Scientific Learning Corporation (NASDAQ:SCIL), a leading provider of technologies for accelerated learning, today announced financial results for the third quarter ended September 30, 2011.
Total revenue in the third quarter of 2011 was $10.5 million, compared to $10.2 million in the third quarter of 2010. Total booked sales for the third quarter were $12.2 million, an increase from $11.4 million in the third quarter of 2010. Adjusted EBITDA was ($455,000) in the third quarter of 2011 compared to $197,000 in the third quarter of 2010. Net loss in the third quarter of 2011 was ($1.2) million, or ($0.07) per share, compared to a net loss of ($825,000), or ($0.04) per share, in the third quarter of 2010.
“We are pleased with the progress we’re making in the business. For the first time in a year and a half, we saw an increase in total booked sales with growth coming from our core K-12 and consumer businesses,” said Andy Myers, Chief Executive Officer. “Our new on demand platform is showing early signs of success with nearly 400 schools deployed, and we continue to see an increased number of K-12 transactions with our new flexible per student pricing. We also recently launched our first iPad app, the first in our KinderSpark series, which will be made available first as individual apps and later combined into a more comprehensive program for use in pre-K to first grade classrooms. This app entitled Eddy’s Number Party! rose to as high as the fifth most popular paid Education app for the iPad during its first week after release. As we look to the next couple of quarters, we remain focused on our strategic objectives of delivering new content to our key markets, building our recurring revenue base and advancing the success of our customers and learners.”
Booked sales and Adjusted EBITDA are both non-GAAP measures. Additional information on these non-GAAP measures and reconciliations 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 third quarter 2011 financial results is scheduled for today, November 3, 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 # 16848151, 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 (855)859-2056 (domestic) and (404) 537-3406 (international) and enter Conference ID # 16848151. 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.