SURREY, B.C., Nov. 14, 2002 (PRIMEZONE) -- Serebra Learning Corporation (TSX Venture Exchange:SBR), Canada's leading provider of eLearning solutions, today reported its results for the six months ended September 30, 2002.
Revenue for the six-month period ended September 30, 2002 was up 14% to $1,527,579 compared to $1,337,637 for the same period last year. During the period, the Company significantly increased its selling and marketing costs to support the expansion of reseller programs. Selling and marketing costs amounted to $525,828 compared to $354,970 for the first six months of fiscal 2002. Research and development costs remained relatively constant at $302,528 and general and administrative costs decreased by almost $100,000 to $512,712 from $612,199 for the same period a year ago.
The earnings for the six-month period, before depreciation, amortization and interest, was $87,616 or $0.004 per share compared to a loss of $303,514 or ($0.019) per share for the first six months of fiscal 2002.
For the second quarter ended September 30 2002, revenue was $977,899, up 78 per cent from $549,680 in the first quarter of fiscal 2003, and up 39 per cent from the second quarter a year ago. Gross margin was 96 per cent, up from 90 per cent in the first quarter. The Company has a deferred revenue balance of $609,780. Total operating costs for the second quarter were $820,610, as compared to $619,353 in the previous quarter. The earnings for the second quarter, before depreciation, amortization and interest, was $157,289 or $0.006 per share compared to a loss of $152,364 or ($0.009) per share for the same period a year ago.
"We are pleased with the revenue momentum Serebra produced this quarter, especially in the face of volatile market conditions," said Ted Moorhouse, Chief Operating Officer, Serebra Learning Corporation. "This has been a period in which Serebra has made great strides and achievements in our target markets. Major reseller wins and customer response confirm that Serebra has broken through to become the clear choice for eLearning products."
Mr. Moorhouse continued: "Central to Serebra's strategy is our belief that eLearning will fuel our growth for years to come. To emerge as a leader in this sector, we continue to develop and enhance our course catalogue that has received strong endorsement from our strategic partners. As we continue to focus on our customers and their needs, they will experience greater benefits from our courseware selection, which in turn will build value for our shareholders."
About Serebra Learning Corporation
Serebra Learning Corporation (TSX: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, BC 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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