Berlitz International Reports 2001 First Quarter Results.Business Editors PRINCETON Princeton, borough (1990 pop. 12,016) and surrounding township (1990 pop. 13,198), Mercer co., W central N.J.; settled late 1600s, borough inc. 1813, township est. 1838. A leading education center, it is the seat of Princeton Univ. , N.J.--(BUSINESS WIRE)--May 15, 2001 Berlitz International, Inc. (NYSE NYSE See: New York Stock Exchange : BTZ BTZ Below the Zone (promotions) BTZ Below the Treatment Zone ) ("Berlitz" or the "Company") announced sales of $122.8 million for the quarter ended March 31, 2001, up 14.3% from 2000 after excluding $5.8 million of unfavorable exchange rate fluctuations. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. (before restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other unusual charges and intangible amortization) was $7.0 million for the first quarter of 2001, down $0.3 million from the comparable prior year period. The Company reported a first quarter net loss of $2.4 million in 2001, compared with a net loss of $2.0 million in the comparable quarter in 2000. Both basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. loss per share for the first quarter of 2001 were $0.25, compared with a loss per share of $0.21 in the comparable quarter in 2000. "Excluding exchange rate fluctuations, overall first quarter revenue and operating profit were ahead of the prior year", stated Ronald Stark, Vice President Finance. "Our ELS business sub-segment continued to perform strongly, and the 2000 restructuring resulted in savings in certain overhead expenses." For over 120 years, Berlitz has meant excellence in language services. Berlitz and its franchisees have more than 450 locations in over 50 countries worldwide offering language instruction, cross-cultural cross-cul·tur·al adj. Comparing or dealing with two or more different cultures: a cross-cultural survey; cross-cultural influences on an artist's work. training, document translation, software localization Customizing software and documentation for a particular country. It includes the translation of menus and messages into the native spoken language as well as changes in the user interface to accommodate different alphabets and culture. See internationalization and l10n. and interpretation services. In addition, Berlitz offers a wide range of publishing products such as dictionaries, phrase books, travel guides and self-study self-stud·y n. 1. Study or examination of oneself. 2. A form of study in which one is to a large extent responsible for one's own instruction. language instruction materials including CD and audiocassettes. For more information, please visit the Berlitz Web site at www.berlitz.com.
BERLITZ INTERNATIONAL, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
(Dollars in thousands, except per share amounts)
Three months ended
March 31,
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2001 2000
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Sales of services and products $ 122,826 $ 112,544
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Costs and expenses:
Cost of services and products
sold 76,311 67,623
Selling, general and
administrative 39,520 37,599
Restructuring and other unusual
charges 916 -
Amortization of publishing
rights, excess of cost
over net assets acquired, and
other intangibles 4,608 4,625
Interest expense on long-term debt 8 23
Interest expense on convertible
debentures with related
parties 2,000 1,995
Interest expense on notes to
affiliates 641 655
Other (income) expense, net (175) 95
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Total costs and expenses 123,829 112,615
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Loss before income taxes and minority
interest in
operations of subsidiaries (1,003) (71)
Income tax expense (1,214) (1,735)
Minority interest in operations of
subsidiaries (133) (171)
------------ ----------
Net loss $ (2,350) $ (1,977)
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Loss per share - basic and diluted:
Loss per share $ (0.25) $(0.21)
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Average number of shares
outstanding (000's) 9,546 9,546
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