Broadband Learning Corporation Reports 2009 First Quarter Results
01 Juni 2009 - 1:13AM
Marketwired
Broadband Learning Corporation ("Broadband Learning")(TSX VENTURE:
BLC), a participant in the rapidly expanding distance learning
market, today reported its unaudited financial results for the
three months ended March 31, 2009.
3 months ending March 31,
----------
($000s, except per share amounts) 2009 2008
---- ----
Sales $5 $-
Gross Profit 5 -
Loss from continuing operations (328) (512)
Net loss ($620) ($1,774)
Loss per share (basic & diluted) ($0.02) ($0.06)
Total assets $795 $12,193
Total long-term financial liabilities $6,464 $6,677
In light of the ongoing dispute with its business partner on the
i-vu project, it is clear that the i-vu project will not become
economic. Accordingly, the Company 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. 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. Very modest sales occurred in
the first quarter of 2009 as the Company was trying to resolve the
i-vu situation and restart its distance learning business.
Loss from discontinued operations was $293 thousand in Q1 of
2009 versus $1,262 thousand in Q1 of 2008. While the assets related
to the i-vu project were written off in 2008, criteria had not been
met as at March 31, 2008 to extinguish a liability of $10,851
thousand related to this project. Management considers it unlikely
that the Company will have to fulfil this other liability; and the
other liability may be taken into income in a future period.
Settlement discussions are at a very advanced stage on the i-vu
legal actions and, in light of the filing for liquidation of i-vu's
UK parent, the parties have agreed in principle to discontinue the
actions and provide mutual releases with no payments to each other.
A formal settlement agreement is at the draft stage.
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. The TSX Venture Exchange has neither approved nor
disapproved the contents of this press release.
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.
Contacts: Broadband Learning Corporation Bob Dameron President
and CEO (801) 290-5066 www.broadbandlearning.com
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