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Bridges Changes its Fiscal Year-End

February 27, 2003

Kelowna, B.C. – Bridges.com Inc. (TSX: BIT) today announced that it has received all required governmental and regulatory approvals to change its fiscal year-end from November 30 to June 30 effective immediately.

 

Bridges' core market follows a seasonal business cycle that begins in July -- when its educational customers prepare for the school year -- and ends in June, the following year. Moving to a June 30 year-end better aligns the Company's financial reporting with its seasonal business cycle.

 

As a result of this change, the Company's transition year will be a shortened 2003 fiscal period that will encompass the period from December 1, 2002 to June 30, 2003. The first fully normalized fiscal period will be fiscal 2004, encompassing the period July 1, 2003 to June 30, 2004. During its transition year, Bridges will file its interim financial statements based on the interim reporting periods in its new financial year ending June 30.

 

The change in fiscal year-end will result in the following reporting periods and related comparative reporting periods:

 

For the Transition Year

Financial Statement Type

Current Reporting Periods
Comparative Reporting Periods

First 2003 Interim Report

1 Month to

December 31, 2002

3 Months to

 March 31, 2003

4 Months to

 March 31, 2003

3 Months to March 31, 2002

 

Annual Filing Audited

3 Months to

June 30, 2003

6 Months to

June 30, 2003

7 Months to

June 30, 2003

6 Months to June 30, 2002

12 Months to November 30, 2002

 

For the New Financial Year

Financial Statement Type

Current Reporting Periods

Comparative Reporting Periods

First 2004 Interim Report

3 Months to

September 30, 2003

 

3 Months to

 September 30, 2002

 

Second 2004 Interim Report

3 Months to

December 31, 2003

6 Months to

December 31, 2003

3 Months to

December 31, 2002

6 Months to

December 31, 2002

Third 2004 Interim Report

3 Months to

March 31, 2004

9 Months to

March 31, 2004

3 Months to

March 31, 2003

9 Months to

March 31, 2003

Annual Filing

Audited

3 Months to

June 30, 2004

12 Months to

June 30, 2004

7 Months to

June 30, 2003

12 Months to

June 30, 2003

 

About Bridges

Bridges is North America's leading provider of career and educational planning solutions. Over 15,000 schools, libraries, employment centres, military sites, post-secondary schools and rehabilitation facilities subscribe to Bridges' customized products. Bridges serves the needs of millions of people seeking educational or career planning assistance. For more information, visit http://www.bridges.com. The Company is listed on the Toronto Stock Exchange under the symbol: BIT.           

 

Forward-Looking Statements

The foregoing includes forward-looking statements which are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management.

 

These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement to the Company's services and products; customer demand for its products and services; expectations concerning future revenue and earnings; control of costs and expenses; loss of key employees; stock market volatility; changes in laws and regulations; Bridges' ability to compete successfully and adapt to technological advances and changing industry standards; currency exchange rate fluctuations; economic, political, and other risks associated with international sales and operations; U.S. government regulation; price and product competition; the ability to implement in a timely manner the Company's restructuring plans; the ability to form and implement alliances, and other factors and risks.

 

All forward-looking statements in this news release are based on management's reasonable beliefs, intentions, and expectations with respect to future events and are subject to certain risks, uncertainties, and assumptions as of the date of this release. In light of the many risks and uncertainties, readers are cautioned not to put undue reliance on such forward-looking statements which are not a guarantee of performance and are subject to a number of uncertainties and other factors -- many of which are outside of Bridges' control -- that could cause actual results, performances or achievements of Bridges to differ materially from any future results, performances or achievements expressed or implied by such forward-looking statements. The Company cannot give assurance that the forward-looking statements contained in this news release will be realized. Bridges assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

 

CONTACT:

Norm Thompson, VP Corporate Development

Bridges.com Inc.

Tel: 250-869-4200 or 1-800-281-1168 or E-mail: nthompson@bridges.com

 

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