BVII.. $1.85.. Sold My Position..
I will no longer Mod. this board.. hank
Broadview Institute, Inc. Announces Second Quarter Results
PR Newswire - Nov 17 at 14:00
Company Symbols: NASDAQ-OTCBB:BVII
MINNEAPOLIS, Nov. 17, 2010 /PRNewswire-FirstCall/ -- Broadview Institute, Inc. (OTC Bulletin Board: BVII) today reported revenues of $4,876,295 for the three months ended September 30, 2010, compared to $4,540,850 reported for the same period last year. The Company posted a net loss of $(108,813), or $(0.01) per basic and diluted common share for the three months ended September 30, 2010, compared to net income of $287,080, or $0.03 per basic and diluted common share, for the same period last year.
Year-to-date revenues totaled $10,316,555 in fiscal 2011 versus $8,515,672 for the same period last year. Net income for the six months ended September 30, 2010 totaled $337,918 or $0.04 per basic and diluted common share, compared to $643,320, or $0.08 per basic and $0.07 per diluted common share for the same period last year.
&;A few key factors contributed to our unexpected net loss for our second quarter of the current fiscal year,&; said Terry Myhre, the Company&;s Chairman. &;Notably, we experienced a greater than expected number of students that elected not to attend classes over the summer months and, as a result, our student population decreased from the previous quarter. In addition, there has been a decline in the number of inquiries from prospective students in recent months, which we believe is a combination of the negative publicity aimed at career colleges that, for us, has coincided with a transition period while we rebranded our schools to position ourselves for further growth in our online population, as well as expansion of residential campuses into new markets beyond the State of Utah. Despite the net loss for the quarter, we remain in a strong cash position with no outstanding debt.
&;We are disappointed with the number of students that started at our newest location in Salt Lake City, Utah during the academic quarter that commenced in October, and we did not meet our expectations for student population at our existing campuses either, which is expected to have a negative impact on our operating results for the third fiscal quarter,&; Myhre added. &;We remain on schedule to open an additional residential location in the Boise, Idaho market in January 2011, and while the expense associated with opening new locations in back-to-back quarters may have a negative impact on earnings in the short term, we will be in great position for growth in future quarters as these new locations mature.&;
Condensed Consolidated Statements of Operations Data
Three Months Ended Six Months Ended
September 30, September 30,
2010 2009 2010 2009
REVENUES $ 4,876,295 $ 4,540,850 $ 10,316,555 $ 8,515,672
OPERATING EXPENSES
Educational services and
facilities 3,524,230 2,953,565 7,063,356 5,560,226
Selling, general and
administrative expenses 1,528,170 1,101,436 2,719,123 1,916,609
TOTAL OPERATING EXPENSES 5,052,400 4,055,001 9,782,479 7,476,835
OPERATING INCOME (LOSS) (176,105) 485,849 534,076 1,038,837
OTHER INCOME 7,134 5,558 15,836 11,099
INCOME (LOSS) BEFORE
INCOME TAXES (168,971) 491,407 549,912 1,049,936
INCOME TAX EXPENSE
(BENEFIT) (60,158) 204,327 211,994 406,616
NET INCOME (LOSS) $ (108,813) $ 287,080 $ 337,918 $ 643,320
EARNINGS (LOSS) PER
SHARE:
BASIC: $ (0.01) $ 0.03 $ 0.04 $ 0.08
DILUTED: $ (0.01) $ 0.03 $ 0.04 $ 0.07
Condensed Consolidated Balance Sheets
September 30, March 31,
2010 2010
Current Assets $ 6,199,998 $ 6,591,367
Total Assets 9,447,542 8,876,540
Current Liabilities 881,682 1,027,118
Total Liabilities 1,437,267 1,309,683
Stockholders' Equity 8,010,275 7,566,857
News 
Market Data 
Discover 
