Bain Capital & Prides Capital invest in Princeton review.Private equity firms Bain Capital Ventures (Boston, MA) and Prides Capital Partners (Boston, MA/San Fran., CA) have agreed to invest $60 million in public traded Princeton Review, Inc. (PRI PRI: see Institutional Revolutionary party. (Primary Rate Interface) An ISDN service that provides 23 64 Kbps B (Bearer) channels and one 64 Kbps D (Data) channel (23B+D), which is equivalent to the 24 channels of a T1 line. ; New York), a provider of test preparation services and educational support services. PRI said that its preferred stock will be convertible into common stock at $6 a share and for four years will accrue a 6% annual dividend. In addition, as part of the deal, PRI will retire its B-1 convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". . PRI operates in two divisions. The Test preparation division is designed to help prepare students and parents for higher education with test prep courses and tutoring, online resources, book publishing, and admissions and financial aid resources. The K-12 division partners with school districts to offer assessment, intervention and professional development resources, as well as related products designed to help student achievement. The company offers classroom courses in 41 states and 21 countries and provides preparation for the SAT, PSAT PSAT Preliminary Scholastic Aptitude Test PSAT Puget Sound Action Team PSAT Particulate Source Apportionment Technology PSAT Predicted Site Acquisition Table PSAT Princeton South Asian Theatrics PSAT Pacific Situation Assessment Team (DoD) , ACT, AP subject, GMAT, GRE, LSAT, MCAT MCAT abbr. Medical College Admissions Test MCAT Medical college admission test, pronounced, EM-cat A preadmission exam administered by the Psychological Corp., required in the US before entrance to medical school. , USMLE USMLE United States Medical Licensing Examination Graduate education A 3-step examination required for medical licensure in the US, sanctioned by the Natl Bd of Medical Examiners and Federation of State Medical Bds. See Off-shore medical school, USFMG. Cf FLEX. and TOEFL TOEFL A trademark for a standardized examination for proficiency in English as a foreign language. exams. The company had 2006 revenue of $140.7 million, a 7.8% increase over the $130.5 million reported in 2005, and showed a net loss of $9.5 million compared to a net loss of $2.2 million in 2005. Revenue for the first quarter grew 6.3%, going from $25.1 million in the 2006 period to $26.5 million in the first quarter of 2007. PRI had a net loss of $1.9 million in the first quarter of 2006 compared to a net gain of $4.7 million this year. Shares of PRI common stock closed at $4.85 on July 23, the day before the announcement of the investment, and at $5.25 on July 24. By the close of July 31, share price had reached $6, a 23.7% over the July 23 share price. Shares of PRI had fallen 30% in the two months after the company reported its first quarter earnings in May. |
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