Nobel Learning Communities, Inc. News
Nobel Learning Communities, Inc. Reports Improved Third Quarter and Nine-Month Results
Third quarter 2008 revenues were
Results in the current quarter were driven by higher revenue from newly opened or acquired schools and tuition increases at comparable schools. These results were partially offset by slight reductions in average enrollments and ancillary revenue as well as expenses incurred primarily at newly opened schools during their initial ramp-up periods.
For the third quarter, comparable school revenue increased 2.6%, as a 3.8% tuition increase more than compensated for lower average school enrollments. Average school enrollments in the third quarter are up sequentially from the second quarter as we continue to add students at our schools. However, this year's third quarter increase was marginally lower than last year's third quarter increase, primarily due to softer enrollments in our most economically sensitive markets. Enrollment in our before- and after-school programs was also marginally lower than a year ago.
School gross profit for the third quarter of fiscal 2008 was
Nine Month Results
Nine month revenues were
About Nobel Learning Communities
Nobel Learning Communities, Inc. is a national network of 172 nonsectarian private schools, including preschools, elementary schools, and middle schools in 14 states across the nation. Nobel Learning Communities provides high quality private education, with small class sizes, caring and skilled teachers, and attention to individual learning styles. Nobel Learning Communities also offers an array of supplemental educational services, including before- and after-school programs, the Camp Zone(R) summer program, learning support programs, and specialty high schools. For more information on Nobel Learning Communities, please visit http://www.NobelLearning.com.
Safe Harbor Statement
Except for historical information contained in this press release, the information in this press release consists of forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward- looking statements. Potential risks and uncertainties include changes in ability to hire and retain qualified personnel, competitive market demand and conditions, ability to find affordable real estate, ability to obtain the capital required to implement plans, government regulations, changes in economic conditions reducing demand or need for private schools, potential negative publicity and defense against such, environmental health conditions, the small number of shareholders with majority control, effective financial reporting controls, competitive conditions including tuition price sensitivity, execution of growth strategy, and the acceptance of newly developed and converted schools. Other risks and uncertainties are discussed in the Company's filings with the SEC. These statements are based only on management's knowledge and expectations on the date of this press release. The Company will not necessarily update these statements or other information in this press release based on future events or circumstances.
In this release, financial measures are presented both in accordance with
Nobel Learning Communities, Inc. Consolidated Statements of Operations
For the Thirteen and Thirty-nine Weeks Ended
(Amounts in thousands except per share data; net income per share totals may
not sum due to rounding) (Unaudited) Thirteen Weeks Thirty-nine Weeks Ended Ended March 29, March 31, March 29, March 31, 2008 2007 2008 2007 Revenues $53,328 $49,218 $149,167 $133,881 Gross profit 8,987 8,436 20,966 18,850 General and administrative expenses 4,657 4,940 13,580 12,856 Operating income 4,330 3,496 7,386 5,994 Interest expense 117 185 270 1,315 Other income (2) (21) (318) (3,850) Income from continuing operations before income taxes 4,215 3,332 7,434 8,529 Income tax expense 1,650 1,300 2,905 3,326 Income from continuing operations 2,565 2,032 4,529 5,203 Income (Loss) from discontinued operations, net of income tax effect (58) 463 (186) (1,189) Net income 2,507 2,495 4,343 4,014 Preferred stock dividends - 62 - 325 Net income applicable to common stockholders $2,507 $2,433 $4,343 $3,689 Weighted average diluted common shares outstanding: 10,633 10,636 10,629 10,573 Income from continuing operations $0.24 $0.19 $0.43 $0.49 Income (Loss) from discontinued operations (0.01) 0.04 (0.02) (0.11) Net income per diluted share $0.24 $0.23 $0.41 $0.38 Reconciliation of GAAP to non-GAAP Net Income Thirteen Weeks Thirty-nine Weeks Ended Ended March 31, 2007 March 31, 2007 Net income $2,495 $4,014 Recovery of note receivable, net of tax - (2,013) Sale of assets, net of tax - (189) Lease reserve, net of tax - 1,242 Loan origination fees, net of tax - 343 Accelerated depreciation, net of tax 208 208 Sale of assets, net of tax (497) (497) Total adjustments, net of tax (289) (906) Adjusted net income $2,206 $3,108 Weighted average diluted shares outstanding 10,636 10,573 Adjusted net income per share $0.21 $0.29 As of As of Selected Balance Sheet data: March 29, 2008 June 30, 2007 Cash and cash equivalents $1,163 $3,814 Property and equipment, net 26,785 24,412 Goodwill and intangible assets, net 72,939 51,681 Deferred revenue 15,287 12,835 Total debt 17,325 - Stockholder's equity $59,351 $54,218 Number of schools 172 151
Certain reclassifications have been made to the prior year condensed financial statements to current period presentation. Certain financial information is presented on a rounded basis, which may cause minor differences.
NLCI-F
SOURCE Nobel Learning Communities, Inc.
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