Broadband Learning Corporation Reports 2008 Q2 Results
September 02 2008 - 7:00AM
Marketwired
Broadband Learning Corporation ("Broadband Learning") (TSX VENTURE:
BLC), a participant in the rapidly expanding distance learning
market, last Friday reported its unaudited financial results for
the three and six months ended June 30, 2008.
Three months ending June 30,
-------------------
($000s, except per share amounts) 2008 2007
-------------------
-------------------
Sales $45 $561
Gross Profit (519) 205
Loss from operations (1,659) (491)
Net income (loss) ($1,659) ($486)
Earnings (loss) per share (basic & diluted) ($0.06) ($0.02)
Six months ending June 30,
-------------------
($000s, except per share amounts) 2008 2007
-------------------
-------------------
Sales $283 $1,139
Gross Profit (377) 427
Loss from operations ($3,434) ($969)
Net income (loss) ($3,434) ($956)
Earnings (loss) per share (basic & diluted) ($0.12) ($0.04)
Total assets $10,715 $1,748
Revenues for the second quarter and first half of 2008 are down
significantly from 2007, reflecting the fact that throughout the
end of May, 2008 the Company's full efforts have been focused on
executing the first phase of a roll-out of installation of the i-vu
Systems. The 7,000 screen target for the first phase of the digital
media project roll-out was achieved during the second quarter.
Although very substantial efforts and costs have been invested
in this project, revenues have not yet commenced. Now that the i-vu
Systems installations have become established, the Company expects
to return more of its attention to pursuing opportunities and sales
in its more traditional areas of distance learning. Gross Profit
for the second quarter and first half of 2008 is down from 2007,
reflecting the significant costs of maintaining the i-vu Systems
that have not yet begun to generate revenues.
Operating Loss and Net Loss for the second quarter and first
half of 2008 all increased significantly from 2007 primarily
because very substantial efforts and costs have been invested in
this project, while revenues have not yet commenced. Starting in
the second quarter, the Company has deferred making payments on
certain of its obligations under the Definitive Collaboration
Agreement with i-vu usa, inc. pending i-vu's fulfillment of its
revenue and other obligations under the Definitive Collaboration
Agreement.
About Broadband Learning Corporation
Broadband Learning Corporation produces, delivers, supports and
manages distance learning content for professionals, corporations
and consumers using proprietary technology and worldwide
distribution capabilities. The Company is addressing the
professional development market by providing a patented
Internet-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. Broadband University is a brand name used by
the Company's wholly-owned subsidiary Broadband Learning Inc. to
focus on the distance learning markets using patented technology
under a license agreement with School Improvement Network, Inc. of
Salt Lake City, Utah. In 2007, the Company formed a new subsidiary,
BL Media Inc. to undertake the Company's digital media
operations.
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 CEO (801)
290-5066 Website: www.broadbandlearning.com
Broadband Learning (Tier2) (TSXV:BLC)
Historical Stock Chart
From May 2024 to Jun 2024
Broadband Learning (Tier2) (TSXV:BLC)
Historical Stock Chart
From Jun 2023 to Jun 2024