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CIBT Education swings to profit in fiscal Q1

CIBT Education Group Inc. said its normalized net income for the fiscal first quarter ended Nov. 30, 2015, amounted to C$372,470, compared with a loss of C$452,360 in the prior-year period.

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

The normalized profit margin increased to 4.0% from negative 6.3% in the year-earlier period.

Total revenue rose 31.4% on an annual basis to C$9.4 million from C$7.1 million, and total operating expenses increased 11.2% year over year to C$8.8 million from C$7.9 million.

Reported net income totaled C$691,900, or 1 cents per share, compared to a loss of C$645,820, or a loss of 1 cents per share, in the year-earlier period.