HOUSTON, TX–(Marketwired – Sep 28, 2017) – ProBility Media Corp. ( OTCQB : PBYA ), an education technology (EdTech) company building the first full-service training, compliance and career advancement brand for the skilled trades, today announces its financial results for the fiscal 2017 third quarter ended July 31, 2017.
Revenue for the third quarter of 2017 totaled $3,043,449, an increase of 65.3% compared to revenue of $1,840,647 in the second quarter ended April 30, 2017, and an increase of 485% compared to revenue of $627,700 in the third quarter ended July 31, 2016. The quarter-over-quarter and year-over-year 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 margin was 34% for the third quarter.
Fiscal 2017 Third-Quarter Highlights:
- Acquired W Marketing, a provider of the National Electrical Codes and other electrician educational materials.
- Acquired Cranbury International, expanding educational and training product offerings into South America and the Caribbean.
- Brown Publishing division expanded its distribution with new 2017 electrician exam preparation materials.
- Launched ProBility Safety Academy, an online security and safety training institution.
- Entered into a joint venture with Industrial 3D to develop new virtual reality products for training and education.
- Selected PCG Advisory Group for Investor Relations and Strategic Communications.Continued to build pipeline of acquisition opportunities for further business expansion.
Fiscal 2017 Third-Quarter Subsequent Event Highlights:
- Pledged to donate a portion of ASME Boiler Vessel Code profits to Hurricane Harvey flood victims through the Jewish Federation of Greater Houston.
- One Exam Prep division entered into an asset purchase agreement with Contractors Exam Prep.
“ProBility had a strong third quarter as we continued to execute our growth plans and expand our services,” says ProBility CEO Evan Levine. “Since the end of the second quarter we completed two acquisitions, expanding our existing offerings in the electrician educational materials space and our geographic reach into South America and the Caribbean. We also launched ProBility Safety Academy and a joint venture with Industrial 3D to develop new virtual reality products to enhance our educational materials. We believe that our third-quarter results validate both our organic and acquisition strategies, and the ongoing acceptance of ProBility as a leading provider of educational materials within the skilled trades.”
Total operating expenses were $3,074,108 compared to $1,319,079 in the second quarter of 2017. The majority of the increase was due to growth in advertising and salaries and costs related to being a public company, as well as share-based compensation that totaled $1,353,334. The operating loss for the third quarter was $2,037,665 compared to an operating loss of $628,712 for the second quarter ended April 30, 2017. The third-quarter net loss was $2,165,705, or ($0.04) per basic and diluted share, compared to a net loss of $505,704, or ($0.01) per basic and diluted share, for the second quarter of fiscal 2017. Basic and diluted per share results are based on weighted average shares outstanding of 49,127,229 and 45,504,292 for the three and nine months ended July 31, 2017, respectively.
For the first nine months of fiscal 2017, ended July 31, 2017, revenue was $5,972,276. Gross margin was 32.7%. Operating expenses totaled $5,890,264. Operating loss was $3,937,621 for the nine months ended July 31, 2017. The net loss for the nine-month period was $4,235,810 million, or $(0.09) per share. Basic and diluted per share results are based on weighted average shares outstanding of 45,504,292 for the nine-month period.
About ProBility Media Corp.
ProBility Media Corp. is an EdTEch company building the first full service training, compliance and career advancement brand for the skilled trades. Through its divisions Brown Technical Media,, Brown Technical Publications, Brown Book Shop, One Exam Prep, National Electrical Wholesale Providers, Atlas Publishing/W Marketing, Cranbury International, ProBility Technical Institute, ProBility Crane Training, ProBility Immersive Technologies, ProBility Safety Academy, and its partnership with Globalsim, ProBility is executing a disruptive strategy of defragmenting the skilled trades training market place by offering high quality training courses and materials and preparing the workforce for excellence. ProBility services customers from the tradesman to the small business to the enterprise level corporation.
For more information, visit http://www.ProBilityMedia.com
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements.