Caliber Learning Network Inc., a Baltimore-based company that provides education training through satellite communications, reported a third-quarter loss of $5.8 million yesterday. The company also announced two new contracts.
The net loss for the three months ended that Sept. 30 was equal to 48 cents a share. For the comparable period of last year, Caliber reported a loss of $4.3 million, or 50 cents a share.
Revenue totaled $5.7 million in the quarter, up from $400,000 in the 1997 quarter.
Caliber, a joint venture of Sylvan Learning Systems Inc. and MCI Communications Corp., said it signed a $2.5 million contract with the University System of Maryland, the parent organization that runs the University of Maryland.
The contract is to train students in academic and technical skills, enabling them to be hired by businesses and corporations to PTC help solve the year 2000 computer problems.
Caliber also said that it received a contract, with the University of Pennsylvania, to provide high school students the opportunity to experience university-level course work in preparation for admission to college.
Penn is the first of what the company says will be four top-tier universities represented in the Sylvan Academy, a new program under which Caliber is offering credit-bearing classes to academically advanced high school students. The company declined to identify the three other universities.
Rick Frier, chief financial officer of Caliber, declined also to disclose the value of the contract but said, "We need a few more University of Pennsylvania contracts to be profitable."
"These contracts represent the initial stages of our endeavors with these partners, and we look forward to expanding these rela- tionships," said Chris L. Nguyen, president and chief executive officer of Caliber.
Caliber has not reported a profitable quarter since it was organized in November 1996.
In a move that offsets some of the benefits of its two new contracts, Caliber revealed that Macmillan Computer Publishing has decided to discontinue a software training program started by Caliber earlier this year.
Shares in Caliber closed at $4.875, up 6.25 cents.
Pub Date: 10/29/98