Bright Horizons Family Solutions Reports Second Quarter Financial Results.Business Editors BOSTON--(BUSINESS WIRE)--July 18, 2002 Net Income Increases 34% Completes Kinderquest Ltd. Acquisition in the United Kingdom 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 quarter and six months ended June June: see month. 30, 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 June 30, 2002 increased 30% from $0.23 per diluted share for the quarter ended June 30, 2001. Revenues for the current period increased 17% to $100.0 million from $85.8 million for the quarter ended June 30, 2001. Net income for the second quarter ended June 30, 2002 increased 34% to $4.0 million from $3.0 million in the second quarter of 2001. Earnings per diluted share of $0.59 for the six months ended June 30, 2002 increased 31% from $0.45 per diluted share for the six months ended June 30, 2001. Revenues for the first six months of 2002 increased 16% to $194.4 million from $167.5 million for the same period in 2001. Net income for the six months ended June 30, 2002 increased 33% to $7.7 million from $5.8 million in 2001. 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 $0.04 for the quarter and six months ended June 30, 2002, respectively, compared to the same 2001 periods. "I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in proud of our strong financial performance this quarter, which we have continued to achieve in concert with our ability to continuously improve the level of quality of the services we offer to clients and working parents," 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. "We added 61 new centers to our network this quarter," commented Lissy. "In addition to the 52 centers we acquired in the United Kingdom, our center openings this past quarter included new centers for Starbucks Coffee Company, Centene Corp., our fourth and fifth centers for the UAW/Ford, and our fifteenth In music, a fifteenth (sometimes abbreviated 15ma) is the interval between one musical note and another with one-quarter or quadruple the frequency. It corresponds to two octaves. It is the fourth harmonic. dedicated back-up center for JP Morgan Morgan, American family of financiers and philanthropists. Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. Chase. We also continued our growth in Ireland with the opening of a center in partnership with the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community in Dublin." The Company also closed three centers in the second quarter and ended the quarter with the capacity to serve approximately 52,500 children, a net increase of 3,250 during the second quarter. As previously announced, the Company closed on its acquisition of Kinderquest in the U.K. on June 17 of this year. "The addition of Kinderquest marks an important step in our expansion into the U.K. and Europe," added Lissy. " We now operate in the U.K. much as we do here in the U.S., as the market leader providing high quality employer-sponsored child care and other work/life solutions to clients and their working families. We share two clients with Kinderquest - Toyota and Merck - and have added British Petroleum, the Inland Revenue Inland Revenue Noun (in Britain and New Zealand) a government department that collects major direct taxes, such as income tax Noun 1. and Shell Oil, among others, to our client list. We are quite pleased to have a strong, locally focused management team in place in Europe to build on our leadership position. Bright Horizons now manages 456 centers and serves more than 375 clients worldwide. Now more than ever we are uniquely positioned to offer clients and working families high quality, customized services across a growing global platform." Bright Horizons Family Solutions will be hosting 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 973-633-6740. Replays of the entire call will be available through Friday, July 26, 2002 at 973-341-3080, PIN# 3332698. 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 450 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 375 clients, including 83 FORTUNE 500 companies and 48 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 including 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
6/30/02 6/30/01
Revenues $99,954 100.0% $85,756 100.0%
Cost of services 84,997 85.0% 72,976 85.1%
Gross profit 14,957 15.0% 12,780 14.9%
Selling, general and administrative
expenses 8,139 8.1% 7,149 8.3%
Amortization 74 0.1% 531 0.6%
Income from operations 6,744 6.8% 5,100 6.0%
Net interest income 12 0.0% 9 0.0%
Income before income taxes 6,756 6.8% 5,109 6.0%
Income tax provision (2,797) -2.8% (2,145) -2.5%
Net income $ 3,959 4.0% $ 2,964 3.5%
Per share data:
Net income per share - basic $ 0.32 $ 0.24
Weighted average number of common
shares outstanding 12,384 12,177
Net income per share - diluted $ 0.30 $ 0.23
Weighted average number of common
and common equivalent shares 13,091 12,826
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Six months ended
6/30/02 6/30/01
Revenues $194,430 100.0% $167,492 100.0%
Cost of services 165,304 85.0% 142,494 85.1%
Gross profit 29,126 15.0% 24,998 14.9%
Selling, general and administrative
expenses 15,787 8.1% 13,915 8.3%
Amortization 183 0.1% 1,113 0.7%
Income from operations 13,156 6.8% 9,970 5.9%
Net interest income(expense) 35 0.0% (65) 0.0%
Income before income taxes 13,191 6.8% 9,905 5.9%
Income tax provision (5,514) -2.9% (4,152) -2.5%
Net income $ 7,677 3.9% $ 5,753 3.4%
Per share data:
Net income per share - basic $ 0.62 $ 0.47
Weighted average number of common
shares outstanding 12,341 12,130
Net income per share - diluted $ 0.59 $ 0.45
Weighted average number of common
and common equivalent shares 13,035 12,783
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