2008-08-15 16:00:00
MINNEAPOLIS, Aug. 15 /EMWNews/ -- Broadview Institute, Inc. (OTC Bulletin Board: BVII) today reported revenues from continuing operations for the first quarter ended June 30, 2008 of $2,829,258 versus $2,622,365 reported for the same period last year. Income from continuing operations totaled $130,563, or $0.02 and $0.01 per basic and diluted common share, versus income from continuing operations of $513,964, or $0.06 per basic and diluted common share, for the same period last year. "During these difficult economic times, we are pleased to report positive operating income for the quarter as we pursue our growth plans in the Utah market," said Terry Myhre, the Company's Chairman. "We are excited to announce we have received our Certificate of Occupancy from the City of Orem, Utah and we are on schedule to commence operations at this new Utah Career College branch campus location in October 2008, as previously disclosed." Utah Career College entered a facility lease agreement for a built-to-suit campus facility in Orem, Utah effective August 1, 2008. "Our search continues for future expansion locations where we feel Broadview Institute and Utah Career College can make a positive impact on the local community and provide superior service that will make a difference in our students' lives and careers," Mr. Myhre added.
Condensed Consolidated Statements of Operations Data Three Months Ended June 30, 2008 2007 REVENUES $2,829,258 $2,622,365 OPERATING EXPENSES Educational services and facilities 1,998,851 1,612,662 Selling, general and administrative expenses 675,311 507,653 TOTAL OPERATING EXPENSES 2,674,162 2,120,315 OPERATING INCOME 155,096 502,050 OTHER INCOME 12,033 11,914 INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 167,129 513,964 INCOME TAX EXPENSE 36,566 INCOME FROM CONTINUING OPERATIONS 130,563 513,964 INCOME FROM DISCONTINUED OPERATIONS 5,898 NET INCOME $130,563 $519,862 BASIC NET INCOME PER SHARE $0.02 $0.06 DILUTED NET INCOME PER SHARE $0.01 $0.06 Condensed Consolidated Balance Sheets June 30, March 31, 2008 2008 Current Assets $3,495,785 $3,302,272 Total Assets 5,968,819 5,754,635 Current Liabilities 722,704 575,161 Total Liabilities 879,519 705,898 Stockholders' Equity 5,089,300 5,048,737
About Broadview Institute
Broadview Institute, Inc. offers private career-focused post-secondary
education services through its wholly-owned subsidiary, C Square
Educational Enterprises (d/b/a Utah Career College). Utah Career College
has campuses located in West Jordan, Utah and Layton, Utah, and is
accredited by the Accrediting Commission for Career Schools and Colleges of
Technology (ACCSCT) to award diplomas and Associate in Applied Science and
Bachelor of Science degrees for multiple business and healthcare careers.
The Company is publicly traded on the OTC Bulletin Board under the
trading symbol BVII.
For additional information, please contact: Kenneth J. McCarthy
Chief Financial Officer
(651) 332-8010 (phone)
[email protected]
Cautionary Statements
This release may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements provide current expectations or forecasts of future events and
can be identified by the use of terminology such as "believe," "estimate,"
"expect," "intend," "may," "could," "will," and similar words or
expressions. Any statement that is not based upon historical facts should
be considered a forward-looking statement. Forward-looking statements
cannot be guaranteed and actual results may vary materially due to the
uncertainties and risks, known and unknown, associated with such
statements. Factors affecting the forward-looking statements in this
release include those risks described from time to time in our reports to
the Securities and Exchange Commission (including our Annual Report on Form
10-K). Investors should not consider any list of such factors to be an
exhaustive statement of all of the risks, uncertainties or potentially
inaccurate assumptions investors should take into account when making
investment decisions. Shareholders and other readers are cautioned not to
place undue reliance on forward-looking statements, which speak only as of
the date on which they are made. We undertake no obligation to update
publicly or revise any forward-looking statements.
For further information regarding risks and uncertainties associated
with Broadview Institute's business, please refer to the "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
sections of Broadview Institute's SEC filings, including, but not limited
to, its annual report on Form 10-K and quarterly reports on Form 10-Q,
copies of which may be obtained by contacting Broadview Institute at (651)
332-8010.
All information in this release is as of August 12, 2008. The company
undertakes no duty to update any forward-looking statement to conform the
statement to actual results or changes in the company's expectations.
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