Bright Horizons Family Solutions Reports Second Quarter Financial Results.Business Editors BOSTON--(BUSINESS WIRE)--July 24, 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 second quarter and six months ended June June: see month. 30, 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 June 30, 2003 increased 30% from $0.30 per diluted share for the quarter ended June 30, 2002. Revenue for the second quarter increased 17% to $117.0 million from $100.0 million for the same quarter last year. Net income for the second quarter of 2003 increased 30% to $5.1 million from $4.0 million in the second quarter of 2002. Earnings per diluted share of $0.74 for the six months ended June 30, 2003 increased 25% from $0.59 per diluted share for the six months ended June 30, 2002. Revenue for the first six months increased 18% to $229.5 million from $194.4 million for the same period last year. Net income for the first six months of 2003 increased 26% to $9.7 million from $7.7 million in the first six months of 2002. "We are pleased to report another strong quarter," 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. "I am proud of the way we have continued to grow our organization by maintaining our strong mission and high quality service levels while delivering solid financial results." During the second quarter, Bright Horizons expanded its network to include new child care centers in the US for ICOS, Standard Process, Compuware (Compuware Corporation, Detroit, MI, www.compuware.com) A leading provider of software and consulting services for building, testing and optimizing applications. Founded in 1973, it serves more than 90 percent of the world's Fortune 100 companies. and a fourth center for Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were . The Company also added two new centers in 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. . At the end of the second quarter, the Company operated 481 early care and education centers, with the capacity to serve 56,000 children and families. "I am also pleased to announce that, earlier this week, we expanded our reach into 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. through the acquisition of Brookfield Academy Brookfield Academy is a non-sectarian, private pre-K-12 school in Brookfield, Wisconsin. Brookfield Academy embraces traditional educational methods and promotes character education through the use of its "Five Stars": Truth, Character, Heritage, Intellect, and Individuality. in the Oakland Oakland, city (1990 pop. 372,242), seat of Alameda co., W Calif., on the eastern side of San Francisco Bay; inc. 1852. Together with San Francisco and San Jose, the city comprises the fourth largest metropolitan area in the United States. County area of Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). . Brookfield Brookfield. 1 Village (1990 pop. 18,876), Cook co., NE Ill., a residential suburb of Chicago; inc. 1893. The noted Chicago Zoological Park (Brookfield Zoo) is there. 2 City (1990 pop. 35,184), Waukesha co., SE Wis. operates four early care and elementary schools elementary school: see school. offering preschool through fifth grade education to more than 800 students," added Lissy. "The four academies have a 25-year track record and have built a strong reputation for quality and educational excellence, and they join our existing elementary schools in Seattle, Washington  This page is protected from moves until disputes have been resolved on the .The reason for its protection is listed on the protection policy page. and Palm Beach, Florida Palm Beach is an incorporated town in Palm Beach County, Florida. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth. As of 2000, Palm Beach had a year-round population of 10,468, with an estimated seasonal population of 30,000. , as part of our Schools Division." "We recently received the results of our annual parent satisfaction survey," added 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, 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. . "They showed that 98.8% of our parents were either highly satisfied or satisfied with the quality of care and education that their children experience in our centers. It is extremely gratifying 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. to know how much the quality of our programs and dedication of our teachers is valued. We are grateful for this acknowledgement of our performance, and are reminded each day of the opportunities we have to enrich the experiences of children in our care." Bright Horizons Family Solutions will host 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, August 8, 2003 at 973-341-3080, PIN# 4021167. 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 and early education, managing more than 480 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, 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, 2002.
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Three months ended
-----------------------------------
6/30/2003 6/30/2002
----------------- -----------------
Revenue $117,047 100.0% $99,954 100.0%
Cost of services 99,031 84.6% 84,997 85.0%
---------- ------ ---------- ------
Gross profit 18,016 15.4% 14,957 15.0%
Selling, general and
administrative expenses 9,225 7.9% 8,139 8.1%
Amortization 88 0.1% 74 0.1%
---------- ------ ---------- ------
Income from operations 8,703 7.4% 6,744 6.8%
Net interest income 77 0.1% 12 0.0%
---------- ------ ---------- ------
Income before income taxes 8,780 7.5% 6,756 6.8%
Income tax provision (3,653) -3.1% (2,797) -2.8%
---------- ------ ---------- ------
Net income $5,127 4.4% $3,959 4.0%
========== ====== ========== ======
Per share data:
---------------
Net income per share - basic $0.41 $0.32
========== ==========
Weighted average number of common
shares outstanding 12,600 12,384
========== ==========
Net income per share - diluted $0.39 $0.30
========== ==========
Weighted average number of common
and common equivalent shares 13,240 13,091
========== ==========
Supplemental Information:
-------------------------
Earning before interest, taxes,
depreciation and amortization
(EBITDA)(a) $11,356 $9,052
Reconciliation of net income to
EBITDA:
Net income, as reported $5,127 $3,959
Add back income tax provision 3,653 2,797
Less net interest income (77) (12)
---------- ----------
Income from operations 8,703 6,744
Add back depreciation 2,565 2,234
Add back amortization 88 74
---------- ----------
Earning before interest, taxes,
depreciation and amortization
(EBITDA) $11,356 $9,052
(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)
Six months ended
-----------------------------------
6/30/2003 6/30/2002
----------------- -----------------
Revenue $229,454 100.0% $194,430 100.0%
Cost of services 194,330 84.7% 165,304 85.0%
---------- ------ ---------- ------
Gross profit 35,124 15.3% 29,126 15.0%
Selling, general and
administrative expenses 18,450 8.0% 15,787 8.1%
Amortization 215 0.1% 183 0.1%
---------- ------ ---------- ------
Income from operations 16,459 7.2% 13,156 6.8%
Net interest income 115 0.0% 35 0.0%
---------- ------ ---------- ------
Income before income taxes 16,574 7.2% 13,191 6.8%
Income tax provision (6,919) -3.0% (5,514) -2.9%
---------- ------ ---------- ------
Net income $9,655 4.2% $7,677 3.9%
========== ====== ========== ======
Per share data:
---------------
Net income per share - basic $0.77 $0.62
========== ==========
Weighted average number of common
shares outstanding 12,526 12,341
========== ==========
Net income per share - diluted $0.74 $0.59
========== ==========
Weighted average number of common
and common equivalent shares 13,127 13,035
========== ==========
Supplemental Information:
-------------------------
Earning before interest, taxes,
depreciation and amortization
(EBITDA)(a) $21,737 $17,685
Reconciliation of net income to
EBITDA:
Net income, as reported $9,655 $7,677
Add back income tax provision 6,919 5,514
Less net interest income (115) (35)
---------- ----------
Income from operations 16,459 13,156
Add back depreciation 5,063 4,346
Add back amortization 215 183
---------- ----------
Earning before interest, taxes,
depreciation and amortization
(EBITDA) $21,737 $17,685
(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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