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OAKLAND, Calif., April 2, 2013 (GLOBE NEWSWIRE) -- Scientific Learning Corporation (OTCQB:SCIL), a leading provider of technologies for accelerated learning, today announced financial results for the fourth quarter and year ended December 31, 2012.
Total revenue in the fourth quarter of 2012 was $7.1 million, compared to $7.7 million in the fourth quarter of 2011. Total booked sales for the fourth quarter were $4.8 million, compared to $5.6 million in the fourth quarter of 2011. Operating income in the fourth quarter of 2012 was $0.3 million compared to a loss of $(3.7) million for the same period of 2011. Net income in the fourth quarter of 2012 was $0.8 million, or $0.03 per share, compared to a net loss of $(3.8) million, or $(0.20) per share, in the fourth quarter of 2011. Adjusted EBITDA was a gain of $1.2 million in the fourth quarter of 2012 compared to a loss of $(3.0) million in the same period of 2011.
"Rapid customer transition to our new on demand platform (MySciLEARN) continues with 76% converted as we established a record peak of over 95,000 student training sessions per day," stated Bob Bowen, Chairman and CEO. "In the fourth quarter of 2012 we achieved our goal of being cash flow from operations positive for the quarter and plan to be cash flow from operations positive in 2013 on realistic sales targets. Our employees' commitment to our important mission is inspiring."
Fourth Quarter 2012 Metrics:
The number of active school sites increased approximately 13% year over year to almost 3,500 sites
Subscription revenue increased 62% over fourth quarter 2011
K-12 transaction volume decreased 7% over fourth quarter 2011
As of December 31, 2012, 76% of the Company's active K-12 school sites are accessing Fast ForWord or Reading Assistant via the new on-demand, SaaS platform known as MySciLEARN, up from about 70% at the end of September, 2012
As of December 31, 2012 the number of employees was 140 compared to 240 on December 31, 2011
"We are anticipating first quarter comparisons to be difficult. The education funding environment remains tight, and in addition we had two unusual large transactions in the first quarter of 2012 totaling nearly $1 million that will not repeat in the first quarter this year." stated Mr. Bowen.