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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Peoples Educational Holdings, Inc. (MM) | NASDAQ:PEDH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.01 | 0 | 01:00:00 |
From Jun 2019 to Jun 2024
Brian Beckwith, President and CEO, commented on the results, "Revenue for the six months ended November 30, 2011 continues to reflect challenges in the supplemental education material market as schools continue to react to budgetary shortfalls and have been delaying or reducing orders, and in some instances not purchasing new materials for the classrooms. These circumstances continue to have an adverse impact on our revenue. Net revenue for the six month period ended November 30, 2011 was $16.6 million, a decline of $2.7 million and 13.9% from the same period in the prior year. Although all three of our product groups experienced revenue declines, the Test Preparation, Assessment and Instruction product group accounted for $1.8 million of the decline. This is primarily a result of a decline in revenue generated out of Texas. Texas is currently transitioning to new standards and tests; therefore, schools and districts have reduced their expenditures. Although this change has had a short-term impact on our revenue, it creates future opportunities as educators are in need of products supporting these new standards and tests. In addition, we have recently released materials for the Texas End-of-Course (EOC) exit exams. This is the first year these EOC tests will count, and there is a significant amount of anxiety with educators regarding students' preparation for these tests. Initial market feedback on our EOC products has been favorable, and we are optimistic about the revenue potential for these products for the balance of fiscal 2012 and beyond."
Financial and Operating Results for the Six Months Ended November 30, 2011
Business Outlook
"Looking ahead to the full year, despite the softness in revenue for the second quarter, we are reaffirming our previously issued guidance. We anticipate revenue to be between $30 million and $32 million, net income to be at a break-even level, Non-GAAP net income to be between $400,000 and $600,000, and free cash flow to be between $1.4 and $1.6 million," commented Mr. Beckwith.
Use of Non-GAAP Financial Measures
Some of the measures in this press release are Non-GAAP financial measures within the meaning of SEC Regulation G. We believe that presenting Non-GAAP net income and Non-GAAP earnings per share and Free Cash Flow are useful to investors because they describe our operating performance and help gauge our ability to generate cash flow. We use these Non-GAAP measures as important indicators of our past performance and to plan and forecast performance in future periods. The Non-GAAP financial information presented may not be comparable to similarly titled financial measures used by other companies, and investors should not consider Non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP.
Conference Call
We have scheduled a conference call today, January 12, 2012, at 11:00 A.M. Eastern Time. The call will be hosted by Brian Beckwith, President and Chief Executive Officer, and Michael DeMarco, Executive Vice President and Chief Financial Officer. A slide presentation highlighting points discussed in our conference call will also be available prior to the conference call through the investor relations section of our web site at www.peopleseducation.com.
Live Conference Call
Thursday, January 12, 2012 at 11:00 A.M. Eastern Time
US: 800-638-4930 International: +1-617-614-3944 Participant Passcode: 34921295
Live Audio Webcast: http://phx.corporate-ir.net/playerlink.zhtml?c=184416&s=wm&e=4191662
Webcast Replay (available approximately two hours after conference call ends through January 12, 2013) http://phx.corporate-ir.net/playerlink.zhtml?c=184416&s=wm&e=4191662
Dial-in Audio Replay (available approximately two hours after conference call ends through October 19, 2012)
Dial In: 888-286-8010 International: +1-617-801-6888 Passcode: 28002124
About Peoples Educational Holdings, Inc.
Peoples Educational Holdings, Inc., is a publisher and marketer of print and digital educational materials for the K-12 school market. The Company focuses its efforts in three market areas:
Test Preparation, Assessment and Instruction
Literacy
College Preparation
Forward-Looking Statements
This press release contains forward-looking statements (as defined in section 21E of the Securities Exchange Act of 1934) regarding the Company and its markets. These forward-looking statements involve a number of risks and uncertainties, including (1) changes in demand from customers, (2) changes in product or customer mix or revenues and in the level of operating expenses, (3) rapidly changing technologies and the Company's ability to respond thereto, (4) the impact of competitive products and pricing, (5) federal, state and local levels of educational spending, (6) the Company's ability to retain qualified personnel, (7) the Company's ability to retain its distribution agreements in the College Preparation and Literacy markets, (8) the sufficiency of the Company's copyright protection, and (9) the Company's ability to continue to rely on the services of a third-party warehouse, and other factors as discussed in the Company's filings with the SEC. The actual results that the Company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release. Readers are urged to carefully review and consider the various disclosures made by the Company in this press release and the reports the Company files with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect the Company's business and results of operations.
PEOPLES EDUCATIONAL HOLDINGS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands-Except Share Data) UNAUDITED UNAUDITED November May 31, November 30, 2011 2011 30, 2010 ---------- ---------- ---------- ASSETS Current Assets Cash and Cash Equivalents $ 24 $ 18 $ 34 Accounts Receivable, Net of Allowances for Doubtful Accounts and Returns 1,613 2,745 2,190 Inventory, Net 3,143 3,196 3,673 Prepaid Expenses and Other 299 322 320 Prepaid Marketing Expenses 521 505 625 Deferred Income Taxes 476 1,136 632 ---------- ---------- ---------- Total Current Assets 6,076 7,922 7,474 Equipment - At Cost, Less Accumulated Depreciation of $2,532, $2,515 and $2,528, respectively 313 314 206 ---------- ---------- ---------- Other Assets Deferred Prepublication Costs, Net 11,319 12,269 13,445 Deferred Income Taxes 1,160 501 402 Trademarks, Net 265 255 226 Prepaid Expenses and Other 81 108 131 ---------- ---------- ---------- Total Other Assets 12,825 13,133 14,204 ---------- ---------- ---------- Total Assets $ 19,214 $ 21,369 $ 21,884 ========== ========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current Maturities of Long Term Obligations $ 2,000 $ 2,000 $ 2,000 Accounts Payable 3,627 4,340 6,097 Accrued Compensation 259 394 199 Other Accrued Expenses 456 520 438 Deferred Revenue 498 438 534 ---------- ---------- ---------- Total Current Liabilities 6,840 7,692 9,268 Long Term Obligations, Less Current Maturities 6,844 8,234 6,315 ---------- ---------- ---------- Total Liabilities 13,684 15,926 15,583 ---------- ---------- ---------- Commitments and Contingencies Stockholders' Equity Preferred Stock, authorized 1,500,000 shares; none issued - - - Common Stock, $0.02 par value; authorized 8,500,000 shares; issued, 4,481,434 shares for all periods reported 90 90 90 Additional Paid In Capital 8,390 8,305 8,146 Accumulated Deficit (2,886) (2,888) (1,871) Treasury Stock, 16,232 shares, at cost (64) (64) (64) ---------- ---------- ---------- Total Stockholders' Equity 5,530 5,443 6,301 ---------- ---------- ---------- Total Liabilities and Stockholders' Equity $ 19,214 $ 21,369 $ 21,884 ========== ========== ========== PEOPLES EDUCATIONAL HOLDINGS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (In Thousands- Except Per Share Data) Three Months Ended Six Months Ended November 30, November 30, 2011 2010 2011 2010 --------- --------- --------- --------- Revenue, Net $ 4,568 $ 6,156 $ 16,619 $ 19,304 Cost of Revenue Direct Costs 1,769 2,399 7,992 9,065 Prepublication Cost Amortization 1,258 1,239 2,625 2,533 --------- --------- --------- --------- Total 3,027 3,638 10,617 11,598 --------- --------- --------- --------- Gross Profit 1,541 2,518 6,002 7,706 Selling, General and Administrative Expenses 2,832 3,374 5,827 6,783 --------- --------- --------- --------- Income (Loss) from Operations (1,291) (856) 175 923 Other Expenses, Net 9 9 23 17 Interest Expense 79 58 149 159 --------- --------- --------- --------- Total 88 67 172 176 Income (Loss) Before Income Taxes (1,379) (923) 3 747 Income Tax Expense (Benefit) (510) (342) 1 276 --------- --------- --------- --------- Net Income (Loss) $ (869) $ (581) $ 2 $ 471 ========= ========= ========= ========= Net Income (Loss) per Common Share Basic $ (0.19) $ (0.13) $ 0.00 $ 0.11 Diluted $ (0.19) $ (0.13) $ 0.00 $ 0.11 Weighted-average Number of Common Shares Outstanding Basic 4,465 4,465 4,465 4,464 Diluted 4,465 4,465 4,475 4,465 PEOPLES EDUCATIONAL HOLDINGS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (In Thousands) Six Months Ended November 30, 2011 2010 ---------- ---------- Cash Flows From Operating Activities Net Income $ 2 $ 471 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation 71 84 Amortization of Prepublication Costs and Trademarks 2,635 2,544 Stock-Based Compensation 85 22 Market Value Adjustment of Interest Rate Swap (8) 16 Deferred Income Taxes 1 276 Changes in Assets and Liabilities Accounts Receivable 1,132 800 Inventory 53 (82) Prepaid Expenses and Other 50 (20) Prepaid Marketing Expenses (16) 17 Accounts Payable and Accrued Expenses (912) 1,150 Deferred Revenue 60 130 ---------- ---------- Net Cash Provided By Operating Activities 3,153 5,408 ---------- ---------- Cash Flows From Investing Activities Purchases of Equipment (71) (41) Expenditures for Intangibles (19) (48) Expenditures for Prepublication Costs (1,675) (3,114) ---------- ---------- Net Cash Used In Investing Activities (1,765) (3,203) ---------- ---------- Cash Flows From Financing Activities Net Payments Under Line of Credit (382) (1,285) Exercise of Stock Options - 4 Principal Payments On Long Term Debt (1,000) (1,000) ---------- ---------- Net Cash Used In Financing Activities (1,382) (2,281) ---------- ---------- Net Increase (Decrease) in Cash and Cash Equivalents 6 (76) Cash and Cash Equivalents Beginning of Period 18 110 ---------- ---------- End of Period $ 24 $ 34 ========== ========== Supplemental Cash Flow Information Cash Payments for: Interest $ 157 $ 135 ========== ========== Exhibit 1 --------------------------------------------------------------------------- Reconciliation of Net Income (Loss) to Non-GAAP Adjusted Net Income (Loss) --------------------------------------------------------------------------- (In Thousands - Except Per Share Data) Three Months Ended Six Months Ended 11/30/2011 11/30/2010 11/30/2011 11/30/2010 ---------- ---------- ---------- ---------- Net Income (Loss) $ (869) $ (581) $ 2 $ 471 Amortization of Prepublications Costs 1,258 1,239 2,625 2,533 Cash Expenditures for Prepublication Costs (820) (1,620) (1,675) (3,114) Market Value Adjustment of Interest Rate Swap (3) (7) (8) 16 Adjusted Income Tax Expense (Benefit) (161) 144 (349) 209 ---------- ---------- ---------- ---------- Non-GAAP Net Income (Loss) $ (595) $ (825) $ 595 $ 115 ========== ========== ========== ========== Basic Weighted Shares Outstanding 4,465 4,465 4,465 4,464 Non-GAAP Earnings Per Share $ (0.13) $ (0.18) $ 0.13 $ 0.03 Exhibit 2 --------------------------------------------------------------------------- Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow --------------------------------------------------------------------------- (In Thousands) Three Months Ended Six Months Ended 11/30/2011 11/30/2010 11/30/2011 11/30/2010 ---------- ---------- ---------- ---------- Net Cash Provided by Operating Activities $ 1,173 $ 986 $ 3,153 $ 5,408 Cash Expenditures for Equipment and Intangibles (41) (18) (90) (89) Cash Expenditures for Prepublication Costs (820) (1,620) (1,675) (3,114) ---------- ---------- ---------- ---------- Free Cash Flow $ 312 $ (652) $ 1,388 $ 2,205 ========== ========== ========== ==========
Contact: Peoples Education, Inc. Saddle Brook, NJ 07663 Press Contact: Victoria Kiely Phone: 201-712-0090 ext. 215 Email Contact
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