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Franklin Covey's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: FC

Many of these conditions are beyond our control or influence, any one of which may cause future results to differ materially from the company’s current expectations, and there can be no assurance that the company’s actual future performance will meet management’s expectations. These forward-looking statements are based on management’s current expectations, and we undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of today’s presentation.

With that, I would like to turn the presentation over to Mr. Bob Whitman, our Chief Executive Officer and Chairman of the Board.

Robert A. Whitman

Good afternoon, everyone. We’re delighted to have you with us. We’re delighted to report we had a very strong first quarter. Hopefully you’ve seen the press release on that. It turned out to be the strongest first quarter ever for our current business and one that also somewhat exceeded our expectations. We continue to feel very good about the business, about our backlog, pipeline, momentum and our outlook for the second quarter of the year and the expected trajectory of our business over the next several years.

Today, I’m going to keep my remarks relatively brief to allow time, plenty of time for questions. So I’d like to touch on three topics: first, some key headlines regarding the financial performance of the business during the first quarter, second, our outlook for the year in what we see as a very positive trajectory for the business in our growth and earnings potential over the next several years; and then finally, the potential for further accelerating our growth with a specific focus on one particular growth opportunity.

So, first on first quarter headlines. First of those is that our revenue was very strong during the quarter. Our revenue during the first quarter increased to $39.5 million, with a $4 million or 12% increase in revenue from other areas of the business, more than offsetting the planned $3.9 million year-over-year decline in revenue related to the large Government Services contract, which as you know last year this time was in its initiation phase, or during the first quarter it was.

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