LAKEWOOD, Colo., March 18, 2003 (PRIMEZONE) --
- $5,516,450 Quarterly Revenue Highest in Company History - Net Income of $501,103 For Quarter Exceeds Company's Expectations - Conference Call to be Held on Wednesday, March 19, 2003 at 2 p.m. EST
College Bound Student Alliance, Inc., or "CBSA" (OTCBB:GRAD), a leading provider of college planning and preparation resources, today announced its results for the period ending January 31, 2003 (Second Quarter of Fiscal Year Ending July 31, 2003).
The company announced the following results for the period ended January 31, 2003, as compared to the same period from the prior year: total revenue for the three-month period was $5,516,450 up 102% from $2,725,209; gross profit increased by 129% to $2,282,197 from $994,837; net income was $501,103 compared to a loss of $(156,678) and EPS was $.02 compared to a net loss of $(.01) per share.
For the six month period ended January 31, 2003 revenue increased 80% to $9,168,953 over $5,107,097 for the comparable period for the previous year and net income for the six month period was $296,393 as compared to a net loss of $(956,245) for the same period the year previous.
John Grace, Chief Financial Officer of CBSA, commenting on the recent results, stated, "The recent quarter proves to us that we are on the right track and as we continue to drive top-line growth we benefit from the efficiencies in fulfillment and execution. This quarter we also witnessed a thirty-eight percent drop in G&A as a percentage of revenue which is another indication that we are beginning to achieve critical mass."
Douglas Rother, Chief Executive Officer of CBSA, commenting on the results for the current period, stated, "We are extremely pleased with the record quarter and the solid net income. These results exhibit the accomplishments of our tremendous sales and marketing engine, which will continue to drive our growth. We also believe that the results of the recent quarter continue to demonstrate the importance of our product and our role as a leader in the educational services market."
A conference call will be held on Wednesday, March 19, 2003 at 2 p.m. EST at which time CBSA management will further discuss the details of the quarter. A press release will be issued shortly with the contact details including how to participate in the conference call. Please note questions can be submitted prior to the call and they will be addressed during the last 15 minutes of the presentation.
To submit a question, please email thomas@mrb-ir.com or fax them to (212) 495-0746, Attention: Thomas Mikolasko Regarding: CBSA Conference Call.
About College Bound Student Alliance, Inc.
College Bound Student Alliance Inc. (CBSA) is a full-service education and career preparation company, offering students and their families' integrated resources and services to guide them through the college preparation and financial aid process. CBSA's suite of products and services integrates career planning, college major/field of study selection, college selection, college entrance testing and extensive automated searches for merit awards and financial aid packages. These products consist of printed materials, videocassettes and test preparation, college major/field of study and career assessment software and databases accessible through CD-ROM, other materials and, in early stage implementation, through the Internet. With the combined strengths of offering complete financial aid consulting, college targeting, scholastic planning and coaching tools, CBSA is able to provide superior educational resources that help families to reduce college costs, save time, decrease stress and ensure students the highest probability of not only choosing the right school, but gaining the ability to attend that school both academically and financially.
For more information, please visit www.cbsa.com
This release may contain forward-looking statements that involve risks and uncertainties. These statements may differ materially from actual future events or results, specifically in the areas of future sales growth and profitability. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.