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CommentsAugust 09, 2004 - (HostReview.com) - VCampus Corporation (www.vcampus.com) today announced its financial results for the second quarter of 2004, the period ended June 30, 2004. The company reported revenue of $1,464,944, versus $1,640,894 in the same period a year earlier. This included online tuition revenue of $1,395,653, versus $1,430,384 for the 2003-second quarter.
During the second quarter, the company recorded a non-cash charge of $1.4 million in connection with the conversion of approximately $1.2 million of debt into equity, including mandatory and voluntary conversions. Including this non-cash charge, VCampus reported a loss for the second quarter of $2,297,861 versus a net loss of $743,659 for the 2003-second quarter.
The operating losses for the six months ended June 30, 2004 and 2003 were $1,648,423 and $1,936,318, respectively. Including the $1.4 million of non-cash charges mentioned above, VCampus reported a net loss of $3,087,066 for the first six months of 2004, versus a net loss of $1,780,960 for the same period in 2003.
"Our focus in the second quarter remained executing our Select Partner strategy, and the results indicate that our new focus is working," said Nat Kannan, Chairman and Chief Executive Officer, VCampus.
VCampus Corporation, a provider of end-to-end e-Learning services, helps organizations that offer professional certifications and credentials unlock the value of their traditional branded course content. Through its innovative Select Partner™ Program, VCampus repurposes value-added training content for online delivery to enhance and support professional development programs.
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