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CIBT Education fiscal Q1 loss narrows YOY

CIBT Education Group Inc. said its normalized net income for the fiscal first quarter ended Nov. 30, 2014, was a loss of C$452,360, compared with a loss of C$713,800 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to negative 6.3% from negative 8.9% in the year-earlier period.

Total revenue decreased 10.8% on an annual basis to C$7.1 million from C$8.0 million, and total operating expenses decreased 12.7% from the prior-year period to C$7.9 million from C$9.0 million.

Reported net income totaled a loss of C$645,820, or a loss of 1 cents per share, compared to a loss of C$1.3 million, or a loss of 2 cents per share, in the year-earlier period.