Broadband Learning Corporation Annouces Third Quarter and Year to Date Results
27 Novembre 2007 - 2:00PM
Marketwired
SALT LAKE CITY, UTAH (TSX VENTURE: BLC), a participant in the
rapidly expanding distance learning market, today reported its
unaudited financial results for the three and nine months ended
September 30, 2007.
Three months ended September 30: 2007 2006
(C$000, except per share amounts)
Sales 1,044 413
Gross Profit 326 251
Loss from continuing operations (421) (715)
Net income (loss) (410) (682)
Earnings (loss) per share (0.01) (0.03)
Nine months ended September 30:
Sales 2,183 1,691
Gross Profit 753 789
Loss from continuing operations (1,532) (1,544)
Net income (loss) (1,508) (1,490)
Earnings (loss) per share (0.05) (0.06)
Sales, Operating loss, and Net loss for 2007 improved over 2006.
In September, 2007, i3CME, one of the Company's major customers,
gave notice that it was terminating its contract with the Company
early. Under the contract i3CME had made prepayments toward the
installation of a satellite network. The Company had purchased
equipment to be used in the installation and had expended in excess
of $500,000 in telemarketing efforts to secure users of the
network. As a result of i3CME's notification, as of September 30,
2007 the Company recognized as revenue $487,000 that had previously
been deferred. The Company also recognized $192,000 in material
costs related to the inventory purchased for the installation. The
telemarketing costs were expensed as incurred.
In Q2 and Q3 the Company completed a $500,000 sale of equipment
to i-vu UK which was similar to that used in the i-vu USA
installations.
Robert Dameron, CEO of Broadband Learning said, "While Sales and
Operating Results have improved they continue to be below
expectations. However, the Company has a firmer foundation than it
has ever had. The implementation of the project under the
previously announced contract with i-vu, USA, Inc. as described in
the Press Release dated August 29, 2007 and the announcement on
November 6, 2007 that it had closed on a sale of $1.5 million in
convertible debentures puts the Company in a sound position for
growth."
About Broadband Learning Corporation
Broadband Learning Corporation produces, distributes, supports
and manages distance-learning content needed by professionals,
corporations and, ultimately, consumers. Broadband Learning uses
proprietary technology and nationwide distribution capabilities.
Broadband Learning provides the professional development market
with a patented Internet-based learning system with on demand
flexibility, rich multimedia educational resources, and
administrative management capabilities. This enables training
companies, instructors and content providers to protect their
intellectual properties and realize a significant expansion of
their reach. Broadband Learning serves North America and many
points around the world from its offices in Salt Lake City, Utah.
Many of Broadband Learning's products are delivered under the
"Broadband University" trade name.
This press release may contain forward-looking statements
relating to, among other things, Broadband Learning's expectations
concerning future product demand and growth opportunities and
customer acceptance of its products. These forward-looking
statements are neither promises nor guarantees, but involve risks
and uncertainties that may cause actual results to differ
materially from those in the forward-looking statements. Broadband
Learning disclaims any obligation to publicly update or revise any
such statements.
This news release will not constitute an offer to sell or the
solicitation of any offer to buy the securities in any
jurisdiction. The securities offered will not be and have not been
registered under the United States Securities Act of 1933 and may
not be offered or sold in the United States.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this press release.
Contacts: Broadband Learning Corporation Robert Dameron CEO
(801) 281-2266 x 224 Website: www.broadbandlearning.com
Broadband Learning (Tier2) (TSXV:BLC)
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