Bright Horizons Family Solutions Reports Fourth Quarter and FY2003 Results.Business Editors/High-Tech Writers BOSTON--(BUSINESS WIRE)--Feb. 12, 2004 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, 2003. 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 $0.39 in the quarter ended December 31, 2003 increased 30% from $0.30 per diluted share for the same 2002 quarter. Revenue for the current quarter increased 16% to $125.2 million from $107.7 million for the quarter ended December 31, 2002. Net income for the fourth quarter ended December 31, 2003 increased 37% to $5.3 million from $3.9 million in the fourth quarter of 2002. Earnings per diluted share of $1.50 for the year ended December 31, 2003 increased 27% from $1.18 per diluted share in 2002. Revenue for the full year increased 16% to $472.8 million from $407.5 million in 2002. Net income in 2003 increased 31% to $20.0 million from $15.3 million in the prior year. "It was another strong year for Bright Horizons, and we are very pleased with the results," 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. "During 2003 we added 60 new centers in partnership with some of the world's finest World's Finest may refer to:
n.pr See acid, hydroxycitric. ) and the LPGA LPGA abbr. Ladies Professional Golf Association . We also deepened our commitment to elementary education elementary education or primary education Traditionally, the first stage of formal education, beginning at age 5–7 and ending at age 11–13. and expanded our leadership in back-up child care this past year." As announced previously, this past quarter the Company completed the acquisition of Resources in Active Learning, under which it will manage the high-quality network of Marin Day Schools in Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . Bright Horizons ended the year with 509 early care and education centers under operation in the US, Europe and Canada. "This year also marked an exciting milestone in the growth of Bright Horizons with the opening of our 500th center 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. , " added Lissy. "This center is the eighth for the Citigroup family of companies, which opened their first center with us in 1994. The commitment of employers like Citibank and our more than 400 other partners, to improve productivity by helping employees better integrate the challenges of work and life has been the driving force behind our growth over the years. While we are proud of how we have grown, we are reminded each day that our ultimate success is judged by our ability to provide quality care and service -- one child, one family, and one client at a time." "We are also gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by two other objective measures of our performance in 2003," added President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Mary Ann ANN, Scotch law. Half a year's stipend over and above what is owing for the incumbency due to a minister's relict, or child, or next of kin, after his decease. Wishaw. Also, an abbreviation of annus, year; also of annates. In the old law French writers, ann or rather an, signifies a year. Tocio. "First is the re-affirmation of the success of our work with children and families as indicated by the 98.8% satisfaction score in our recent parent survey. Second is the confirmation from our own employees that they are proud to work for Bright Horizons, as we were once again named one of the "100 Best Companies to Work For" by FORTUNE magazine. This marks the fifth year Bright Horizons has been named to this prestigious list, an accomplishment of which we are extremely proud." Bright Horizons Family Solutions will host an investor conference call today at 4:30 pm ET. 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, February 27, 2004 at 973-341-3080, PIN# 4408818. 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 also 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 more than 500 early care and 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 and Canada. Bright Horizons serves more than 400 clients, including more than 80 FORTUNE 500 companies and 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 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 1) to 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, 2002.
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Three months ended
-------------------------------------
12/31/2003 12/31/2002
------------------ ------------------
Revenue $125,217 100.0% $107,717 100.0%
Cost of services 105,901 84.6% 91,877 85.3%
----------- ------ ----------- ------
Gross profit 19,316 15.4% 15,840 14.7%
Selling, general and
administrative expenses 9,644 7.7% 8,952 8.3%
Amortization 266 0.2% 92 0.1%
----------- ------ ----------- ------
Income from operations 9,406 7.5% 6,796 6.3%
Net interest (expense) income (20) 0.0% (12) 0.0%
----------- ------ ----------- ------
Income before income taxes 9,386 7.5% 6,784 6.3%
Income tax provision (4,072) -3.3% (2,891) -2.7%
----------- ------ ----------- ------
Net income $5,314 4.2% $3,893 3.6%
=========== ====== =========== ======
Per share data:
---------------
Net income per share - basic $0.41 $0.31
=========== ===========
Weighted average number of
common shares outstanding 13,043 12,429
=========== ===========
Net income per share - diluted $0.39 $0.30
=========== ===========
Weighted average number of
common and common equivalent shares 13,699 13,002
=========== ===========
Supplemental Information:
-------------------------
Earnings before interest,
taxes, depreciation and
amortization (EBITDA)(a) $12,429 $9,552
Reconciliation of net income to EBITDA:
Net income, as reported $5,314 $3,893
Add back income tax provision 4,072 2,891
Less net interest expense/income 20 12
----------- -----------
Income from operations 9,406 6,796
Add back depreciation 2,757 2,664
Add back amortization 266 92
----------- -----------
EBITDA $12,429 $9,552
(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.
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Twelve months ended
-------------------------------------
12/31/2003 12/31/2002
------------------ ------------------
Revenue $472,756 100.0% $407,532 100.0%
Cost of services 400,409 84.7% 347,640 85.3%
----------- ------ ----------- ------
Gross profit 72,347 15.3% 59,892 14.7%
Selling, general and
administrative expenses 37,216 7.9% 33,266 8.2%
Amortization 548 0.1% 377 0.1%
----------- ------ ----------- ------
Income from operations 34,583 7.3% 26,249 6.4%
Net interest income (expense) 62 0.0% 24 0.0%
----------- ------ ----------- ------
Income before income taxes 34,645 7.3% 26,273 6.4%
Income tax provision (14,631) -3.1% (10,954) -2.6%
----------- ------ ----------- ------
Net income $20,014 4.2% $15,319 3.8%
=========== ====== =========== ======
Per share data:
---------------
Net income per share - basic $1.57 $1.24
=========== ===========
Weighted average number of
common shares outstanding 12,737 12,383
=========== ===========
Net income per share -
diluted $1.50 $1.18
=========== ===========
Weighted average number of
common and common equivalent
shares 13,373 13,025
=========== ===========
Supplemental Information:
-------------------------
Earnings before interest,
taxes, depreciation and
amortization (EBITDA)(a) $45,610 $36,009
Reconciliation of net income to EBITDA:
Net income, as reported $20,014 $15,319
Add back income tax
provision 14,631 10,954
Less net interest
income/expense (62) (24)
----------- -----------
Income from operations 34,583 26,249
Add back depreciation 10,479 9,383
Add back amortization 548 377
----------- -----------
EBITDA $45,610 $36,009
(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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