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
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV