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 .
全球教育社區公司（“ GECC”或“公司”）（TSX：GEC）（OTCQX International：GECSF）很高興報告，其已在SEDAR+上提交了其基本報表（“ 2024第3季度基本報表”）和有關管理層的討論和分析（“ MD&A”），截至2024年5月31日結束的2024財年第三季度（統稱爲“ Q3 Filing”）。下面是2024年5月31日結束的三個月的選擇性財務信息（“ Q3 2024”）和比較結果。請參閱可在GECC的檔案下完整獲取的Q3備案。
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.
下表呈現了選定的財務數據，包括2024年TDP和2023年TDP，全部數字以加元計，除非另有說明。
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年累計銷售額 |
2023年累計銷售額 |
%變化2024（2） |
||||||||||||||
總收入 |
$ |
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) |
) |
||||||||||
租賃收入 - GECH |
$ |
1,867 |
$ |
2,829 |
（34 |
) |
||||||||||
開發費 - GECH和Corporate |
$ |
13,807 |
$ |
14,013 |
(1) |
) |
||||||||||
設計和廣告收入 - IRIX |
$ |
1,333 |
$ |
479 |
178 |
|||||||||||
佣金和推薦費-GEA |
$ |
419 |
$ |
295 |
41 |
|||||||||||
(28,247 |
$ |
1,055 |
$ |
906 |
16 |
|||||||||||
毛利潤 (1) |
$ |
33,868 |
$ |
30,882 |
10 |
|||||||||||
其他費用 |
$ |
(26,376 |
) |
$ |
(10,875 |
) |
7 |
|||||||||
財務成本 |
(11,437 |
) |
投資物業公允價值變動的淨收益（虧損） |
) |
（5 |
) |
||||||||||
10,550 |
(1,043 |
) |
2,049 |
（151 |
) |
|||||||||||
其他收入，淨額 |
(3,989 |
8 |
未達成 |
|||||||||||||
稅前收益（虧損） |
$ |
4,253 |
$ |
(4,874 |
) |
（187） |
) |
|||||||||
所得稅收回(支出) |
（452 |
) |
885 |
（151 |
) |
|||||||||||
淨利潤（損失） |
$ |
3,801 |
$ |
所有板塊 |
) |
（195 |
) |
|||||||||
淨利潤（虧損）歸屬於GECC股東 |
$ |
2,822 |
$ |
(3,275 |
) |
(186 |
) |
|||||||||
分紅派息
|
- |
- |
- |
|||||||||||||
每股收益（虧損）- GECC股東 |
||||||||||||||||
基本 |
$ |
0.04。 |
$ |
$ |
（0.05 |
) |
(180 |
) |
||||||||
攤薄 |
$ |
0.04。 |
$ |
$ |
（0.05 |
) |
(180 |
) |
||||||||
EBITDA [非IFRS]（1） |
$ |
18,445 |
$ |
10,704 |
72 |
|||||||||||
調整後的EBITDA [非IFRS]（1） |
$ |
9,356 |
$ |
8,725 |
7 |
|||||||||||
總資產 |
$ |
486,282 |
$ |
497,924 |
(2 |
) |
||||||||||
全部非流動負債 |
$ |
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.
關於更多非IFRS指定財務測量信息的詳細信息，請參見標題爲“非IFRS財務測量”部分。
百分數變化金額反映了各個餘額相對變化，對淨利潤的影響（負面或正面）。
"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.
“儘管於2023年11月出售我們的酒店物業導致酒店收入的損失以及聯邦政府發佈的國際學生許可證數量的減少影響了國際招生，我們依然實現了穩定增長，並持續到了2024財年第三季度。”GECC的主席、總裁兼首席執行官Toby Chu說。“在前九個月中，公司的總營業收入同比增長了5%，而我們在Sprott Shaw College的國內和國外教育業務則穩步增長了7%。我們的招聘和學生諮詢部門GEA同比增長了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.
“大溫哥華地區住房短缺推動了我們的學生住房收入同比顯著增長。如果我們在Q1除去酒店物業出售後所失去的酒店收入，專門比較同比的學生住房收入，學生住房收入單獨實現了健康的33%同比增長。”
"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.
“總的來說，GECC的稅前淨收入達到了425.3萬美元，較去年同期增加了912.7萬美元。 EBITDA同比增長72%，達到1844.5萬美元。”
"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，加拿大央行的主要貸款利率下調了0.25％，在其高峰期持續約27個月。我們看到了未來幾個季度降息的積極信號。管理層將重點推出更多出租牀位，計劃於2024年8月部署GEC Kingsway，爲我們的投資組合增加284張新牀位。我們還預計在暑假後開始挖掘GEC Oakridge，提高GEC Langara的密度以及通過增加租賃樓層數量而減少商業樓層數量在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.
關於GECC：
自1994年以來，GECC一直是加拿大最大的教育和學生住房投資公司之一，專注於國內和全球教育市場。 GECC在加拿大和國外的40個地點開展業務，並開設商學院和語言學校，以學生爲中心的出租公寓，招聘中心和公司辦公室。其教育子公司包括成立於1903年的Sprott Shaw College Corp.，Sprott Shaw Language College，溫哥華國際學院職業校園和CIBt商業與技術學校。通過這些學校，GECC提供超過150個醫療保健，緊急醫務員，商業管理，電子商務，網絡安全，酒店管理和語言培訓課程。在2023財年，通過其教育，出租住房和招聘子公司，GECC服務於超過14,277名國內和國際學生。
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擁有Global Education City Holdings Inc.（"GECH"），這是一家專注於教育相關房地產的投資控股和發展公司，例如以學生爲中心的出租公寓和教育超級中心。在2023財年，GECH在大溫哥華地區以GEC品牌運營了15個物業，併爲92所夥伴學校提供住宿服務，爲來自71個國家/地區的3200名學生提供服務。 GEC品牌下的總投資組合和開發預算超過12億美元。
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還擁有Global Education Alliance Inc.（"GEA"）和Irix Design Group Inc.（"IRIX"）。 GEA爲北美的優秀幼兒園、小學、中學、大學和大學招收國際學生。IRIX是總部位於加拿大溫哥華的一家領先的設計和廣告公司。歡迎在此在線觀看我們的公司視頻：
For more information, contact:
Toby Chu
Chairman, President & CEO
Global Education Communities Corp.
如需更多信息，請聯繫：
Toby Chu主席兼首席執行官
全球教育社群公司
主席，總裁兼首席執行官
全球教育社區公司
Investor Relations Contact: 1-604-871-9909 extension 319 or | Email: info@GEChq.com
投資者關係聯繫方式：1-604-871-9909（分機319），或電子郵件：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.
前瞻性聲明
|本新聞發佈中的一些聲明包含與GECC及其計劃相關的前瞻性信息（“前瞻性聲明”）。前瞻性聲明是指不是歷史事實的聲明。本新聞發佈中的前瞻性聲明包括但不限於進一步降低加拿大央行的主要貸款利率的預期，計劃於2024年8月部署GEC Kingsway，預計在暑假後開始挖掘GEC Oakridge，提高GEC Langara的密度以及通過增加租賃樓層數量而減少商業樓層數量在Surrey修改GEC Education Mega Centre的配置。前瞻性聲明受到各種風險，不確定性和其他因素（統稱爲“風險”的影響），這些風險可能導致公司的實際結果或業績與前瞻性聲明中表達或暗示的不同。風險包括但不限於國內和全球經濟因素，建築行業的通常風險，適用市政當局的意外延遲或要求以及公司管理層在做出前瞻性聲明時的信仰，意見和期望，如果這些信仰，意見或期望或其他情況發生變化，則公司不會假定更新其前瞻性聲明，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 .
創業板身份
公司在這份新聞稿中包括了某些非IFRS財務指標，包括：(a) 利息、稅項、折舊和攤銷前利潤(“EBITDA”); (b) 調整後EBITDA是扣除了出售資產和設備的收益(損失)、投資資產變更公允價值的收益(損失)、預計信用損失、開發和其他資產減值、以及衍生工具公允價值調整等因素的EBITDA指標；以及 (c) 毛利潤(“Gross Profit”)，即收入與銷售成本之間的差額。這些非IFRS財務衡量標準沒有經過IFRS規定的標準化意義，因此不太可能與其他發行人所提供的類似指標相比較。因此，這些績效指標旨在提供更多信息，不應孤立或作爲IFRS準備的績效措施替代。管理層使用EBITDA和調整後EBITDA指標來衡量合併集團中業務部門和部分的盈利趨勢，因爲它消除了融資決策的影響。管理層使用毛利潤來評估公司銷售商品或服務的盈利效率。某些投資者、分析師和其他人士利用這些非IFRS財務指標評估公司的財務績效。這些非IFRS財務衡量標準並未作爲替代淨利潤(loss)或IFRS規定的任何其他的績效衡量標準呈現。非IFRS衡量標準的對比表已在公司的MD&A中提供，如適用，可在公司的資料檔案下查看。
SOURCE: Global Education Communities Corp
來源: 全球教育社區 corp