SURREY, B.C., Jan. 27, 2003 (PRIMEZONE) -- Serebra Learning Corporation (TSX Venture Exchange:SBR), Canada's leading provider of eLearning solutions, today reported its results for the nine months ended December 31, 2002.
Revenue for the nine-month period ended December 31, 2002 was up 15.7% to $2,475,663 compared to $2,139,011 for the same period last year. Selling and marketing costs amounted to $511,347 compared to $528,030 for the first nine months of fiscal 2002. Research and development costs remained relatively constant at $501,331 and general and administrative costs were $902,224 from $890,321 for the same period a year ago.
The loss for the nine-month period, before depreciation, amortization and interest, was $38,209 or ($0.001) per share compared to a loss of $394,104 or ($0.016) per share for the first nine months of fiscal 2002.
For the third quarter ended December 31, 2002, revenue was $948,084, up 18.3% from the third quarter a year ago. Gross margin was 69%, essentially flat from the 70% margin in the same period a year ago. The Company has a deferred revenue balance of $524,846. Total operating costs for the third quarter were $1,073,908, as compared to $891,964 for the same period last year. The loss for the third quarter, before depreciation, amortization and interest, was $125,824 or ($0.005) per share compared to a loss of $90,590 or ($0.003) per share for the same period a year ago.
"The Serebra team put in a solid performance this quarter, delivering better value to our customers and growth in key businesses," said Ted Moorhouse, President, Serebra Learning Corporation. "The quarter included several one-time costs associated with our recent restructuring, with the effect on our financial statements having less impact than expected due to the counterbalance of fiscal discipline."
Mr. Moorhouse added, "We continue to deliver on our product roadmap and development investments, and we are pleased with our strengthened partner relationships and the improvement to our overall business model this quarter. We are doing our best to manage the company responsibly for our long-term shareholders, and we are excited about the continued growth of the eLearning sector."
On behalf of the Board of Directors,
Serebra Learning Corporation
Ted Moorhouse, President
About Serebra Learning Corporation
Serebra Learning Corporation (TSX Venture Exchange:SBR) is Canada's leading full-service supplier in the eLearning sector, with more than 40 resellers and affiliates operating globally. The Serebra Education Centre in Surrey, B.C. hosts one of the world's largest open architecture eLearning platforms, serving both its corporate customers' needs through the Serebra.Net hosted Learning Management Platform, and consumer needs in over 130 countries through over 130 Learning Centre Partner sites. Serebra's award-winning courseware is backed up by multiple pricing options to suit the needs of businesses of all sizes, and custom development capabilities for situations where ready-to-use courseware won't serve a company's needs. For more information, visit www.serebra.com.
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