Many of these conditions are beyond our control or influence, any one of which may cause future results to differ materially from the company’s current expectations. And there can be no assurance that the company’s actual future performance will meet management’s expectations. These forward-looking statements are based on management’s current expectations and we undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of today’s presentation.We also like to remind you that there are some non-GAAP presentations in here in lieu with adjusted EBITDA and there are reconciliations available in today's presentation and on our website. With that out of the way, we like to turn the time over to our Chairman and Chief Executive Officer, Mr. Bob Whitman. Bob Whitman Thanks Derek. Thanks everyone for joining us today and delighted to have the chance to talk with all of you and appreciate very much for joining us. I’d like to organize my comments today around the following three headlines theme; first, that we are very pleased with the company’s strong performance and results for the third quarter, I will talk about that in detail of course. Second, that we are very encouraged by the strong momentum we are continuing to see in the business. And third, based on our performance during the quarter and year-to-date, we always expected our full-year results to be very strong. We now expect them to be toward the higher end of that previously provided adjusted EBITDA and we expect to continue to achieve strong growth in both revenue and profitability in the future. As a result we also expect our adjusted EBITDA to grow significantly again in 2012. So those are the headlines, I'd like to maybe just provide you some detail behind each of these things. First, in terms of the performance for the quarter. Revenue for the third quarter totaled 40.9 million which is an increase of 10.4 million or 34% compared to the 13.5 million in revenues achieved during the third quarter of fiscal 2010. As expected our strong bookings during the first and second quarters that win our pipeline we refereed on before translated into significant revenue growth during the third quarter.
As you can see in Slide 3, we were pleased to have achieved growth in all of our major channels during the quarter. Revenues in our government services grew 3.6 million in the third quarter reflecting in part the continued bookings in revenue related to the significant government services contract awarded to us at the end of last year’s third quarter. However, we also achieved significant growth in all of our other key channels. In fact seven of our eight direct offices both in U.S. and internationally grew revenues during the third quarter as all four of the field support practices, our international licensee partner group and two of our three national account practices.Wait I’ll just summarize briefly our performance in each of these channels. In terms of our geographic offices in North America, they grew revenues during the quarter by $3.7 million and 29% just reflects the delivery of the training agents booked during the first and second quarters and was as expected. Revenue in our international direct offices grew 14% in the quarter including Japan where revenue grew 23% and this is really quite remarkable. We mentioned it in the last call, of course it was just right after the tsunami and earthquake and expressed that we felt that notwithstanding that the resiliency of the people there and really their own team, that they had good bookings and that’s between bookings and publishing sales, our revenue did grow 23% during the quarter. We also achieved growth in our Australian office. As expected revenue in our U.K. office is essentially flat for the quarter. However, based on bookings we expect that their revenue will be up somewhat during the fourth quarter. Our international licensee partner’s revenues grew 13% in the quarter but five of our 38 international licensee partners growing over the prior year including 9 of our 10 largest licensee partners. Read the rest of this transcript for free on seekingalpha.com