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CIBT Education swings to loss in fiscal Q3

CIBT Education Group Inc. said its normalized net income for the fiscal third quarter ended May 31 came to a loss of C$4.3 million, compared with income of C$30,640 in the prior-year period.

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

The normalized profit margin dropped to negative 52.2% from 0.4% in the year-earlier period.

Total revenue increased year over year to C$8.1 million from C$8.0 million, and total operating expenses rose 5.0% on an annual basis to C$8.5 million from C$8.1 million.

Reported net income came to C$3.4 million, or 5 cents per share, compared to a loss of C$289,710, or a loss of 0 cents per share, in the year-earlier period.