Global Education Communities Corp. Reports Fiscal 2024 Third Quarter Financial Results
Global Education Communities Corp. Reports Fiscal 2024 Third Quarter Financial Results
VANCOUVER, BC / ACCESSWIRE / July 15, 2024 / Global Education Communities Corp. ("GECC" or the "Company") (TSX:GEC)(OTCQX International:GECSF) is pleased to report that it has filed on SEDAR+ its consolidated financial statements ("Q3 2024 Financial Statements") and related management's discussion and analysis ("MD&A") for its third quarter of fiscal 2024 ended May 31, 2024 (collectively, the "Q3 Filing"). The following is selected financial information for the three months ended May 31, 2024 ("Q3 2024") and comparative results. Please refer to the Q3 Filing in its entirety, which is available under GECC's profile at .
全球教育社区公司（“ GECC”或“公司”）（TSX：GEC）（OTCQX International：GECSF）很高兴报告，其已在SEDAR+上提交了其基本报表（“ 2024第3季度基本报表”）和有关管理层的讨论和分析（“ MD&A”），截至2024年5月31日结束的2024财年第三季度（统称为“ Q3 Filing”）。下面是2024年5月31日结束的三个月的选择性财务信息（“ Q3 2024”）和比较结果。请参阅可在GECC的档案下完整获取的Q3备案。
The following table presents selected financial data from the Q3 Filing with comparisons. All figures are in thousands of Canadian dollars, except share and per share data, unless otherwise noted. References to "2024 YTD" are to the nine months ended May 31, 2024, and references to "2023 YTD" are to the nine months ended May 31, 2023.
下表呈现了选定的财务数据，包括2024年TDP和2023年TDP，全部数字以加元计，除非另有说明。
2024 YTD |
2023 YTD |
% Change 2024 (2) |
||||||||||||||
Total revenues |
$ |
58,066 |
$ |
55,360 |
5 |
|||||||||||
Educational revenues - SSCC |
$ |
31,302 |
$ |
29,381 |
7 |
|||||||||||
Educational revenues - SSLC / VIC |
$ |
8,283 |
$ |
8,363 |
(1 |
) |
||||||||||
Educational revenues - CIBT |
$ |
1,867 |
$ |
2,829 |
(34 |
) |
||||||||||
Rental revenues - GECH |
$ |
13,807 |
$ |
14,013 |
(1 |
) |
||||||||||
Development fees - GECH and Corporate |
$ |
1,333 |
$ |
479 |
178 |
|||||||||||
Design and advertising revenues - IRIX |
$ |
419 |
$ |
295 |
41 |
|||||||||||
Commissions and referral fees - GEA |
$ |
1,055 |
$ |
906 |
16 |
|||||||||||
Gross profit (1)
|
$ |
33,868 |
$ |
30,882 |
10 |
|||||||||||
Other expenses |
$ |
(28,247 |
) |
$ |
(26,376 |
) |
7 |
|||||||||
Finance costs |
(10,875 |
) |
(11,437 |
) |
(5 |
) |
||||||||||
Net gain (loss) on investment property fair value changes |
(1,043 |
) |
2,049 |
(151 |
) |
|||||||||||
Other income, net |
10,550 |
8 |
n.m. |
|||||||||||||
Income (loss) before income taxes |
$ |
4,253 |
$ |
(4,874 |
) |
(187 |
) |
|||||||||
Income tax recovery (expense) |
(452 |
) |
885 |
(151 |
) |
|||||||||||
Net income (loss) |
$ |
3,801 |
$ |
(3,989 |
) |
(195 |
) |
|||||||||
Net income (loss) attributable to GECC shareholders |
$ |
2,822 |
$ |
(3,275 |
) |
(186 |
) |
|||||||||
Dividends declared |
- |
- |
- |
|||||||||||||
Income (loss) per share - GECC shareholders |
||||||||||||||||
Basic |
$ |
0.04 |
$ |
$ |
(0.05 |
) |
(180 |
) |
||||||||
Diluted |
$ |
0.04 |
$ |
$ |
(0.05 |
) |
(180 |
) |
||||||||
EBITDA [Non-IFRS] (1)
|
$ |
18,445 |
$ |
10,704 |
72 |
|||||||||||
Adjusted EBITDA [Non-IFRS] (1)
|
$ |
9,356 |
$ |
8,725 |
7 |
|||||||||||
Total assets |
$ |
486,282 |
$ |
497,924 |
(2 |
) |
||||||||||
Total non-current financial liabilities |
$ |
159,335 |
$ |
159,090 |
- |
|||||||||||
2024年累计销售额 |
2023年累计销售额 |
%变化2024（2） |
||||||||||||||
总收入 |
$ |
58,066 |
$ |
55,360 |
5 |
|||||||||||
教育收入 - SSCC |
$ |
教育收入 - SSLC / VIC |
$ |
29,381 |
7 |
|||||||||||
教育收入 - CIBT |
$ |
8,283 |
$ |
8,363 |
(1) |
) |
||||||||||
租赁收入 - GECH |
$ |
1,867 |
$ |
2,829 |
（34 |
) |
||||||||||
开发费 - GECH和Corporate |
$ |
13,807 |
$ |
14,013 |
(1) |
) |
||||||||||
设计和广告收入 - IRIX |
$ |
1,333 |
$ |
479 |
178 |
|||||||||||
佣金和推荐费-GEA |
$ |
419 |
$ |
295 |
41 |
|||||||||||
(28,247 |
$ |
1,055 |
$ |
906 |
16 |
|||||||||||
毛利润 (1) |
$ |
33,868 |
$ |
30,882 |
10 |
|||||||||||
其他费用 |
$ |
(26,376 |
) |
$ |
(10,875 |
) |
7 |
|||||||||
财务成本 |
(11,437 |
) |
投资物业公允价值变动的净收益（亏损） |
) |
（5 |
) |
||||||||||
10,550 |
(1,043 |
) |
2,049 |
（151 |
) |
|||||||||||
其他收入，净额 |
(3,989 |
8 |
未达成 |
|||||||||||||
税前收益（亏损） |
$ |
4,253 |
$ |
(4,874 |
) |
（187） |
) |
|||||||||
所得税收回(支出) |
（452 |
) |
885 |
（151 |
) |
|||||||||||
净利润（损失） |
$ |
3,801 |
$ |
所有板块 |
) |
（195 |
) |
|||||||||
净利润（亏损）归属于GECC股东 |
$ |
2,822 |
$ |
(3,275 |
) |
(186 |
) |
|||||||||
分红派息
|
- |
- |
- |
|||||||||||||
每股收益（亏损）- GECC股东 |
||||||||||||||||
基本 |
$ |
0.04。 |
$ |
$ |
（0.05 |
) |
(180 |
) |
||||||||
摊薄 |
$ |
0.04。 |
$ |
$ |
（0.05 |
) |
(180 |
) |
||||||||
EBITDA [非IFRS]（1） |
$ |
18,445 |
$ |
10,704 |
72 |
|||||||||||
调整后的EBITDA [非IFRS]（1） |
$ |
9,356 |
$ |
8,725 |
7 |
|||||||||||
总资产 |
$ |
486,282 |
$ |
497,924 |
(2 |
) |
||||||||||
全部非流动负债 |
$ |
159,335 |
$ |
159,090 |
- |
|||||||||||
See the section titled "Non-IFRS Financial Measures" for more information on each non-IFRS specified financial measure.
Percentage change amounts reflect the relative change in the individual balance with the impact (negative or positive) on net income.
关于更多非IFRS指定财务测量信息的详细信息，请参见标题为“非IFRS财务测量”部分。
百分数变化金额反映了各个余额相对变化，对净利润的影响（负面或正面）。
"We continued into the third quarter of fiscal 2024 with steady growth despite the sale of our hotel property in November 2023 for $70 million resulting in lost hotel revenue, and despite the reduction of international student permits issued by the Federal government which impacted international enrollments," said Toby Chu, Chairman, President and Chief Executive Officer of GECC. "During the first nine months, the Company's total revenue increased by 5% year-over-year, and our domestic and international education revenue at Sprott Shaw College showed a steady growth of 7%. Our recruitment and student advisory division, GEA, grew by 16% year-over-year.
“尽管于2023年11月出售我们的酒店物业导致酒店收入的损失以及联邦政府发布的国际学生许可证数量的减少影响了国际招生，我们依然实现了稳定增长，并持续到了2024财年第三季度。”GECC的主席、总裁兼首席执行官Toby Chu说。“在前九个月中，公司的总营业收入同比增长了5%，而我们在Sprott Shaw College的国内和国外教育业务则稳步增长了7%。我们的招聘和学生咨询部门GEA同比增长了16%。”
"The housing shortage in Metro Vancouver drove significant growth in our student housing revenue year-over-year. If we exclude the lost hotel revenue after the sale of our hotel property in Q1, and compare exclusively the student housing revenue year-over-year, the student housing revenue alone achieved a healthy growth of 33% year-over-year.
“大温哥华地区住房短缺推动了我们的学生住房收入同比显著增长。如果我们在Q1除去酒店物业出售后所失去的酒店收入，专门比较同比的学生住房收入，学生住房收入单独实现了健康的33%同比增长。”
"Overall, GECC's net income before income tax reached $4.253 million, an increase of $9.127 million from the same period last year. EBITDA increased to $18.445 million, an increase of 72% year-over-year.
“总的来说，GECC的税前净收入达到了425.3万美元，较去年同期增加了912.7万美元。 EBITDA同比增长72%，达到1844.5万美元。”
"On June 5, 2024, the Bank of Canada's prime lending rate dropped 0.25% afterholding steadily at its peak for about 27 months. We are seeing positive signals for further rate decreases in the coming quarters of 2024 and 2025. Management will focus on rolling out more rental beds to the student community with the planned deployment of GEC Kingsway in August 2024, adding 284 new beds to our portfolio. We are also expecting the start of excavation of GEC Oakridge after the summer break, the upgrading of the density of GEC Langara and the modifying of the configuration of GEC Education Mega Centre in Surrey by increasing the number of rental floors while decreasing the number of commercial floors."
“2024年6月5日，加拿大央行的主要贷款利率下调了0.25％，在其高峰期持续约27个月。我们看到了未来几个季度降息的积极信号。管理层将重点推出更多出租床位，计划于2024年8月部署GEC Kingsway，为我们的投资组合增加284张新床位。我们还预计在暑假后开始挖掘GEC Oakridge，提高GEC Langara的密度以及通过增加租赁楼层数量而减少商业楼层数量在Surrey修改GEC Education Mega Centre的配置。”
About GECC:
GECC is one of Canada's largest education and student housing investment companies focused on the domestic and global education market since 1994. GECC operates business and language colleges, student-centric rental apartments, recruitment centres and corporate offices at 40 locations in Canada and abroad. Its education subsidiaries include Sprott Shaw College Corp. (established in 1903), Sprott Shaw Language College, Vancouver International College Career Campus, and CIBT School of Business & Technology Corp. GECC offers over 150 educational programs in healthcare, emergency paramedic, business management, e-commerce, cyber-security, hotel management, and language training through these schools. In fiscal 2023, GECC serviced over 14,277 domestic and international students through its educational, rental housing and recruitment subsidiaries.
关于GECC：
自1994年以来，GECC一直是加拿大最大的教育和学生住房投资公司之一，专注于国内和全球教育市场。 GECC在加拿大和国外的40个地点开展业务，并开设商学院和语言学校，以学生为中心的出租公寓，招聘中心和公司办公室。其教育子公司包括成立于1903年的Sprott Shaw College Corp.，Sprott Shaw Language College，温哥华国际学院职业校园和CIBt商业与技术学校。通过这些学校，GECC提供超过150个医疗保健，紧急医务员，商业管理，电子商务，网络安全，酒店管理和语言培训课程。在2023财年，通过其教育，出租住房和招聘子公司，GECC服务于超过14,277名国内和国际学生。
GECC owns Global Education City Holdings Inc. ("GECH"), an investment holding and development company focused on education-related real estate, such as student-centric rental apartments and education super-centres. In fiscal 2023, GECH operated fifteen properties under the GEC brand in Metro Vancouver and provided accommodation services to 92 partner schools serving 3,200 students from 71 countries. The total portfolio and development budget under the GEC brand exceeds $1.2 billion.
GECC拥有Global Education City Holdings Inc.（"GECH"），这是一家专注于教育相关房地产的投资控股和发展公司，例如以学生为中心的出租公寓和教育超级中心。在2023财年，GECH在大温哥华地区以GEC品牌运营了15个物业，并为92所伙伴学校提供住宿服务，为来自71个国家/地区的3200名学生提供服务。 GEC品牌下的总投资组合和开发预算超过12亿美元。
GECC also owns Global Education Alliance Inc. ("GEA") and Irix Design Group Inc. ("IRIX"). GEA recruits international students for elite kindergartens, primary and secondary schools, colleges and universities in North America. Irix is a leading design and advertising company based in Vancouver, Canada. Visit us online and watch our corporate video at .
GECC还拥有Global Education Alliance Inc.（"GEA"）和Irix Design Group Inc.（"IRIX"）。 GEA为北美的优秀幼儿园、小学、中学、大学和大学招收国际学生。IRIX是总部位于加拿大温哥华的一家领先的设计和广告公司。欢迎在此在线观看我们的公司视频：
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
如需更多信息，请联系：
Toby Chu主席兼首席执行官
全球教育社群公司
主席，总裁兼首席执行官
全球教育社区公司
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
投资者关系联系方式：1-604-871-9909（分机319），或电子邮件：info@GEChq.com
FORWARD-LOOKING STATEMENTS
| Some statements in this news release contain forward-looking information (the "forward-looking statements") about GECC and its plans. Forward-looking statements are statements that are not historical facts. Forward-looking statements in this news release include, without limitation, the expectation of further decreases in the Bank of Canada's prime lending rate, the planned deployment of GEC Kingsway in August 2024, the start of excavation of GEC Oakridge after the summer break, the upgrading of the density of GEC Langara and the modifying of the configuration of GEC Education Mega Centre. The forward-looking statements are subject to various risks, uncertainties and other factors (collectively, the "Risks") that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward-looking statements. The Risks include, without limitation, national and global economic factors, customary risks of the construction industry, unexpected delays or requirements of the applicable municipalities, and the other risk factors identified in the Company's management's discussion and analysis for the financial year ended August 31, 2023. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances should change, except as may be required by law.
前瞻性声明
|本新闻发布中的一些声明包含与GECC及其计划相关的前瞻性信息（“前瞻性声明”）。前瞻性声明是指不是历史事实的声明。本新闻发布中的前瞻性声明包括但不限于进一步降低加拿大央行的主要贷款利率的预期，计划于2024年8月部署GEC Kingsway，预计在暑假后开始挖掘GEC Oakridge，提高GEC Langara的密度以及通过增加租赁楼层数量而减少商业楼层数量在Surrey修改GEC Education Mega Centre的配置。前瞻性声明受到各种风险，不确定性和其他因素（统称为“风险”的影响），这些风险可能导致公司的实际结果或业绩与前瞻性声明中表达或暗示的不同。风险包括但不限于国内和全球经济因素，建筑行业的通常风险，适用市政当局的意外延迟或要求以及公司管理层在做出前瞻性声明时的信仰，意见和期望，如果这些信仰，意见或期望或其他情况发生变化，则公司不会假定更新其前瞻性声明，除非法律要求。
NON-IFRS FINANCIAL MEASURES
The Company has included certain non-IFRS financial measures in this news release including: (a) Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"); (b) Adjusted EBITDA which is EBITDA adjusted for the gain (loss) on sale of property and equipment, gain (loss) on Change in fair value of the Company's investment properties, the provision for expected credit losses on development and other assets, the impairment of development assets, and the gain (loss) on Change in fair value of derivative instruments; and (c) Gross Profit ("Gross Profit") which is the difference between revenue and direct costs of sales. These non-IFRS financial measurements do not have any standardized meaning as prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Accordingly, these performance measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Management uses EBITDA and Adjusted EBITDA metrics to measure the profit trends of the business units and segments in the consolidated group since it eliminates the effects of financing decisions. Management uses Gross Profit to assess how efficiently the Company generates profit from the sale of goods or services. Certain investors, analysts and others utilize these non-IFRS financial metrics in assessing the Company's financial performance. These non-IFRS financial measurements have not been presented as an alternative to net income (loss) or any other financial measure of performance prescribed by IFRS. Reconciliation of the non-IFRS measures have been provided throughout the Company's MD&A, as applicable, filed under the Company's profile on .
创业板身份
公司在这份新闻稿中包括了某些非IFRS财务指标，包括：(a) 利息、税项、折旧和摊销前利润(“EBITDA”); (b) 调整后EBITDA是扣除了出售资产和设备的收益(损失)、投资资产变更公允价值的收益(损失)、预计信用损失、开发和其他资产减值、以及衍生工具公允价值调整等因素的EBITDA指标；以及 (c) 毛利润(“Gross Profit”)，即收入与销售成本之间的差额。这些非IFRS财务衡量标准没有经过IFRS规定的标准化意义，因此不太可能与其他发行人所提供的类似指标相比较。因此，这些绩效指标旨在提供更多信息，不应孤立或作为IFRS准备的绩效措施替代。管理层使用EBITDA和调整后EBITDA指标来衡量合并集团中业务部门和部分的盈利趋势，因为它消除了融资决策的影响。管理层使用毛利润来评估公司销售商品或服务的盈利效率。某些投资者、分析师和其他人士利用这些非IFRS财务指标评估公司的财务绩效。这些非IFRS财务衡量标准并未作为替代净利润(loss)或IFRS规定的任何其他的绩效衡量标准呈现。非IFRS衡量标准的对比表已在公司的MD&A中提供，如适用，可在公司的资料档案下查看。
SOURCE: Global Education Communities Corp
来源: 全球教育社区 corp
