Nine Month Revenue Up 75%; Third Quarter Revenue Down 11%
HOUSTON, Oct. 26, 2018 (GLOBE NEWSWIRE) -- via NetworkWire – ProBility Media Corp. (OTCQB: PBYA), an education technology (EdTech) company offering immersive technologies, digital learning and compliance solutions for the industrial education and training markets, today announced its financial results for the fiscal 2018 third quarter ended July 31, 2018.
Revenue for the nine months ended July 31, 2018 totaled $10,456,581, an increase of 75% compared to $5,972,276 for the nine months ended July 31, 2017. The increase was primarily due to sales contributed by companies that were acquired during the nine-month period. Revenue for the third quarter of 2018 totaled $2,703,470, a decrease of 11% compared to revenue of $3,043,449 in the third quarter ended July 31, 2017. The decrease was due to a change in credit terms requiring payment in advance for all special orders and reduced advertising expenditures which combined to produce a negative impact on sales. The Company plans to increase advertising expenditures in the first calendar quarter 2019.
“ProBility has undertaken certain aggressive initiatives to streamline and improve the operational efficiency of the Company which we believe will offer us the opportunity to turn profitable in calendar year 2019,” stated Evan Levine, CEO of ProBility Media Corp. “The Company is currently taking steps to address payables and debt. In order to reduce costs and increase margins, the Company has adjusted its business model by moving away from printed materials to higher margin training and e-learning products. We are focusing our range of products to reduce inventory and have moved our fulfillment of orders from our Houston office to Amazon. The Company is also in the process of settling certain debt obligations which would positively impact the balance sheet and income statement.”
Recent Operating Highlights:
- Disco Learning Media Authored the Instructional Content for the Launch of a Renewable Energy Stem Resource for K-5 Schools for MP2 Energy, a Subsidiary of Shell Energy North America.
- ProBility Media Corp. Increased Efficiency by Expanding its Amazon Service Relationship.
- Disco Learning Media and Immersive Experience Partner VISYON Launched a New Augmented Reality App for Georgia Public Broadcasting.
Total operating expenses were $2,336,408 compared to $3,074,108 in the fiscal third quarter of 2017. The third-quarter net loss in 2018 was $3,477,935 or $0.06 per basic and diluted share, compared to a net loss of $2,165,705 or $0.04 per basic and diluted share, for the third quarter of fiscal 2017. Basic and diluted per share results are based on weighted average shares outstanding of 57,583,991 and 49,127,229 shares respectively.
About ProBility Media Corp.
ProBility Media Corp. is an industrial education and training technology company headquartered in Houston, Texas, offering immersive technologies, digital learning and compliance solutions for a wide variety of industrial trades. ProBility is executing a disruptive strategy of defragmenting the education and training market place by offering high quality training courses and materials utilizing mixed reality and digital animation to prepare the workforce for excellence. ProBility services customers from the individual to the small business to the enterprise level corporation.
For more information, visit http://www.ProBilityMedia.com.
Forward-Looking Statements
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements, except as required by federal securities laws.
Contacts:
ProBility Media Corp.
Evan Levine
Chairman and Chief Executive Officer
713.652.3937