Tribeca profits drop by over $5m
Profits for Tribeca Learning tumbled in 2005 from last year’s $1.4 million to a reported loss of over $3 million despite a 41 per cent increase in sales revenue to $24.8 million, and a 51 per cent increase in operating earnings to $3.8 million compared with the previous year.
The reported loss came largely as a result of under-performance in the education provider’s conference business and now divested compliance service.
The conference business produced a 16.5 per cent decline in revenues compared with the previous year, but according to an investor briefing on the results, management remained confident of a turnaround in the next year, with fewer seminars, a broader target market and the appointment of a new management team.
The compliance arm delivered 21 per cent lower revenues in2005 than in 2004, and was off-loaded to boutique dealer support and services company Paragem Partners for $125,000 on June 30, 2005.
The four education providers Tribeca acquired during the 2004-05 financial year provided much needed relief, contributing operating earnings of $1.6 million, or almost half of the company’s overall operating earnings, and $6 million to revenue.
The company stated its intention to continue to integrate the acquired firms, Webb Martin, Monroe Topple and Associates, the Strategist Group, and Pan Pacific Training Company’s real estate training business into its structure, and seek further acquisition targets during the coming financial year.
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