Broadband Learning Corporation Reports 2008 Q4 Results and Full Year-Previous Operations Classified as Discontinued
01 Mai 2009 - 12:47AM
Marketwired
Broadband Learning Corporation ("Broadband Learning") (TSX VENTURE:
BLC), a participant in the rapidly expanding distance learning
market, today reported its audited financial results for the 12
months ended December 31, 2008 and its unaudited financial results
for the three months ended December 31, 2008.
Twelve months ended December 31: 2008 2007
--------------------
(C$000s, except per share amounts)
Sales $- $-
Gross Profit - -
Loss from continuing operations (930) (1,147)
Net income (loss) ($14,642) ($3,381)
Earnings (loss) per share ($0.51) ($0.12)
Three months ended December 31: 2008 2007
--------------------
Sales $- $-
Gross Profit - -
Loss from continuing operations 772 50
Net income (loss) ($8,961) ($2,092)
Earnings (loss) per share ($0.31) ($0.07)
In light of the ongoing dispute with its business partner on the
i-vu project, it is unlikely that this project will become
economic. Accordingly, the Company has discontinued the operations
related to the i-vu project, with all inventory and deferred
charges related to the discontinued operations being written off as
impaired during 2008. The results of operations and financial
position of the i-vu project have been segregated and presented
separately as discontinued operations in the Company's consolidated
financial statements. Results for 2007 also segregate other
operations discontinued by the Company during that period. As a
result, no revenues, cost of goods sold, gross profit or selling
and marketing expenses are presented in the Company's income
statement for 2008 or 2007.
Loss from discontinued operations was $13,711 thousand in 2008
versus $2,233 thousand in 2007. While the assets related to the
i-vu project were written off in 2008, criteria had not been met as
at December 31, 2008 to extinguish a liability of $10,851 thousand
related to this project, management considers it unlikely that the
Company will have to fulfill this other liability; and the other
liability may be taken into income in a future period.
"The Company is currently focused on redeploying its remaining
assets in a manner that creates long term value and gets the
Company to the point where sufficient cash flow is generated from
operations" said Bob Dameron, President and CEO.
About Broadband Learning Corporation
Broadband Learning Corporation produces, delivers, supports and
manages distance learning content for professionals, corporations
and consumers. The Company is addressing the professional
development market by providing an Internet or digital media-based
learning system with on-demand access, multimedia educational
resources, and administrative management capabilities. The Company
provides wide area network and satellite services across North
America and other parts of the world. The Company 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.
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 Bob Dameron President
and CEO (801) 290-5066 www.broadbandlearning.com
Broadband Learning (Tier2) (TSXV:BLC)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Broadband Learning (Tier2) (TSXV:BLC)
Historical Stock Chart
Von Jun 2023 bis Jun 2024