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Press release content from Accesswire. The AP news staff was not involved in its creation.

CIBT Reports Financial Results for First Quarter of Fiscal 2022

January 14, 2022 GMT
VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that it has filed on SEDAR its consolidated financial statements and related management's discussion ...
VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that it has filed on SEDAR its consolidated financial statements and related management's discussion ...
VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) ("CIBT" or the "Company") is pleased to report that it has filed on SEDAR its consolidated financial statements and related management's discussion ...

VANCOUVER, BC / ACCESSWIRE / January 14, 2022 / CIBT Education Group Inc. (TSX:MBA)(OTCQX:MBAIF) (“CIBT” or the “Company”) is pleased to report that it has filed on SEDAR its consolidated financial statements and related management’s discussion and analysis for its first quarter of fiscal 2022 (“F2022”) ended November 30, 2021 (collectively, the “Q1 Filing”). The following is selected financial information for the three months ended November 30, 2021 (“Q1 2022”) and comparative results. Please refer to the Q1 Filing in its entirety, which is available under CIBT’s profile at www.sedar.com.

All figures are in thousands of Canadian dollars except share and per share data unless otherwise noted.

(1) See below for reconciliation.

The following reconciles the net income to EBITDA and Adjusted EBITDA (non-IFRS):

(1) Please refer to Non-IFRS Financial Measurements at the end of this news release.

(1) Please refer to Non-IFRS Financial Measurements at the end of this news release.

“During Q1 F2022, we experienced significant recovery and growth in several areas of our business. We are pleased to report $17.07 million in total revenue, an increase of 19% over the first quarter of fiscal 2021 (“Q1 F2021″) despite the COVID-19 pandemic causing economic challenges on companies worldwide,” commented Toby Chu, Chairman, President and CEO of CIBT. “On the education front, SSCC educational revenue increased by 8% over Q1 F2021, from $9.17 million to $9.88 million, and after nearly two years of border lockdown, our international college, SSLC and VIC reported a 209% growth in revenue over Q1 F2021, increasing from $0.62 million to $1.91 million for the first three months of F2022. Correspondingly, our real estate rental revenue across all GEC® properties increased by 145% over Q1 F2021, from $1.59 million to $3.89 million for the first three months of F2022, while our international recruitment revenue also increased substantially by 196% over Q1 F2021. Overall, our EBITDA increased by 16% over Q1 F2021, from $5.05 million to $5.87 million.”

Q1 2022Q1 2021% Change

Total revenues

$17,074$14,40219

Educational revenues - Sprott Shaw College Corp. ("SSCC")

$9,879$9,1708

Educational revenues - Sprott Shaw College ("SSLC") / Vancouver International College ("VIC")

$1,906$616209

Educational revenues - CIBT School of Business & Technology Corp. ("CIBT China")

$732$748(2)

Rental revenues - Global Education City Holdings Inc. ("GECH")

$3,891$1,591145

Development fees - GECH and corporate

$286$1,979(86)

Design and advertising revenues - IRIX Design Group Inc.

$128$213(40)

Commissions and referral fees - Global Education Alliance Inc.

$252$85196

Other operating expenses

$(8,244)$(8,019)3

Finance costs

$(3,283)$(2,778)18

Fair value (loss) gain on investment properties

$(464)$677(169)

Other income (expense), net

$3,249$2,69321

Income before income taxes

$1,052$1,340(21)

Income tax expense

(198)(241)(18)

Net income

$854$1,099(22)

Net income attributable to CIBT shareholders

$241$1,051(77)

Income per share - CIBT shareholders

Basic

0.000.01(100)

Diluted

0.000.01(100)

EBITDA [Non-IFRS] (1)

$5,874$5,05416
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November 30, 2021 August 31, 2021Dollar change % Change

Total assets

$526,433$519,039$7,3941%

Total liabilities

$321,397$315,456$5,9412%
Q1 2022Q1 2021

Net income

$8541,099

Deduct: interest income

(206)(881)

Add: interest expense

3,4812,847

Add: income tax provision

198241

Add: depreciation and amortization

1,5471,748

EBITDA [non-IFRS] (1)

$5,8745,054

Add: loss/deduct (gain) on changes in fair value of investment properties

464(677)

Add: loss/deduct (gain) on derivatives, net

(198)(69)

Adjusted EBITDA [non-IFRS] (1)

$6,1404,308
November 30, 2021August 31, 2021November 30, 2020

Equity attributable to CIBT shareholders (book value)

$50,738$50,797$51,610

Total common shares outstanding at period end

69,331,74069,978,24072,426,340

Book value per share (1)

$0.73$0.73$0.71

Toby added, “Additionally, we continue to exhibit a healthy balance sheet at the end of the first quarter of F2022. Our total asset value has increased by $7.39 million from $519.04 million to $526.43 million, and our book value per share increased to $0.73 as of November 30, 2021, compared to $0.71 as of November 30, 2021. We are pleased with the progress and recovery we made over the last quarter and moving forward, we will focus mainly on increasing revenues from existing and new programs and services, streamlining operations by controlling cost and interest expenses, commencing construction of various GEC® projects, and evaluating potential exit transactions of certain operational and stabilized projects to gain new growth capital while reducing interest costs and increasing CIBT’s ownership interests in our projects.”

About CIBT Education Group:

CIBT Education Group Inc. is one of the largest education and student housing investment companies in Canada, focused on the domestic and the global education market since 1994. CIBT owns business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 46 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus and CIBT School of Business. CIBT offers over 150 educational programs in healthcare, business management, e-commerce, hotel management, and language training through these schools. In 2020, CIBT provided educational and housing services to over 11,000 students through its various subsidiaries.

CIBT owns Global Education City Holdings Inc. (“Global Holdings”), an investment holding and development company focused on education-related real-estate such as student-centric rental apartments, hotel and education super-centres. Under the GEC® brand, Global Holdings provides accommodation service to 72 schools in Metro Vancouver, serving 1,500 students from 77 countries. The total portfolio and development budget under the GEC® brand exceed $1.5 billion.

CIBT also owns Global Education Alliance Inc. (“GEA”) and Irix Design Group Inc. (“Irix Design”). GEA recruits international students for many elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix Design is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at www.cibt.net.

Toby Chu

Chairman, President & CEO

CIBT Education Group Inc.

Investor Relations Contact: 1-604-871-9909 extension 318 or | Email: info@cibt.net

FORWARD-LOOKING STATEMENTS

Some statements in this news release contain forward-looking information (the “forward-looking statements”) about CIBT and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements as to CIBT’s plan to increase revenues, streamline operations, commence construction of various GEC® projects, evaluate potential exit transactions of certain operational and stabilized projects to gain new growth capital while reducing interest costs, and increase CIBT’s ownership interests in its projects. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the “Risks”) that could cause CIBT’s actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation those identified in CIBT’s management’s discussion and analysis forming part of the Q1 Filing and its annual information form for the fiscal year ended August 31, 2021 which is available under CIBT’s profile on SEDAR at www.sedar.com. 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. If CIBT updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

NON-IFRS FINANCIAL MEASUREMENTS

The Company has included non-IFRS performance measures throughout this press release, including (a) Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on change in fair value of the Company’s investment properties and the gain (loss) on change in fair value of derivative instruments; and (c) Book value per common share (“BVPS”) which is calculated as equity attributable to CIBT Education Group Inc. shareholders divided by total common shares outstanding at the end of the reporting period. These non-IFRS financial measurements do not have any standardized meaning as prescribed by International Financial Reporting Standards (“IFRS”) and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company’s financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income or any other financial measure of performance prescribed by IFRS. Reconciliation of non-IFRS measures has been provided in Company’s MD&A, as applicable, filed under the Company’s profile on www.SEDAR.com.

SOURCE: CIBT Education Group Inc.

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