Franklin Covey Co. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 29, 2014; Reaffirms Earnings Guidance for the Full Year of Fiscal 2015
January 08, 2015 at 04:10 pm
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Franklin Covey Co. reported unaudited consolidated earnings results for the first quarter ended November 29, 2014. For the quarter, the company's consolidated sales increased by 10% to $47.9 million compared with $43.4 million in the first quarter of fiscal 2014 after absorbing $0.7 million of adverse revenue impact from foreign exchange rates. Income from operations increased by $0.1 million to $3.6 million, compared with $3.5 million in the first quarter of fiscal 2014. Net income increased to $1.8 million, or $0.11 per diluted share, compared with $1.7 million, or $0.10 per diluted share in fiscal 2014. Income before income taxes was $3.030 million against $2.947 million a year ago. Adjusted EBITDA was $5.9 million, compared with $6.0 million in the first quarter of the prior year. The Company's first quarter adjusted EBITDA was affected by $0.7 million of additional foreign exchange related expenses, the costs associated with hiring new client partners and new Education practice coaches, and holding additional marketing events during the quarter.
The company reaffirmed its previously-announced annual fiscal 2015 guidance range for adjusted EBITDA of $37 million to $40 million.
Franklin Covey Co. is a global company focused on performance improvement. The Companyâs sales are primarily comprised of training and consulting services and its internal reporting and operating structure, which are organized around two divisions: Enterprise Division and Education Division. The Enterprise Division, which consists of its Direct Office and International Licensee segments. The Education Division, which is comprised of its Education practice. Its Direct Office segment includes its sales personnel that serve the United States and Canada; its international sales offices located in Japan, China, the United Kingdom, Australia, Germany, Switzerland, and Austria; its government services sales channel; and its book and audio sales. Its International Licensees segments consists of its international licensees. Its Education Practice segment includes its domestic and international Education practice operations. It is also focused on leasing operations, shipping and handling.
Franklin Covey Co. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 29, 2014; Reaffirms Earnings Guidance for the Full Year of Fiscal 2015