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Franklin Covey Reports Strong Second Quarter Fiscal 2012 Financial Results

Franklin Covey Co. (NYSE: FC), a content and intellectual property company that creates and distributes world-class content, training, processes, and tools that organizations and individuals use to transform their results, today announced financial results for its fiscal second quarter ended February 25, 2012.

The Company reported strong financial results for the second quarter of fiscal 2012, with revenues of $38.6 million, an increase of $3.1 million, or 9%, over the same period of the prior year. Adjusted EBITDA for the quarter rose 47% to $5.3 million, compared with $3.6 million in the second quarter of fiscal 2011. For the trailing 4 quarters, Adjusted EBITDA totaled $23.5 million, up $5.3 million, or 29%, compared with the same period of fiscal 2011. With the significant flow-through of revenue to Adjusted EBITDA, the Company’s Adjusted EBITDA margin (Adjusted EBITDA as a percent of sales) increased to 13.8% in the second quarter of fiscal 2012 compared with 10.2% in the prior year. Increased sales and improved operating margins combined to increase net income for the quarter to $1.2 million ($.06 per diluted share) compared with $0.3 million ($.02 per diluted share) in the second quarter of fiscal 2011. Cash flows from operating activities were $8.6 million for the quarter and $16.5 million for the trailing 4 quarters, allowing the Company to fully repay amounts outstanding under its revolving credit facility and increase its cash balance to $8.2 million at February 25, 2012.

Bob Whitman, Chairman and Chief Executive Officer of Franklin Covey, commented, “The strength of our business continues to be driven by the significant positive impact our offerings have on our client organizations and the individuals who work within them. Reflecting this impact, our revenue per client across our more than 3,000 client organizations increased 7% over the last four quarters. We are very pleased that we have been able to translate the increasing demand for our offerings into continued strong growth in revenue, Adjusted EBITDA, cash flow, and EPS during the second quarter of fiscal 2012, for the year-to-date, and over the past several years. We expect continued strong growth in revenue, profitability, and cash flows from operations in fiscal 2012 and beyond.”

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