Bright Horizons Family Solutions Reports First Quarter 2005 Financial Results.BOSTON Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. -- Bright Horizons Family Solutions Bright Horizons Family Solutions is a US-based child-care provider and one of the largest publicly held child-care corporations in the world. The result of a merger in 1998 between Massachusetts-based Bright Horizons , Inc. (Nasdaq: BFAM BFAM Brother from Another Mother BFAM Bioinformatics for the Analysis of Mammalian Genomes BFAM Budget Formulation & Appropriation Model ) today announced financial results for the first quarter ended March 31, 2005. Earnings per 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. share of $0.30 in the quarter ended March 31, 2005 increased 36% from $0.22 per diluted share for the quarter ended March 31, 2004. Revenue for the first quarter of 2005 increased 15% to $150.8 million from $131.3 million in 2004. Net income for the first quarter of 2005 increased 37% to $8.4 million from $6.1 million in 2004. All prior share and per share amounts reflect the two-for-one split of the Company's common stock effective March 21, 2005. "We are very pleased with this quarter's results and are proud of our continued track record of strong performance," said David Lissy Lissy is a French commune located in the Seine-et-Marne département, in the Île-de-France région. Demographics As of the census of 1999, the village has a population of 171. , Chief Executive Officer. "This past month we held our annual client conference where many representatives of the leading organizations we serve gathered in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. . In addition to discussing new ways Bright Horizons can continue to serve their needs, this year's conference explored the demographic trends facing employers in all industries as they aim to enhance their positions as employers of choice. This annual event is just one way that we continue to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our leadership role as the partner of choice in our field." "This quarter we added 17 new centers to our network including our fifth center for Pfizer in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and second center for Schering-Plough in New Jersey, along with centers for Blue Cross Blue Shield Blue Shield A US not-for-profit health care insurer that is a reimbursement intermediary for physicians. Cf Blue Cross. of Mississippi Mississippi, state, United States Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by , our third for an affiliate organization of the Blue Cross Blue Shield network, and for Kadlec Medical Center in Washington," continued Lissy. "In March, we also completed the acquisition of Seven Oaks Seven Oaks (ISSN 1710-3061) is an online political magazine based in Vancouver, Canada. It was founded by four activists and journalists, and launched its first issue February 21, 2004. Academy, a network of centers in Colorado. Seven Oaks represents our entry into the Denver market with a solid base of quality programs and a strong and experienced local team." No centers were closed during the quarter and, as of March 31, 2005, the Company operated 577 centers with the capacity to serve 63,950 children. Bright Horizons Family Solutions will host an investor conference call today at 4:30 pm EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . The public is invited to listen to the conference call by dialing 713-481-0095. Replays of the entire call will be available through Friday, May 6, 2005 at 973-341-3080, PIN# 5938072. The conference call will also be webcast and can be accessed through the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Bright Horizons Web site, www.brighthorizons.com. A copy of this press release is available on the Web site. Bright Horizons Family Solutions is the world's leading provider of employer-sponsored child care, early education and work/life consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" , managing 577 early care and family centers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , the United Kingdom, Ireland and Canada. Bright Horizons serves more than 400 clients, including more than 80 FORTUNE 500 companies and more than half of the "100 Best Companies for Working Mothers," as recognized by Working Mother magazine. Bright Horizons is one of FORTUNE magazine's "100 Best Companies to Work For." This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. which involve a number of risks and uncertainties. Bright Horizons Family Solutions' actual results may vary significantly from the results anticipated in these forward-looking statements as a result of certain factors. These include the ability of the Company to 1) execute contracts relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc new commitments, 2) to enroll families in new as well as existing centers, and 3) to open new centers, as well as other factors that are discussed in detail in the Company's filings with the Securities and Exchange Commission.
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Three months ended
---------------------------------
3/31/2005 3/31/2004
---------------- ----------------
Revenue $150,758 100.0% $131,347 100.0%
Cost of services 123,855 82.2% 110,406 84.1%
--------- ------ --------- ------
Gross profit 26,903 17.8% 20,941 15.9%
Selling, general and administrative
expenses 12,559 8.3% 10,293 7.8%
Amortization 376 0.2% 198 0.1%
--------- ------ --------- ------
Income from operations 13,968 9.3% 10,450 8.0%
Net interest income 227 0.1% 35 0.0%
--------- ------ --------- ------
Income before income taxes 14,195 9.4% 10,485 8.0%
Income tax provision (5,836) -3.9% (4,382) -3.4%
--------- ------ --------- ------
Net income $8,359 5.5% $6,103 4.6%
========= ====== ========= ======
Per share data:
-----------------------------------
Net income per share - basic $0.31 $0.23
========= =========
Weighted average number of common
shares outstanding 26,894 26,251
========= =========
Net income per share - diluted $0.30 $0.22
========= =========
Weighted average number of common
and common equivalent shares 28,203 27,643
========= =========
Supplemental Information:
-----------------------------------
Earnings before interest, taxes,
depreciation and amortization
(EBITDA)(a) $17,301 $13,334
Reconciliation of net income to
EBITDA:
Net income, as reported $8,359 $6,103
Add back income tax provision 5,836 4,382
Less net interest income (227) (35)
--------- ---------
Income from operations 13,968 10,450
Add back depreciation 2,957 2,686
Add back amortization 376 198
--------- ---------
EBITDA $17,301 $13,334
(a) EBITDA is used as a financial performance indicator within the
child care industry and is presented for informational purposes
only. EBITDA is not a financial measure under generally accepted
accounting principles and may be subject to varying methods of
calculation and may not be comparable to other similarly titled
measures by other companies.
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