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CIBT Education swings to profit in fiscal Q2

CIBT Education Group Inc. said its normalized net income for the fiscal second quarter ended Feb. 29 came to 1 Canadian cents per share, compared with a loss of 4 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$773,830, compared with a loss of C$2.3 million in the prior-year period.

The normalized profit margin climbed to 6.4% from negative 27.5% in the year-earlier period.

Total revenue climbed 17.7% year over year to C$9.8 million from C$8.3 million, and total operating expenses grew 8.5% from the prior-year period to C$8.8 million from C$8.1 million.

Reported net income declined 32.9% on an annual basis to C$686,000, or 1 cent per share, from C$1.0 million, or 2 cents per share.