2022-07-14 | TSX:MBA | Press Launch

2022-07-14 | TSX:MBA | Press Launch

VANCOUVER, BC / ACCESSWIRE / July 14, 2022 / CIBT Training Group Inc. (TSX:MBA)(OTCQX:MBAIF) (“ CIBT ” or the “ Firm “) is happy to report that it has filed on SEDAR its consolidated monetary statements and associated administration’s dialogue and evaluation for its third quarter of fiscal 2022 ended Could 31, 2022 (collectively, the “ Q3 Submitting “). The next is chosen monetary info for the 9 months ended Could 31, 2022 (“ Q3 2022 “) and comparative outcomes (“ Q3 2021 “). Please consult with the Q3 Submitting in its entirety, which is on the market below CIBT’s profile at www.sedar.com.

All figures are in 1000’s of Canadian {dollars} besides share and per share information until in any other case famous.

Q3 2022 YTD Q3 2021 YTD % change

Complete revenues

$ 52,671 $ 44,800 18

Instructional revenues – SSCC (1)

$ 30,007 $ 29,720 1

Instructional revenues – SSLC/VIC (1)

$ 6,496 $ 1,998 225

Instructional revenues – CIBT China (1)

$ 2,194 $ 2,328 (6)

Rental revenues – GECH (1)

$ 12,257 $ 6,678 84

Growth charges – GECH and Company

$ 588 $ 3,038 (81)

Design and promoting revenues – IRIX (1)

$ 399 $ 622 (36)

Commissions and referral charges – GEA (1)

$ 730 $ 416 75

Gross revenue (2)

$ 30,228 $ 26,285 15

Different working bills

$ (24,805) $ (24,769) 0

Finance prices

(8,991) (10,140) (11)

Change in truthful worth (loss) acquire on funding properties

(1,493) 8,779 (117)

Different revenue (expense), web

5,284 6,950 (24)

Earnings earlier than revenue taxes

$ 223 $ 7,105 (97)

Earnings tax (expense)

(95 ) (816) (88)

Internet revenue

$ 128 $ 6,289 (98)

Internet revenue attributable to CIBT shareholders

$ 237 $ 6,755 (96)

Earnings per share – CIBT shareholders


$ 0.00 $ 0.09 (100)


$ 0.00 $ 0.02 (100)


$ 13,942 $ 18,471 (25)

(1) As outlined beneath below “About CIBT Training Group Inc.”

(2) Please consult with Non-IFRS Monetary Measurements on the finish of this information launch.

The next reconciles the web revenue to EBITDA and Adjusted EBITDA (non-IFRS) (2) :

Q3 2022 YTD Q3 2021 YTD

Internet revenue

128 6,289

Deduct: curiosity revenue

(648) (2,739)

Add: curiosity expense

9,472 9,105

Add: revenue tax expense

95 816

Add: depreciation and amortization

4,895 5,000


13,942 18,471

Add loss / deduct (acquire) on adjustments in truthful worth of funding properties

1,493 (8,779)

Add loss /deduct (acquire) on derivatives, web

(471) 1,055

Adjusted EBITDA [non-IFRS]

14,964 10,747
Could 31, 2022 August 31, 2021 % Change

Complete property

$ 532,817 $ 519,039 3

Complete liabilities

$ 314,279 $ 315,456 0
Could 31, 2022 August 31, 2021 Could 31, 2021

Fairness attributable to CIBT Shareholders (e book worth)

$ 43,678 $ 50,797 $ 55,903

Complete widespread shares excellent at interval finish

68,460,740 69,978,240 72,426,340

BVPS (1)

$ 0.64 $ 0.73 $ 0.77

(1) Please consult with Non-IFRS Monetary Measurements on the finish of this information launch.

“Our companies proceed to get well quickly all through fiscal 2022 as highlighted by our complete year-to-date income growing by 18% to $52.67 million as in comparison with $44.80 million in the identical interval of the final fiscal yr,” commented Toby Chu, Chairman, President, and CEO of CIBT. “Our worldwide academic and rental housing revenues skilled vital progress of 225% and 84%, respectively. As well as, we captured the strongest progress in our worldwide college phase because it grew from $1.998 million to $6.496 million, highlighting a robust restoration within the worldwide training sector, with extra worldwide college students returning to Canada to finish their research. Comparable to the surge of worldwide college students arriving in Canada, our housing rental income elevated by 84%, from $6.678 million to $12.257 million. Our Adjusted EBITDA (non-IFRS) elevated 39% from $10.747 million to $14.964 million. Complete property elevated from $519.039 million to $532.817 million, a rise of $13.778 million or 3% with minimal adjustments to our complete liabilities.

“Because the starting of April 2022, most of our rental properties are working at close to full capability with rental charges increased than pre-COVID ranges,” continued Mr. Chu. “Most notably, our GEC® Granville resort enterprise has had a excessive occupancy charge because the starting of March. Primarily based on present bookings, the resort has nearly no emptiness all through the rest of the summer time. Total, the Common Each day Fee reached traditionally excessive ranges.”

Based on a Globe and Mail newspaper report (*a) revealed on July 5,2022, “ CIBC economists Benjamin Tal and Katherine Decide mentioned Canada is undercounting housing demand by near 500,000 households, together with college students, immigrants in addition to different non-permanent residents “. The report additionally quoted “ common asking charge for properties out there on Leases.ca, a nationwide rental itemizing website, reached $1,888 a month in Could – a 3.7-per-cent soar from April and a ten.5-per-cent enhance over the identical month final yr.”

Toby Chu added, “The numerous scarcity of rental housing provide, highlighted by Metro Vancouver’s low rental emptiness charge of 1.2% for purpose-built rental properties and 0.8% for apartment rental properties (*b) , coupled with growing demand and double-digit worth will increase, continued to create sturdy demand for the Firm’s rental portfolio throughout Q3 2022.”

(*a) https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-student-housing-rental-shortages/

(*b) https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/rental-market-reports-major-centres

About CIBT Training Group:

CIBT Training Group Inc. is certainly one of Canada’s largest training and pupil housing funding firms, centered on the home and world training market since 1994. CIBT owns enterprise and language faculties, student-centric rental residences, recruitment centres and company places of work at 45 places in Canada and overseas. Its training subsidiaries embody Sprott Shaw School Corp. (“ SSCC “) (established in 1903), Sprott Shaw Language School (“ SSLC “), Vancouver Worldwide School Profession Campus (“ VIC “) and CIBT College of Enterprise & Know-how Corp. (“ CIBT China “). CIBT affords over 150 academic packages in healthcare, enterprise administration, e-commerce, cyber-security, resort administration, and language coaching via these faculties. In 2021, CIBT serviced over 10,000 home and worldwide college students via its academic and rental housing subsidiaries.

CIBT owns International Training Metropolis Holdings Inc. (“ GECH “), an funding holding and growth firm centered on education-related real-estate resembling student-centric rental residences, resort and training super-centres. Beneath the GEC ® model, GECH supplies lodging companies to 90 faculties in Metro Vancouver, serving 1,500 college students from 71 international locations. The whole portfolio and growth price range below the GEC ® model exceed $1.5 billion.

CIBT additionally owns International Training Alliance Inc. (“ GEA “) and Irix Design Group Inc. (“ IRIX “). GEA recruits worldwide college students for a lot of elite kindergartens, main and secondary faculties, faculties and universities in North America. Irix Design is a number one design and promoting firm primarily based in Vancouver, Canada. Go to us on-line and watch our company video at www.cibt.web.

Toby Chu

Chairman, President & CEO

CIBT Training Group Inc.

Investor Relations Contact: 1-604-871-9909 extension 319 or | E mail: [email protected]


The Firm has included non-IFRS efficiency measures all through this press launch, together with (a) Earnings Earlier than Curiosity, Taxes, Depreciation and Amortization (“ EBITDA “); (b) Adjusted EBITDA which is EBITDA adjusted for the acquire (loss) on change in truthful worth of the Firm’s funding properties and the acquire (loss) on change in truthful worth of spinoff devices; and (c) Guide Worth per Share (“ BVPS “) which is calculated as fairness attributable to CIBT Training Group Inc. shareholders divided by complete widespread shares excellent on the finish of the reporting interval. Gross revenue for the Firm is the distinction between income and direct prices of gross sales. These non-IFRS monetary measurements should not have any standardized that means as prescribed by Worldwide Monetary Reporting Requirements (“ IFRS “) and are subsequently unlikely to be akin to comparable measures offered by different issuers. Accordingly, these efficiency measures are meant to offer extra info and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. Administration makes use of EBITDA metrics to measure the revenue tendencies of the enterprise items and segments within the consolidated group because it eliminates the results of financing choices. Sure traders, analysts and others make the most of these non-IFRS monetary metrics in assessing the Firm’s monetary efficiency. These non-IFRS monetary measurements haven’t been offered as a substitute for web revenue or some other monetary measure of efficiency prescribed by IFRS. Reconciliation of non-IFRS measures has been offered all through the Firm’s MD&A, as relevant, filed below the Firm’s profile on www.SEDAR.COM.

SOURCE: CIBT Training Group Inc.

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2022-07-14 | TSX:MBA | Press Launch

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