SOURCE: Serebra Learning Corporation

November 28, 2005 09:00 ET

Serebra Reports Second Quarter Fiscal 2006 Financial Results

VANCOUVER, BC -- (MARKET WIRE) -- November 28, 2005 -- Serebra Learning Corporation (TSX-V: SBR), one of Canada's leading providers of e-learning solutions, today reported financial results, as well as an update on operations, for the fiscal 2006 second quarter, which ended September 30, 2005.

Key Quarterly Financial Highlights:

--  Revenue of $596,129 compared to $353,492 for the same quarter a year
--  Royalties, selling and support costs of $443,462 compared to $357,876
    a year ago.
--  General and administrative costs including amortization of $187,894
    compared to $197,527 for the same period last year.
--  Loss of $35,226, compared to a net loss of $201,911 for the quarter
    ended September 30, 2004.
The operating results in the second quarter were boosted by a marked improvement in revenue over the first quarter. Revenue is beginning to stabilize, while margins have improved and expenses have been reduced. All of these results, combined with several key additions to the course library, point to real improvements in the business.

Richard Walton, Serebra's Chief Financial Officer, said, "We are pleased with our progress this quarter, driven primarily by the growing strength of our EasyLearning program and the strengthening of our vendor relationships. On a year-over-year basis, we increased our gross margin, managed our costs and expenses more productively, and continued to build on new revenue and market opportunities."

"With the resurgence of North American activity and the continued growth of EasyLearning opportunities internationally, revenues are also growing while customers are responding very positively," said Ted Moorhouse, president and CEO, Serebra Learning Corporation. "We are seeing momentum, with the improvements in the course content delivery speeds from our EasyLearning servers and by our great growth in North American customer satisfaction. We are confident in our e-learning product and delivery strategies, and as momentum behind our execution builds, we are beginning to fire on all cylinders."

On Behalf of the Board of Directors,


Ted Moorhouse
President and CEO
About Serebra Learning Corporation

Serebra Learning Corporation (TSX-V: SBR) designs and delivers e-learning solutions for corporations, including the Fortune 1000, universities and schools, government organizations and individuals. Backed by a library of over 3,500 courses and a global network of partners, Serebra's powerful Learning Management System, Serebra Cortex, hosts and manages Information Technology, Desktop Skills and Professional Development titles. Serebra is uniquely positioned to provide a broad range of on-line learning solutions to individuals who wish to advance their personal and professional development. For more information on Serebra, visit and or call 800 567.7766.

In addition to the unaudited quarterly financial statements, the audited consolidated financial statements for the years ended March 31, 2005 and 2004, as well as additional information and the Management's Discussion and Analysis of financial condition and results of operations, have been filed with the relevant securities regulatory authorities and are available on Serebra's website at and on SEDAR at

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • For further information, please contact:

    Ted Moorhouse
    President & CEO
    Serebra Learning Corporation

    Telephone: 604-676-5480
    Facsimile: 604-676-5490
    Toll Free: 1-800-567-7766
    Email: Email Contact

    Serebra Learning Corporation
    Suite 600 - 1188 West Georgia Street
    Vancouver, BC Canada V6E 4A2

    T 604 676.5480 F 604 676.5490
    Toll Free 1 800 567.7766