The district invested more than $1 million in the first few years to start up the overseas venture, which didn't turn a meaningful profit for several years.
According to the business company's audited financial statements, released October 2010, the overseas operation netted $347,000 in the 2009/10 school year - a more than 50 per cent increase over the previous year's $157,365 profit.
A portion of the earnings - $169,000 - went towards paying interest on the almost $1 million loan the school district made to launch the contentious company. The interest payment and the remaining $178,000 profit were
slated to go toward helping to pay off the school district's operating deficit from the 2008/09 school year.
The company climbed out of the red and repaid its $1 million loan from the school district by 2012.
It wasn't until chief executive officer and former trustee Brent Atkinson took over the helm in 2006 that the company started turning a profit.
Last year, the company earned $180,000 for the district. However, in the face of an uncertain future, the district hasn't budgeted for any revenue from the business company this year.
