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Franklin Covey Announces Strong Fiscal 2013 First Quarter Results

Stocks in this article: FC

Franklin Covey Co. (NYSE: FC), a global performance improvement 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 first quarter ended December 1, 2012.

Net sales for the quarter ended December 1, 2012 increased 11% to $44.1 million, all of which was organic growth, compared with $39.5 million in the first quarter of the prior year. Adjusted EBITDA for the quarter increased $0.7 million to $7.1 million, an 11% increase compared with $6.4 million in fiscal 2012. The Company’s Adjusted EBITDA margin (Adjusted EBITDA as a percent of sales) remained strong, and was consistent with the prior fiscal year’s first quarter at 16.1% of sales. Income from operations increased by $1.6 million to $5.3 million, a 43% increase compared with $3.7 million in the first quarter of fiscal 2012. Net income improved by $1.2 million to $2.9 million, or $0.15 per diluted share, a 74% increase compared with $1.7 million, or $0.09 per diluted share, in the first quarter of fiscal 2012.

For the four-quarter period ended December 1, 2012, net sales increased $14.1 million, or 9%, to $175.0 million, compared with $160.9 million in the four-quarter period ended November 26, 2011. Adjusted EBITDA for the four-quarter period ended December 1, 2012 increased to $27.8 million, a 27% increase compared with $21.8 million in the four-quarter period ended November 26, 2011. Income from operations increased $7.8 million to $19.2 million, a 69% increase compared with $11.4 million in the four-quarter period ended November 26, 2011. Net income improved to $9.1 million, a 60% increase compared with $5.7 million during the four-quarter period ended November 26, 2011.

Bob Whitman, Chairman and Chief Executive Officer, commented, “We are very pleased to have achieved another quarter of significant growth in revenue, Adjusted EBITDA, operating income, and earnings per share. This performance reflects the transformational impact that Franklin Covey’s world-leading intellectual property and content is having on our client organizations. The strength of our momentum and the size of our booking pipeline over the past several years strongly underscore our expectation of continued growth in revenue, profitability, and cash flows from operations in fiscal 2013 and beyond.”

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