Science & Technology
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Published in Science and Technology on Tuesday, May 7th 2013 at 12:15 GMT by Market Wire
May 07, 2013 15:00 ET
ACT360 Solutions Announces Financial Results for Quarter Ended March 31, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 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 March 31, 2013. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.
| Three Months Ended March 31, 2013 | Three Months Ended March 31, 2012 | |
| Sales | $285,920 | $169,325 |
| Net Income (Loss) | ($6,487) | $14,913 |
| Earnings (Loss) per share | ($0.00) | $0.00 |
| Total Assets | $356,375 | $275,979 |
For the three months ended March 31, 2013, the Company's revenue increased by 69% to $285,920 compared to revenue of $169,325 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 77% compared to the prior year quarter. The Company's international student marketing service showed continued growth during the quarter with sales rising 190% year over year. Increased marketing budget allocation from the Company's existing higher education clients drove the increase in sales. Consumer e-commerce sales were steady during the quarter, while TestDEN B2B sales grew 38% year over year with new orders from channel partners.
On a consolidated basis for the three months ended March 31, 2013, the Company had a net loss of $6,487 on sales of $285,920 compared to a profit of $14,913 on sales of $169,325 during the same period in the previous year.
Excluding non-cash stock based compensation expense of $21,515 for stock options granted during the quarter, the Company had an operating profit $15,028 for the three months ended March 31, 2013.
On a consolidated basis, expenses were $292,704 in the second quarter ended March 31, 2013 compared to $154,413 in the second quarter ended March 31, 2012. Selling, office, and general expenses were higher as the Company allocated greater resources towards global branding and business development activities to support TestDEN Higher Education revenue.
The unaudited consolidated financial statements and Management Discussion and Analysis for the quarter ended March 31, 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.
