KGIC Inc. reported earnings results for the first quarter ended March 31, 2016. For the quarter, the company’s tuition revenue was $6,272,519 against $7,501,981 for the same period prior year, a decrease of 16%. Total revenue was $7,364,550 against $9,320,783 for the same period prior year, a decrease of 21%. Gross profit was $587,178 against $253,062 for the same period prior year, an increase of 132%. Loss from school operations before other items was $3,089,140 against $5,325,704 for the same period prior year, an increase of 42%. Loss from continuing operations was $3,633,315 against $5,942,910 for the same period prior year, an increase of 39%. Adjusted LBITDA from school operations was $2,707,549 against $4,969,844 for the same period prior year. The company reported a net loss of $0.02 per share compared to a net loss of $0.038 per share for the same period in 2015. Adjusted LBITDA was $0.015 per share compared to a negative of $0.031 per share for the same period in 2015. Cash flow used in operations was $2.97 million in the first quarter of 2016. Reduction in tuition revenue in first quarter of 2016 of 16% is attributable to the closure of 6 campuses and the loss of students from the discontinued South Korean student recruitment agencies in 2015.