ACT360 Solutions Announces Financial Results for Quarter Ended December 31, 2013
25 Februar 2014 - 11:00PM
Marketwired
ACT360 Solutions Announces Financial Results for Quarter Ended
December 31, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 25, 2014) -
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,
2013. Results are in Canadian dollars and were prepared in
accordance with International Financial Reporting Standards.
Highlights for the first quarter:
- Revenue growth of 32% compared to the prior year quarter;
- Student Marketing Service revenue growth of 48% compared to the
prior year quarter;
- Acquisition of license to operate and monetize the websites
www.learnhub.com and www.jumbotests.com with a combined total of
2.5 million users and a substantial presence in India;
- Loss of $24,598 resulting from the Company's decision to
increase investment in global call center activities, online
branding, and corporate development to support and accelerate the
Company's long term growth objectives.
|
Three Months Ended December 31, 2013 |
|
Three Months Ended December 31, 2012 |
Sales |
$ |
298,472 |
|
$ |
226,110 |
Net Income (Loss) |
$ |
(24,598 |
) |
$ |
15,047 |
Earnings (Loss) per share |
$ |
(0.00 |
) |
$ |
0.00 |
Total Assets |
$ |
448,795 |
|
$ |
294,039 |
For the three months ended December 31, 2013, the Company's
revenue increased by 32% to $298,472 compared to revenue of
$226,110 for the same period in the previous year.
Student Marketing Service revenue, derived from the Company's
proprietary international student marketing platform, rose by 48%
compared to the prior year quarter. Revenue growth resulted from
increased marketing budget allocations from higher education
clients targeting international students. Internet Application
revenue rose by 19% as the Company sold more English tests and
grading services through B2B channel partners.
On a consolidated basis for the three months ended December 31,
2013, the Company had a net loss of $24,598 on sales of $298,472
compared to a profit of $15,047 on sales of $226,110 during the
same period in the previous year.
On a consolidated basis, expenses were $323,369 in the first
quarter ended December 31, 2013 compared to $211,294 in the first
quarter ended December 31, 2012, an increase of 53%. Selling,
office, and general expenses were higher as the Company expanded
its investments in online branding for its TestDEN.com website,
global call center capability, and business development
activities.
The unaudited consolidated financial statements and Management
Discussion and Analysis for the quarter ended December 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.
ACT360 Solutions Ltd.Vincent WongPresident(604) 638-1553, ext.
1www.act360.com
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