CIBT Reports $10 Million Earnings for Nine Months Ending May 31, 2016

July 15, 2016

Vancouver, B.C., July 15th, 2016 – CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (“CIBT” or the “Company”) is pleased to report that it has filed its consolidated financial statements and related Management’s Discussion and Analysis for its third quarter ending May 31, 2016. To review the filing, please visit CIBT’s profile on the SEDAR website (

“We are very pleased with our Q3 results as they reflect our commitment to successfully integrate our legacy education business with our fast growing and profitable student housing business,” said Toby Chu, President and CEO, Vice Chairman of CIBT. “In particular, our education revenues grew steadily at 2% during the first 9 months of the fiscal year while our rental revenue grew at a rate of 281% primarily as a result of our GEC managed downtown properties having near 100% occupancy since their acquisitions. Among the five GEC properties, we saw significant increases in property value across our entire portfolio. For the Q3 financial results, a conservative approach was taken and only two of the five properties’ increased values were included at a discount to current market value.”

“Our strategy remains focused on providing a channel for our domestic and international students to find affordable, safe and comfortable housing while we continue to grow our bed count in a market that remains very underserved,” continued Toby Chu. “In addition to the growth of our student housing portfolio, we remain active in acquiring undervalued education assets that will allow us to continue educating thousands of students across the province while growing our student housing pipeline.”

“For the remainder of 2016, the Company intends to continue to leverage its existing student resources to channel them into the GEC student housing portfolio. We anticipate having more than 400 beds available by the fall of 2016 and nearly 1,000 beds by spring 2017, thus providing us with stabilized long-term rental revenue. In addition to our housing portfolio, we expect our education assets to continue to generate stable revenue for the years to come.”

Highlights of the financial results are shown below. Please refer to the consolidated financial statements for the nine months ended May 31, 2016 and related Management’s Discussion and Analysis filed on SEDAR for complete details.

Selected Financial Information

9 Months Ended

9 Months Ended

May 31, 2016

May 31, 2015

Total revenues



General and administrative expenses



Gain (loss) on fair value changes in investment properties



Income – Continuing operations



Net income



Net income – CIBT Education Group Inc. shareholders



Income per share – CIBT Education Group Inc. shareholders



Total assets



Long-term liabilities




Noteworthy highlights for the nine month period ended May 31, 2016 with prior year comparative period results are as follows:

• Total revenue increased to $27.28 million from $23.40 million (+17%)
• Rental revenue increased to $1.44 million from $0.38 million (+281%)
• Development fee revenue increased to $3.62 million from $1.13 million (+220%)
• Net income increased to $10.00M from $2.02M (+394%)
• Net Income attributable to CIBT shareholders increased to $4.94 million from $26,937%)
• Earnings per share attributable to CIBT shareholders was $0.07 per share from $0.00%)
• EBITDA (Earnings Before Interest Tax Depreciation Amortization) increased to $11.05 million from $3.35M (+230%)
• Normalized EBITDA net of Non-recurring Expenses increased to $11.55 million from $3.59M (+222%)
• Total Assets increased to $100.85 million from $73.67 million, an increase of $27.19 million (+37%)
• Long Term Liabilities increased to $25.60 million from $24.17 million, an increase of $1.43 million (+6%)

Please note that Gain on Fair Value on only two out of the five properties in our portfolio were included in this 3rd quarter report. Any Gain on Fair Value on the remaining three properties in the GEC portfolio will be included in future reports as these projects are completed and possession is taken. If the current real estate market trends continue and or stabilize, then it is currently anticipated that Gain on Fair Value changes for the remaining three properties will be added to our future reports in coming quarters.


About CIBT Education Group:

CIBT Education Group Inc. is an education management company focused on the global education market since 1994. Listed in Canada on the Toronto Stock Exchange and in the U.S. on the OTCQX International, CIBT owns and operates a network of business, technical and language colleges in North America and Asia. CIBT offers cooperative joint programs in 12 countries with campuses, recruitment offices and training centers enrolling over 8,300 students annually. Its education business is operated through Sprott Shaw College (established in 1903), Acsenda School of Management, Vancouver International College, Vancouver International College, CIBT School of Business China, and Global Education Alliance Recruitment Centers at various overseas countries. Through these subsidiaries, CIBT offers recognized and approved business and management degrees, programs in college preparation, healthcare, hotel management and tourism, English language training, English Teacher Certifications, junior and high school preparation programs for overseas study, and other career/vocational training. CIBT also owns Irix Design Group, a leading design and advertising company based in Vancouver, Canada, Global Education Alliance and Global Education City Holdings Inc. Global Education Alliance recruits international students for many elite kindergarten, primary, secondary schools and universities in North America. GEC is an investment holding and management company with a special focus on education related real estate projects in Canada. Visit us online at,, and watch our corporate video at


Toby Chu

Vice-Chairman, President & CEO

CIBT Education Group Inc.

Investor Relations Contact:1-604-871-9909 extension 318 | Email:



Some statements in this news release contain forward-looking information (the “forward-looking statements”) about CIBT Education Group Inc. and its future plans. Forward-looking statements are statements that are not historical facts. The forward-looking statements are subject to various risks, uncertainties and other factors that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements, including but not limited to obtaining all necessary regulatory approvals. Forward-looking statements are based on the beliefs, opinions and expectations of CIBT’s management at the time they are made, and CIBT does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.

Request Info

Request Info Today!

If you have any general inquiries, please fill out this simple form and someone from our team will get back to you shortly!

Inquire today