Broadview Institute, Inc. Announces 4th Quarter Results

WOODBURY, Minn., June 30 /PRNewswire-FirstCall/ -- Broadview Institute, Inc. (BULLETIN BOARD: BVII) today reported revenues from continuing operations for the fourth quarter ended March 31, 2008, of $2,558,709 versus $2,264,517 reported for the same period last year. Income from continuing operations in the fourth quarter totaled $1,261,075, or $0.14 and $0.13 per basic and diluted common share, versus income from continuing operations of $165,427, or $0.02 per basic and diluted common share, for the same period last year. During the fourth quarter of fiscal year 2008, Broadview Institute recorded an income tax benefit of $1,294,473, largely due to the reversal of the previously recorded valuation allowance on deferred tax assets, reflecting management's belief that the majority of the deferred tax assets as of March 31, 2008 will be realized.

Year-to-date revenues from continuing operations totaled $10,259,154 in fiscal year 2008 versus $8,717,468 in fiscal year 2007. For the twelve months ended March 31, 2008, Broadview Institute reported income from continuing operations of $2,405,395, or $0.30 and $0.26 per basic and diluted share, compared to $1,345,988, or $0.17 and $0.15 per basic and diluted share in the previous year. The growth in revenue was mainly due to the first full year of operations for our new campus in Layton, Utah, which opened in January 2007.

Loss from discontinued operations for the three months ended March 31, 2008 was $98,715 or ($0.01) per basic and diluted share, compared to a net loss of $23,172 or ($0.00) per basic and diluted share in the same period of the previous year. For the twelve months ended March 31, 2008, Broadview Institute reported a net loss from discontinued operations of $81,181 or ($0.02) and ($0.01) per basic and diluted share, compared to a net loss from discontinued operations of $1,181,853, or ($0.15) and ($0.13) per basic and diluted share in the previous year.

The Company's consolidated financial statements presented for all periods prior to 2008 have been reclassified to reflect the discontinued operations of the Company's Media Production segment. As of March 31, 2008, all Media Production operations were discontinued, and Broadview Institute now operates in a single business segment. As mentioned in previous releases, the Company is currently focused on the postsecondary, proprietary educational market.

"We are extremely pleased with the Company's fourth quarter results and our decision to discontinue the Media Production operations in Minneapolis, which allows us to focus all our resources on growing our Utah Career College schools, where we truly believe we deliver a quality education that helps our students improve earning potential and future career opportunities," said Terry Myhre, Broadview Institute's Chairman. "I am pleased to announce we plan to open our second branch campus in Orem, Utah during October 2008, which will bring our total number of UCC campuses in Utah to three. While we recognize the inherent limitations to organic growth in a highly regulated industry, we feel our approach will ensure we deliver the best service possible to our students and will be consistent across all of our campuses."

  Condensed Consolidated Statements of Operations Data

                            Three Months Ended         Fiscal Year Ended
                                 March 31,                  March 31,
                             2008        2007           2008        2007

  Revenues                $2,558,709  $2,264,517    $10,259,154  $8,717,468

  Operating expenses
    Educational services
     and facilities        1,730,331   1,601,068      6,655,984   5,467,243
    Selling, general and
     administrative
     expenses                879,829     511,614      2,555,032   1,935,636
      Total operating
       expenses            2,610,160   2,112,682      9,211,016   7,402,879

  Operating income
   (loss)                    (51,451)    151,835      1,048,138   1,314,589
  Interest income             18,053      13,592         62,784      31,399
  Income (loss)from
   continuing operations
   before taxes              (33,398)    165,427      1,110,922   1,345,988
  Income tax benefit      (1,294,473)          -     (1,294,473)          -
  Income from continuing
   operations              1,261,075     165,427      2,405,395   1,345,988
  Loss from discontinued
   operations                (98,715)    (23,172)       (81,181) (1,181,853)
  Net income              $1,162,360    $142,255     $2,324,214    $164,135


    BASIC NET INCOME
     (LOSS) PER SHARE
      Continuing operations     $.14        $.02           $.30        $.17
      Discontinued operations   (.01)          -           (.02)       (.15)
      Net income per
       common-basic             $.13        $.02           $.28        $.02


    DILUTED NET INCOME
     (LOSS) PER SHARE
       Continuing operations    $.14        $.02           $.26        $.15
       Discontinued operations  (.01)          -           (.01)       (.13)
       Net income per
        common-diluted          $.13        $.02           $.25        $.02



  Condensed Consolidated Balance Sheets
                                     March 31,                 March 31,
                                       2008                      2007

  Current Assets                    $3,302,272                $1,660,106
  Total Assets                       5,754,635                 3,320,813
  Current Liabilities                  575,161                   632,251
  Total Liabilities                    705,898                   699,290
  Stockholders' Equity               5,048,737                 2,621,523



  About Broadview Institute