CIBT Reports Financial Results for Third Quarter of Fiscal 2021
All figures are in thousands of Canadian dollars except share and per share data unless otherwise noted . Capitalized terms used but not defined herein have the meanings ascribed to those terms in the management's discussion and analysis for Q3 2021.
Q3 2021 YTD | Q3 2020 YTD | % Change | ||
Total revenues | (4)% | |||
Educational revenues - SSCC | 7% | |||
Educational revenues - | (69)% | |||
Educational revenues - CIBT China | 5% | |||
Design and advertising revenues - IRIX | 2% | |||
Commissions and referral fees - GEA | 15% | |||
Rental revenues - GECH | (18)% | |||
Development fees - GECH and Corporate | 224% | |||
Other operating expenses | 2% | |||
Finance costs | 85% | |||
Gain on change in fair value of investment properties | 6% | |||
Other Income, net | 953% | |||
Income before income taxes | 19% | |||
Net Income | 14% | |||
Net Income attributable to CIBT shareholders | 21% | |||
Income per Share - CIBT shareholders - basic | 13% | |||
Income per Share - CIBT shareholders - diluted | (71)% | |||
EBITDA [Non-IFRS] | 28% |
The following reconciles the net income (loss) to EBITDA and Adjusted EBITDA (non-IFRS):
Q3 2021 | Q3 2020 | Q3 YTD 2021 | Q3 YTD 2020 | |
$ | $ | $ | $ | |
Net income (loss) - Continuing operations | (1,320) | 1,111 | 6,289 | 5,537 |
Deduct: interest income | (954) | (766) | (2,739) | (2,305) |
Add: interest expense | 3,184 | 2,182 | 9,105 | 6,236 |
Add: income tax provision (recovery) | (339) | 251 | 816 | 409 |
Add: depreciation and amortization | 1,655 | 1,154 | 5,000 | 4,498 |
EBITDA [non-IFRS] | 2,226 | 3,932 | 18,471 | 14,375 |
Add loss/deduct (gain) on changes in fair value of investment properties | 298 | (2,180) | (8,779) | (8,261) |
Add loss/deduct (gain) on derivatives, net | 976 | (461) | 1,055 | (751) |
Adjusted EBITDA [non-IFRS] | 3,500 | 1,291 | 10,747 | 5,363 |
Dollar Change | % Change | |||
Total assets | 15% | |||
Total liabilities | 15% |
The following presents Book Value per Share (" BVPS "). Please refer to the note at the end of this news release concerning non-IFRS financial measures.
Equity attributable to CIBT Shareholders (book value) | |||
Total common shares outstanding at period end | 72,426,340 | 74,543,540 | 74,543,540 |
Book value per Share - BVPS |
"During the first nine months of fiscal 2021, the market sentiment for the education and real estate sector continued to improve although the province of
Key highlights of the Company's Q3 2021 financial results:
- Domestic education revenue from
Sprott Shaw College grew by 7% from$27.881M to$29.72M -
GECH's real estate development revenue grew by 224% from 0.939M to
$3.038M -
Net Income attributable to CIBT shareholders increased by 21%, from
$5.595M to$6.755M -
Income Per Share (basic) for CIBT shareholders increased by 13% from
$0.08 to$0.09 -
EBITDA increased by 28% from
$14.375M to$18.471M -
Gain on changes in fair value of investment properties grew by 6% from
$8.261M to$8.779M , reflecting a burgeoning real estate market in Metro Vancouver. The value proposition by the GEC® projects enhances the value of CIBT's investment holdings -
Total assets grew by 15% from
$452.767M to$518.697M
"Furthermore, Metro Vancouver's real estate sector has experienced an upward trend for eight consecutive months, from
About
CIBT is one of
*1 https://www2.gov.bc.ca/gov/content/covid-19/info/restart#plan*2 https://www.rebgv.org/market-watch/monthly-market-report.html
CIBT's education subsidiaries include
CIBT's real estate subsidiary,
CIBT also owns
Chairman, President & CEO
Investor Relations Contact: 1-604-871-9909 extension 319 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, the statement that CIBT expects to boost revenues in its education segment as well as the rental apartment and hotel businesses in fiscal 2022. 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 that student course enrollments and accommodation bookings don't continue in the numbers expected due to COVID-19 or for other reasons, and the Risks identified in CIBT's annual information form for the fiscal year ended
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 Share which is calculated as equity attributable to CIBT 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 throughout the Company's MD&A, as applicable, filed under the Company's profile on www.sedar.com .
SOURCE:
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