Loyalist Announces Record Second Quarter 2014 Results - Seite 2

The following table summarizes and compares six month results for the periods ended June 30, year over year:

Six months ended June 30,	2014		2013		% Change
Revenue	$	32,899,825	$	9,683,378	+240%
Gross Profit	$	13,871,676	$	3,902,289	+255%
Income From Operations	$	3,933,240	$	1,883,578	+115%
Net Income	$	2,901,530	$	1,307,819	+122%
Adjusted EBITDA*	$	4,636,466	$	2,012,417	+130%

* Adjusted EBITDA, a non-IFRS measure is used by management to act as an indicator of its core operating business; is defined as earnings before interest, taxes, depreciation, and amortization, adjusted for integration, restructuring and acquisition costs, and loss on foreign exchange.

Loyalist has a number of goals in 2014:

• To close on accretive acquisitions:
  • Study English in Canada and Upper Career College of Business and Technology closed with an effective date of February 1, 2014.
• To close on finance offerings to support the acquisition pipeline:
  • Closed $10.01 million bought deal private placement in January 2014.
• To centralize all accounting functions in the corporate office and roll out the Company's custom-built ERP system to provide standardization of the various student databases and billing/collection and human resource functions across all schools.

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