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ProBility Media Corp. Reports Record Quarter of Revenue Growth(June 05, 2018)
HOUSTON, June 05, 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 announces its financial results for the fiscal 2018 first quarter ended Jan. 31, 2018.
Revenue for the first quarter of 2018 totaled $3,735,541, an increase of 243 percent compared to revenue of $1,088,180 in the first quarter ended Jan. 31, 2017. The growth represents a record quarter of increasing revenue for ProBility Media. The increase was due to growth in online sales resulting from expanded marketing activities, as well as revenue contributions from the acquisitions completed during the quarter. Gross margins improved from 20.75 percent to 39.30 percent.
Fiscal 2018 First-Quarter Highlights:
- Acquired North American Crane Bureau Group, worldwide innovators in lifting and load handling solutions.
- Acquired Disco Learning Corp., a global innovator of energy education services and products used by clients in the academic, corporate and government markets.
- Welcomed Dr. Doug E. Lynch, a globally renowned educator and EdTech entrepreneur, to the ProBility Media Board of Advisors.
- Welcomed Dr. Michael E. Webber, a venerated professor of mechanical engineering at the University of Texas, Austin, to the ProBility Media Board of Advisors.
- Launched its new technologically advanced HVAC training course featuring virtual reality and digital animation at the AHR Expo in Chicago.
- Exhibited new academic products and services at the Guadalajara International Book Fair.
“ProBility had a strong first quarter as we continued to execute our growth plans and expand our offerings,” says ProBility CEO Evan Levine. “During the first quarter we completed two acquisitions, expanding our existing offerings in the crane and energy educational materials space. We believe that our first-quarter results validate both our organic growth and acquisition strategies, and the ongoing acceptance of ProBility as a leading provider of educational and training materials within the industrial trades.”
Total operating expenses were $2,446,709 compared to $1,497,077 in the first quarter of 2017. The majority of the increase was due to growth in advertising and salaries and costs related to being a public company and the newly referenced acquisitions. The first-quarter net loss was $1,690,738, or ($0.03) per basic and diluted share, compared to a net loss of $1,564,401, or ($0.04) per basic and diluted share, for the first quarter of fiscal 2017. Basic and diluted per share results are based on weighted average shares outstanding of 53,401,909 and 42,230,586 respectively.
ProBility Media Corp.Evan Levine
President and Chief Operating Officer