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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:
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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