*** NEWSFLASH *** Tribeca sold to Washington Post *** NEWSFLASH ***
Listed financial services education provider Tribeca has been sold to United States-based education provider and business trade publisher Kaplan.
Kaplan, which last year pulled in revenue of over US$1 billion, is a wholly-owned subsidiary of The Washington Post newspaper.
The New York-based company provides education services across a range of disciplines including health care, business, education, financial planning and information technology.
Profits for Tribeca tumbled in 2005 from last year’s $1.4 million profit to a reported loss of over $3 million. This came despite a 41 per cent increase in sales revenue to $24.8 million, and a 51 per cent increase in operating earnings to $3.8 million compared with the previous year.
Shares in Tribeca are currently trading at 29 cents.
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