VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2013) - ACT360 Solutions Ltd. (TSX VENTURE:AKM) (the "Company" or "ACT360 Solutions"), a provider of Internet-based testing and international marketing programs for higher education, announced its unaudited financial results for the quarter ended June 30, 2013. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.
|Three Months Ended |
June 30, 2013
|Three Months Ended |
June 30, 2012
|Net Income (Loss)||$34,576||$8,113|
|Earnings (Loss) per share||$0.00||$0.00|
For the three months ended June 30, 2013, the Company's revenue increased by 68% to $286,891 compared to revenue of $170,839 for the same period in the previous year.
TestDEN Higher Education revenues, derived from the Company's proprietary language training products and international student marketing service, rose by 79% compared to the prior year quarter. The Company's international student marketing service continued to gain traction during the quarter with sales rising 181% year over year. Revenue growth resulted from increasing budget allocation from existing higher education clients, as well as the acquisition of new university clients. Consumer e-commerce sales grew 7% year over year, while TestDEN B2B sales declined 17% on lower corporate sales in Europe.
On a consolidated basis for the three months ended June 30, 2013, the Company had a net profit of $34,576 on sales of $286,891 compared to a profit of $8,113 on sales of $170,839 during the same period in the previous year.
Excluding non-cash stock-based compensation expense of $8,926 for stock options granted during the quarter, the Company had an operating profit $43,502 for the three months ended June 30, 2013.
On a consolidated basis, expenses were $252,623 in the third quarter ended June 30, 2013 compared to $162,727 in the third quarter ended June 30, 2012. Selling, office and general expenses rose 61% compared to the prior year quarter as the Company continued to invest in online marketing and build its TestDEN.com brand globally.
The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended June 30, 2013 are available at www.sedar.com.
About ACT360 Solutions Ltd.
ACT360 Solutions helps colleges and universities qualify and recruit international students. We are committed to assisting students from South America, Europe, Africa, the Middle East, and Asia achieve their study abroad goals.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding revenue estimates and future plans and objectives of ACT360 Solutions Ltd. - are forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are based on current expectations and analyses, including the effects of anticipated product, service, and distribution changes and the potential benefits of such efforts and activities on the Company's results of operations in future periods. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.