Scientific Learning Corporation (NASDAQ:SCIL), a leading provider of technologies for accelerated learning, today announced financial results for the first quarter ended March 31, 2011.
Total revenue in the first quarter of 2011 was $10.4 million, compared to $11.1 million in the first quarter of 2010. Total booked sales for the first quarter were $8.1 million, an increase from $8.0 million in the first quarter 2010.
Earnings before interest, taxes, depreciation, amortization, and stock compensation (EBITDAS) were a loss of $1.4 million in the first quarter of 2011 compared to an EBITDAS loss of $800,000 in the first quarter of 2010. Net loss in the first quarter of 2011 was $2.4 million, or $0.13 per share, compared to net loss of $1.9 million, or $0.10 per share, in the first quarter of 2010.
“We fell just short of last year’s record first quarter in several financial metrics, however we are pleased with the overall progress we’re making in our business,” said Andy Myers, Chief Executive Officer. “As a result of the great strides we have made in development, we are accelerating the release of our SciLEARN On-Demand offering from the third quarter to the second quarter of this year. This hosted platform, coupled with a new per-student pricing option, will give our customers greater flexibility in both purchasing and deploying our Fast ForWord program.“For the year, we are focused on achieving several other product launch deadlines and implementing the right business processes to fully leverage our improved technology. We are very excited about the opportunities our SciLEARN platform will create as we look to innovate around existing solutions, develop new offerings, and expand our business.” The company believes that booked sales and EBITDAS (both non-GAAP measures) are important measures of operating performance and has chosen to disclose these figures as part of the earnings results. EBITDAS and booked sales should not be considered in isolation from net income and revenue and are not intended to represent substitute measures of performance calculated under GAAP. Reconciliations of booked sales, revenue and deferred revenue, and EBITDAS and net income (net loss) are included at the end of this earnings release and in the investor information section of our website, www.scientificlearning.com. Conference Call Information A conference call to discuss first quarter 2011 financial results is scheduled for today, April 27, 2011 at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time. Investors and analysts interested in participating in the call are invited to dial (866) 652-3154 (domestic) or (706) 634-7311 (international), Conference ID # 57471403, approximately 10 minutes prior to the start of the call. The conference call will be available live on the Investor Information portion of the Company’s website at http://www.scilearn.com/investorinfo. A replay of this teleconference will be made available on the Scientific Learning website approximately two hours following the conclusion of the call. To hear the replay by phone, please call (800) 642-1687 (domestic) and (706) 645-9291 (international) and enter conference id number 57471403. About Scientific Learning Corporation We accelerate learning by applying proven research on how the brain learns. Scientific Learning’s results are demonstrated in over 200 research studies and protected by over 55 patents. Learners can realize achievement gains of 1 - 2 years in as little as 8 - 12 weeks and maintain an accelerated rate of learning even after the programs end.