VANCOUVER, July 14 /CNW/ - 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
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.
%SEDAR: 00005932E
