eCollege(SM) Announces Record 2001 Third Quarter Results; Bottom Line Improves 74 Percent

eCollege(SM) (Nasdaq: ECLG), a leading provider of eLearning software and services to the higher education market, today announced record financial results for the third quarter ending September 30, 2001. The net loss for the third quarter was reduced by $6.7 million to $2.4 million, compared to a net loss of $9.1 million for the same period last year, resulting in bottom line improvement of 74 percent. Revenue increased 42 percent to $5.5 million, from $3.8 million reported in the third quarter of 2000.