Q1 Consistent with Recent Guidance Board Authorizes $75 Million Stock Buyback
- Revenues for the first quarter of FY 2014 increased 3.3% to $228.4 million.
- Revenues in Q1 were reduced by $4.5 million as a result of changes in certain contract agreements. The revenue has been deferred to the remainder of the current fiscal year.
- Institutional Sales were lower on market pressure for some of our product lines.
- EBITDA, a non-GAAP measure (see reconciliation below), for the first quarter of FY 2014 was $8.5 million, compared to $24.3 million from the first quarter of FY2013.
- Operating loss of $8.5 million compared to operating income of $8.7 million in the first quarter of FY 2013.
- EBITDA and the operating loss in Q1 were negatively impacted by deferral of revenue mentioned above along with higher seasonal selling, administrative and operating expenses in anticipation of stronger enrollments.
- Net loss attributable to common and Series A stockholders of $5.0 million, compared to net income of $4.4 million from first quarter of FY 2013.
- Diluted net loss attributable to common stockholders per share was $0.13, which includes the pro rata effect of the Series A Special shares conversion to common shares on September 3, 2013.