CIBT Reports Nine Month Operating Results
July 14th, 2009 CNW Group: CIBT Education Group Inc. (the “Company”) (NYSE Amex & TSXV symbol: MBA) is pleased to report its fiscal 2009 third quarter operating results as of May 31, 2009.
For the nine months ending May 31, 2009, the Company’s gross revenue totaled $31,761,891 as compared to $24,696,526 for the nine months ending June 30, 2008, an increase of 29%. EBITDA (Earnings Before Interest Taxes Depreciation & Amortization) for the nine months ending May 31, 2009 was $2,140,809 as compared to $27,498 for the nine months ending June 30, 2008, an increase of 7,685%. Adjusting the EBITDA for the non-cash stock-based compensation expense and other non-cash expense items would result in an adjusted EBITDA of $2,728,922 for the nine months ending May 31, 2009, as compared to $1,153,225 for the nine months ending June 30, 2008, an increase of 137%. Net income after deduction of all non-cash expenses such as amortization, depreciation, good-will and stock based compensation for the nine months ending May 31, 2009 was $202,277.
Using an EBITDA analysis allows management to isolate financial statement items and actual financial results from normalized operations that contribute to the changes in income figures.
To view a copy of the Company’s interim financial statements for the three months ending May 31, 2009, please visit www.sedar.com or www.sec.gov/edgar.shtml.
CIBT Education Group Inc.
“Toby Chu”
Toby Chu
Vice-Chairman, President & CEO
Investor Relations Contact: Ed Cheung N. America Toll Free: 1-888-865-0901 extension 318 * Email: info@cibt.net
Legal Notice Regarding Forward-Looking Statements: “Forward-looking Statements” as defined in the Private Securities Litigation Reform Act of 1995 may be required 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.
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