skills. Nexient's learning services
include learning management systems, curriculum development and strategic
consulting. With 18 locations across Canada, Nexient offers innovative
learning solutions in both classroom and online formats. Nexient is traded on
the NEX as "NXN-H.V More information is available on the company's website at
www.nexientlearning.com.

    Forward Looking Statements

    This press release contains forward-looking statements. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
including economic conditions which may cause the actual results, performance
or achievements of the Corporation to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking statements. The recapitalization remains subject to customary
conditions including receipt of shareholder approval, and there can be no
assurance that the recapitalization will be completed as scheduled or at all.
The Company specifically disclaims any obligation to update these
forward-looking statements, except as required by applicable securities laws.
There can be no assurance that the recapitalization will be completed or that
other forward-looking statements will prove to be accurate and readers should
not place undue reliance on forward-looking statements.
    %SEDAR: 00002373E




For further information:

For further information: Douglas Lawson, Chief Financial Officer,
Nexient Learning Inc., (416) 964-8688 ext. 2200, dlawson@nexientlearning.com

Organization Profile

NEXIENT LEARNING INC.

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