Bright Horizons Family Solutions Reports Fourth Quarter Financial Results; Net Income and Earnings Per Share Climb 30%.Business Editors BOSTON--(BUSINESS WIRE)--Feb. 13, 2003 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 fourth quarter and full year ended December December: see month. 31, 2002. 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 December 31, 2002 increased 30% from $0.23 per diluted share for the same 2001 quarter. Revenues for the current quarter increased 18% to $108 million from $91 million for the quarter ended December 31, 2001. Net income for the fourth quarter ended December 31, 2002 increased 30% to $3.9 million from $3.0 million in the fourth quarter of 2001. Earnings per diluted share of $1.18 for the year ended December 31, 2002 increased 31% from $0.90 per diluted share in 2001. Revenues for the full 2002 year increased 18% to $408 million from $346 million in 2001. Net income in 2002 increased 33% to $15.3 million from $11.5 million in the prior year. In conjunction with the January January: see month. 1, 2002 adoption of Statement of Financial Accounting Standard No. 142, which resulted in the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of the amortization of goodwill, earnings per share increased by approximately $0.02 and $0.08 for the quarter and year ended December 31, 2002, respectively, compared to the same 2001 periods. "We are very pleased with our results for both the quarter and the year," commented 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. "Our ability to produce strong and consistent operating results while continuing to improve the quality of the services we offer to children and families underscores the strength of our business model. Through these challenging economic times we have continued to invest in our people and in systems necessary to support our growth and improve the quality of services we offer to children and families." "This past year we added 75 net new centers to our network, including five during the fourth quarter, and we now manage 465 centers in the U.S., Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of , the UK, and Ireland Ireland, Irish Eire (âr`ə) [to it are related the poetic Erin and perhaps the Latin Hibernia], island, 32,598 sq mi (84,429 sq km), second largest of the British Isles. . With the growth in our UK operations this past year, we now lead the employer-supported field in the UK, as we long have in the U.S. We are proud to partner with more than 400 clients to provide a variety of services including full service care, back up child care, elementary schools elementary school: see school. , school vacation and summer camp programs, strategic consulting, and access to a worldwide network of quality centers through our Network Access Program. In these times of economic uncertainty we have been pleased to see interest from new employers as well as continued expansion by existing clients who understand and value the impact that quality child care programs have on their workforce." "Bright Horizons was recently named one of Fortune magazine's '100 Best Companies to Work for' for the third year in a row," concluded Lissy. "By cultivating a supportive culture and a strong mission to make a difference, we aim to be the employer of choice for those who share our passion for quality early education and supportive family friendly work environments." Bright Horizons Family Solutions will be hosting an investor conference call today at 4:30 pm EST EST electroshock therapy. EST abbr. electroshock therapy . The public is invited to listen to the conference call by dialing 973-582-2706. Replays of the entire call will be available through Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , February 21, 2003 at 973-341-3080, PIN# 3701974. Visit the Bright Horizons Family Solutions Web site at www.brighthorizons.com. 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 more than 460 child care and early education 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. , Europe, Canada and the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . Bright Horizons serves more than 400 clients, including 84 FORTUNE 500 companies and 54 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 in America." 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 for clients who control construction, and the impact of government tax and fiscal policies on employers considering work-site child care, as well as other factors that are discussed in detail in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001.
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Three months ended
12/31/02 12/31/01
Revenues $107,717 100.0% $91,197 100.0%
Cost of services 91,877 85.3% 77,787 85.3%
Gross profit 15,840 14.7% 13,410 14.7%
Selling, general and
administrative expenses 8,952 8.3% 7,624 8.4%
Amortization 92 0.1% 558 0.6%
Income from operations 6,796 6.3% 5,228 5.7%
Net interest (expense) (12) 0.0% (13) 0.0%
Income before income taxes 6,784 6.3% 5,215 5.7%
Income tax provision (2,891) -2.7% (2,228) -2.4%
Net income $3,893 3.6% $2,987 3.3%
Per share data:
Net income per share - basic $0.31 $0.24
Weighted average number of common
shares outstanding 12,429 12,262
Net income per share - diluted $0.30 $0.23
Weighted average number of common
and common equivalent shares 13,002 12,811
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Twelve months ended
12/31/02 12/31/01
Revenues $407,532 100.0% $345,862 100.0%
Cost of services 347,640 85.3% 295,027 85.3%
Gross profit 59,892 14.7% 50,835 14.7%
Selling, general and
administrative expenses 33,266 8.2% 28,601 8.3%
Amortization 377 0.1% 2,213 0.6%
Income from operations 26,249 6.4% 20,021 5.8%
Net interest income (expense) 24 0.0% (85) 0.0%
Income before income taxes 26,273 6.4% 19,936 5.8%
Income tax provision (10,954) -2.6% (8,409) -2.5%
Net income $15,319 3.8% $11,527 3.3%
Per share data:
Net income per share - basic $1.24 $0.95
Weighted average number of common
shares outstanding 12,383 12,189
Net income per share - diluted $1.18 $0.90
Weighted average number of common
and common equivalent shares 13,025 12,798
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