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Scientific Learning Reports Second Quarter 2012 Financial Results

Stocks in this article: SCIL

OAKLAND, Calif., Aug. 14, 2012 (GLOBE NEWSWIRE) -- Scientific Learning Corporation (Nasdaq:SCIL), a leading provider of technologies for accelerated learning, today announced financial results for the second quarter ended June 30, 2012.

Total revenue in the second quarter of 2012 was $7.1 million, compared to $12.4 million in the second quarter of 2011. Total booked sales for the second quarter were $7.1 million, compared to $10.1 million in the second quarter of 2011. Adjusted EBITDA was a loss of $(2.4) million in the second quarter of 2012 compared to a gain of $1.7 million in the second quarter of 2011. Net loss in the second quarter of 2012 was $(3.1) million, or $(0.14) per share, compared to net income of $884,000, or $0.05 per share, in the second quarter of 2011.

"Although we don't envision the market conditions drastically changing, we're encouraged by the progress we're making in the business transition. Educational leaders recognize the need to improve student achievement, and technology is one of the leading ways to get quick results without needing more teachers and classrooms," said Bob Bowen, Chairman and Chief Executive Officer. "Interest levels in MySciLearn are strong and the need for our products is high among K-12 schools. We're seeing a dramatic increase in customers on the new platform, with over half of our customer base converted to MySciLearn. Also, the number of active school sites increased 11% over last year to 3413 sites. As we complete our 90 day review process and look to the second half of the year, we will continue to focus on sales execution and aligning our cost structure."

Second Quarter 2012 Operating Metrics:

  • K-12 transaction volume increased 15% over second quarter 2011
  • Subscription revenue increased 140% over second quarter 2011
  • As of June 30, 2012, over 50% of the Company's active K-12 school sites are accessing Fast ForWord via the new on-demand, SaaS platform known as MySciLEARN

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 second quarter 2012 financial results is scheduled for today, August 14, 2012 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 (855) 859-2056 (domestic) or (404) 537-3406 (international), Conference ID # 14393279, 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 # 14393279.

About Scientific Learning Corporation

We accelerate learning by applying proven research on how the brain learns. Scientific Learning's results are demonstrated in over 250 research studies and protected by over 55 patents. Learners can realize achievement gains of up to two years in as little as three months and maintain an accelerated rate of learning even after the programs end.

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