Science & Technology
Science and Technology
Science and Technology
Fri, February 22, 2013
Thu, February 21, 2013 ACT360 Solutions Announces Financial Results for Quarter Ended December 31, 2012
February 21, 2013 15:04 ET
ACT360 Solutions Announces Financial Results for Quarter Ended December 31, 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2013) - ACT360 Solutions Ltd. (the "Company" or "ACT360 Solutions") (TSX VENTURE:AKM), a provider of Internet-based testing and international marketing programs for higher education, announced its unaudited financial results for the quarter ended December 31, 2012. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.
| Three Months Ended December 31, 2012 | Three Months Ended December 31, 2011 | |
| Sales | $226,110 | $191,826 |
| Net Income (Loss) | $15,047 | $2,907 |
| Earnings (Loss) per share | $0.00 | $0.00 |
| Total Assets | $294,039 | $102,101 |
For the three months ended December 31, 2012, the Company's revenue increased by 18% to $226,110 compared to revenue of $191,826 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 92% compared to the prior year quarter. The Company's international student marketing service performed strongly during the quarter with sales rising 296% year over year. Revenue growth resulted from greater international student traffic on the Company's test preparation portal [ www.testden.com ] and an increase in the number of high education clients.
On a consolidated basis for the three months ended December 31, 2012, the Company had a net profit of $15,047 on sales of $226,110 compared to a profit of $2,907 on sales of $191,826 during the same period in the previous year.
On a consolidated basis, expenses were $211,294 in the first quarter ended December 31, 2012 compared to $188,919 in the first quarter ended December 31, 2011, an increase of 12%. Selling, office, and general expenses were higher as the Company allocated greater resources towards advertising and business development activities to support TestDEN Higher Education revenue.
The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended December 31, 2012 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.
