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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. "Our overall revenue for the quarter was down 8% from the prior year. Our Testing, Assessment and Instruction product group revenue decreased on a year-over-year basis, primarily because of a decline in revenue generated out of Texas. Texas is currently transitioning to new standards and tests. 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. We are in the process of releasing new and revised product in Texas and expect revenue to rebound over the next three quarters. Revenue from our Literacy product group, the smallest of our three product groups, was significantly off compared to the prior year due to a decline in federal funding (primarily ARRA) and increased competition. College Preparation revenue was relatively flat compared to prior year. Net Income for the period was $871,000 compared to $1.1 million in the prior year as we continue to contain costs, and Non-GAAP net income increased $250,000 for the quarter to $1.2 million. We continue to be encouraged by the favorable market response to our common core products, and are excited about the recent release of our new digital products Measuring Up Insight™ and Measuring Up My Quest™. These products present timely Internet-delivered solutions that meet the needs of the students and teachers by providing engaging state-customized and common core content for assessment, practice, and instruction."
Financial Results for the Three Months Ended August 31, 2011
Business Outlook
Looking ahead to fiscal year ending May 31, 2012, Mr. Beckwith comments, "We expect to resume revenue growth across all product groups for the balance of the year while focusing on continued improvements in profitability. We are projecting full year revenue to be between $30 million and $32 million, net income to be at a breakeven level, Non-GAAP net income to be between $400,000 and $600,000, and free cash flow to be between $1.4 to $1.6 million."
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, October 6, 2011, 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, October 6, 2011 at 11:00am 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 October 6, 2012) 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 13, 2011)
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 CONSOLIDATED BALANCE SHEETS (AUDITED) (In Thousands-Except Share Data) UNAUDITED UNAUDITED August 31, August 31, 2011 May 31, 2011 2010 ------------- ------------- ------------- ASSETS Current Assets Cash and Cash Equivalents $ 30 $ 18 $ 209 Accounts Receivable, Net of Allowances for Doubtful Accounts and Returns 4,022 2,745 5,728 Inventory, Net 3,059 3,196 3,565 Prepaid Expenses and Other 326 322 309 Prepaid Marketing Expenses 573 505 788 Deferred Income Taxes 654 1,136 692 ------------- ------------- ------------- Total Current Assets 8,664 7,922 11,291 Equipment - At Cost, Less Accumulated Depreciation of $2,517, $2,515 and $2,486, respectively 324 314 236 ------------- ------------- ------------- Other Assets Deferred Prepublication Costs, Net 11,757 12,269 13,064 Deferred Income Taxes 472 501 - Trademarks, Net 255 255 224 Prepaid Expenses and Other 97 108 149 ------------- ------------- ------------- Total Other Assets 12,581 13,133 13,437 ------------- ------------- ------------- Total Assets $ 21,569 $ 21,369 $ 24,964 ============= ============= ============= LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Current Maturities of Long Term Obligations $ 2,000 $ 2,000 $ 2,000 Accounts Payable 4,695 4,340 8,857 Accrued Compensation 409 394 346 Other Accrued Expenses 496 520 585 Deferred Revenue 448 438 441 ------------- ------------- ------------- Total Current Liabilities 8,048 7,692 12,229 Long Term Obligations, Less Current Maturities 7,165 8,234 5,845 ------------- ------------- ------------- Total Liabilities 15,213 15,926 18,074 ------------- ------------- ------------- 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 as of August 31, 2011, May 31, 2011 and August 31, 2010 90 90 90 Additional Paid In Capital 8,347 8,305 8,154 Accumulated Deficit (2,017) (2,888) (1,290) Treasury Stock, 16,232 shares, at cost (64) (64) (64) ------------- ------------- ------------- Total Stockholders' Equity 6,356 5,443 6,890 ------------- ------------- ------------- Total Liabilities and Stockholders' Equity $ 21,569 $ 21,369 $ 24,964 ============= ============= ============= PEOPLES EDUCATIONAL HOLDINGS, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF INCOME (In Thousands- Except Share Data) Three Months Ended August 31, 2011 2010 (Unaudited) (Unaudited) ------------ ------------ Revenue, Net $ 12,051 $ 13,148 Cost of Revenue Direct Costs 6,223 6,666 Prepublication Cost Amortization 1,367 1,294 ------------ ------------ Total 7,590 7,960 ------------ ------------ Gross Profit 4,461 5,188 Selling, General and Administrative Expenses 2,995 3,409 ------------ ------------ Income from Operations 1,466 1,779 Other Expenses, Net 13 8 Interest Expense 70 101 ------------ ------------ Total 83 109 Income Before Income Taxes 1,383 1,670 Income Tax Expense 512 618 ------------ ------------ Net Income $ 871 $ 1,052 ============ ============ Net Income per Common Share Basic $ 0.20 $ 0.24 Diluted $ 0.19 $ 0.24 Weighted-average Number of Common Shares Outstanding Basic 4,465 4,464 Diluted 4,471 4,464 PEOPLES EDUCATIONAL HOLDINGS, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (AUDITED) (In Thousands) Three Months Ended August 31, 2011 2010 ----------- ----------- Cash Flows From Operating Activities Net Income $ 871 $ 1,052 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation 35 42 Amortization of Prepublication Costs and Trademarks 1,371 1,301 Stock-Based Compensation 41 30 Market Value Adjustment of Interest Rate Swap (5) 23 Deferred Income Taxes 512 618 Changes in Assets and Liabilities Accounts Receivable (1,277) (2,738) Inventory 137 26 Prepaid Expenses and Other 7 (27) Prepaid Marketing Expenses (68) (146) Accounts Payable and Accrued Expenses 346 4,204 Deferred Revenue 10 37 ----------- ----------- Net Cash Provided By Operating Activities 1,980 4,422 ----------- ----------- Cash Flows From Investing Activities Purchases of Equipment (46) (29) Expenditures for Intangibles (3) (42) Expenditures for Prepublication Costs (855) (1,494) ----------- ----------- Net Cash Used In Investing Activities (904) (1,565) ----------- ----------- Cash Flows From Financing Activities Net Payments Under Line of Credit (564) (2,262) Exercise of Stock Options - 4 Principal Payments On Long Term Debt (500) (500) ----------- ----------- Net Cash Used In Financing Activities (1,064) (2,758) ----------- ----------- Net Increase in Cash and Cash Equivalents 12 99 Cash and Cash Equivalents Beginning of Period 18 110 ----------- ----------- End of Period $ 30 $ 209 =========== =========== Supplemental Cash Flow Information Cash Payments for: Interest $ 74 $ 66 =========== =========== Exhibit 1 Reconciliation of Net Income to Non-GAAP Adjusted Net Income (In Thousands - Except Share Data) Three Months Ended 8/31/2011 8/31/2010 ----------- ----------- Net Income $ 871 $ 1,052 Amortization of Prepublications Costs 1,367 1,294 Cash Expenditures for Prepublication Costs (855) (1,494) Market Value Adjustment of Interest Rate Swap (5) 23 Adjusted Income Tax Expense (Benefit) (188) 65 ----------- ----------- Non-GAAP Net Income $ 1,190 $ 940 =========== =========== Basic Weighted Shares Outstanding 4,465 4,464 Non-GAAP Earnings Per Share $ 0.27 $ 0.21 Exhibit 2 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (In Thousands) Three Months Ended 8/31/2011 8/31/2010 ----------- ----------- Net Cash Provided by Operating Activities $ 1,980 $ 4,422 Cash Expenditures for Equipment and Intangibles (49) (71) Cash Expenditures for Prepublication Costs (855) (1,494) ----------- ----------- Free Cash Flow $ 1,076 $ 2,857 =========== ===========
Contact: Peoples Education, Inc. Saddle Brook, NJ 07663 Press Contact: Victoria Kiely Phone: 201-712-0090 ext. 215 Email Contact
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