THE educational software company, CBT, yesterday announced record first quarter results, with revenues up 50 per cent and profits almost doubling. The firm, which is quoted on the New York NASDAQ, is based in Clonskeagh, Dublin.
Revenues for the first three months of 1997 were $22.3 million (£14.4 million), a 50 per cent increase from $14.9 million in the first quarter of 1996. Net income for the quarter before after tax acquisition costs was $3.7 million (£2.4 million), a 95 per cent increase on the first three months of 1996 income of $1.9 million.
"Our solid financial, performance continued to reflect our expanding customer base and strong renewal rate," said Mr Bill McCabe, CBT's chairman.
The firm's library of interactive education software titles increased by 51 to 379 in the quarter.
"Our expanding partnership agreements with major information technology companies and Internet related titles continues to drive growth in new titles," Mr McCabe said.
The company said that in the quarter it had expanded its reach into emerging Information Technology training markets by acquiring exclusive distributorship in the Netherlands, Belgium and Luxembourg.
"We have also completed our acquisition of Applied Learning, our exclusive distributor in Australian and New Zealand. Taken together, these newest acquisitions give us an important foundation upon which to build our business in the European and Pacific Rim markets," Mr McCabe added.
