VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 12/10/13 — ACT360 Solutions Ltd. (the “Company” or “ACT360 Solutions”) (TSX VENTURE: AKM), a provider of Internet-based testing and international marketing programs for higher education, announced its audited financial results for the year ended September 30, 2013. Results are in Canadian dollars and were prepared in accordance with International Financial Reporting Standards.
2013 business highlights include:
According to Vincent Wong, CEO of ACT360 Solutions, “We are pleased to report our third consecutive year of double digit revenue growth. The Company has achieved profitability and the next step will be to scale organically and through mergers, acquisitions, and strategic partnerships.”
The 2013 year-end results, compared with 2012 and 2011, are as follows:
For the 12 months ended September 30, 2013, the Company-s revenue increased by 61% to $1,153,853 compared to revenue of $715,575 in the prior year.
Student Marketing Service revenue grew 184% to $654,425 compared to $230,753 in 2012. During 2013, the Company invested in improvements to its student recruiting platform to enhance the quality of the student inquiries delivered to its higher education customers. As student application and enrollment rates improved, higher education clients allocated a larger share of their recruiting budget towards the Company-s Student Marketing Services.
On a consolidated basis for the 12 months ended September 30, 2013, the Company had a net profit of $78,456 on sales of $1,153,853 compared to a profit of $23,702 on sales of $715,575 during the previous year.
Excluding non-cash share based compensation expense of $30,441 for stock options granted during the year, the Company had an operating profit $108,897 for the 12 months ended September 30, 2013.
The audited consolidated financial statements and Management Discussion and Analysis for the year ended September 30, 2013 are available at .
About ACT360 Solutions Ltd.
ACT360 Solutions helps colleges and universities qualify and recruit international students. We are committed to assisting students from South America, Europe, Africa, the Middle East, and Asia achieve their study abroad goals.
FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding revenue estimates and future plans and objectives of ACT360 Solutions Ltd. – are forward-looking statements that are subject to various risks and uncertainties. Forward-looking statements are based on current expectations and analyses, including the effects of anticipated product, service, and distribution changes and the potential benefits of such efforts and activities on the Company-s results of operations in future periods. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
ACT360 Solutions Ltd.
Vincent Wong
President and CEO
(604) 638-1553
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