Bright Horizons Family Solutions Reports Third Quarter Financial Results; 23% Net Income Growth; 21 New Center Openings.Business Editors BOSTON--(BUSINESS WIRE)--Oct. 18, 2001 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 nine months ended September 30, 2001. Net income for the quarter ending September 30, 2001 increased 23% to $2.8 million from $2.3 million in the third quarter of 2000. Earnings per diluted share of $0.22 in the current quarter increased 22% from $0.18 per diluted share for the quarter ended September 30, 2000. Revenues of $87.2 million for the quarter increased 17% from $74.5 million for the quarter ended September 30, 2000. Net income for the nine months ending September 30, 2001 increased 21% to $8.5 million from $7.1 million for the same period in 2000. Earnings per diluted share of $0.67 for the nine month period increased 18% from $0.57 per diluted share for the same period in 2000. Revenues of $254.7 million for the nine months ending September 30, 2001 increased 19% from $213.2 million for the same 2000 period. "We are very pleased with our strong operating performance this quarter and for the year," stated Chief Executive Officer Roger Brown. "We opened a record 21 new centers this quarter, including 13 centers for new clients across a spectrum of industries - educational institutions, manufacturing plants, government agencies, healthcare providers and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. organizations. In addition to our first center in collaboration with the UAW/Ford/Visteon, we opened centers for Medtronic, TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund , Onboard Software, Johns Hopkins Noun 1. Johns Hopkins - United States financier and philanthropist who left money to found the university and hospital that bear his name in Baltimore (1795-1873) Hopkins 2. , Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , Cook County and the City of Chicago and assumed the management of centers for Thomas Jefferson University It began as Jefferson Medical College in 1824. On July 1, 1969 the institution officially became Thomas Jefferson University. The university is made up of three colleges:
In the United States:
international organization founded in 1959 by 20 governments in North and South America to finance economic and social development in the Western Hemisphere. . We also added eight centers for existing clients, including JPMorgan Chase JPMorgan Chase (NYSE: JPM TYO: 8634 ) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is one of the leaders in investment banking, financial services, asset and wealth management and private equity. With assets of $1. , Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. , IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) and Prudential. We closed three centers this quarter, resulting in 18 net new centers for the quarter." "We are also proud of our 48 clients recognized by Working Mother magazine among the "100 Best Companies for Working Mothers", including eight of the top 10 companies," continued Brown. "These winning companies recognize that providing quality work site child care and other programs that help employees better integrate the challenges of work and life are key to their business success." Bright Horizons also announced the election of 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 Tocio and Executive Vice President and Chief Development Officer David Lissy to the Board of Directors. The additions expand the Board of Directors from 11 members to 13. Tocio, who has been with the Company for nearly 10 years, manages the worldwide operations of Bright Horizons' more than 380 child care and early education centers. Lissy, who joined Bright Horizons in 1997, oversees the Company's business development, strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , client services, consulting and marketing functions. "Mary Ann and Dave's leadership has been critical to the Company's unprecedented growth and operational success over the past several years. They have created and executed the Company's growth plan, including our recent global expansion, and have ensured our continued ability to enhance the quality of services we provide," said CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Roger Brown. "In the aftermath of the events of September 11, I want to commend our teachers, directors and all field personnel for their responsiveness to the crisis," said Brown. "Although none of the centers we manage were directly affected by the tragic events of that day, many of our center personnel, particularly in Washington, DC and 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. , were immediately called on to demonstrate their professionalism and skill by quickly and safely evacuating centers in buildings and government offices that took those precautionary measures. Most impressively, the staff at one of our centers in lower Manhattan served as a haven for more than 60 passersby, administering first aid and comfort to the injured who flocked into the lobby of their building." "We have also responded to many clients' requests to offer professional advice, seminars and educational materials for their employees looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. assistance to help their children cope with and understand the tragedy," Brown continued. "We are also working with our client JPMorgan Chase along with Mercy Corps, an international relief organization, and the Dougy Center for Grieving Children, on a project to publish a book for parents and caregivers called What Happened to the World? Helping Children Cope in Turbulent Times, as well as comfort kits, providing materials for children directly impacted by the tragedy." The books and kits will be distributed through community organizations, NAEYC NAEYC National Association for the Education of Young Children (Washington, DC) chapters, and educational organizations in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area, and much of the material will also be accessible through our special Web site developed in response to the tragedy: www.brighthorizons.com/talktochildren. 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 call by dialing 973-633-6740. Replays will be available through Friday, October 26, 2001 at 973-341-3080, PIN# 289095. 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, managing more than 380 child care and early education centers in the United States, Europe and the Pacific Rim. Bright Horizons serves more than 300 clients, including 82 FORTUNE 500 companies and 48 of the "100 Best Companies for Working Mothers," as recognized by Working Mother magazine. This press release contains forward-looking statements, 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, including the ability of the Company to execute contracts relating to new commitments, to enroll families in new as well as existing centers, 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, 2000.
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Three months ended
9/30/01 9/30/00
Revenues $87,173 100.0% $74,504 100.0%
Cost of services 74,746 85.7% 63,889 85.8%
Gross profit 12,427 14.3% 10,615 14.2%
Selling, general and
administrative expenses 7,062 8.1% 6,245 8.4%
Amortization 542 0.7% 527 0.6%
Income from operations 4,823 5.5% 3,843 5.2%
Net interest
(expense) income (7) 0.0% 38 0.1%
Income before income taxes 4,816 5.5% 3,881 5.3%
Income tax provision (2,029) -2.3% (1,621) -2.3%
Net income $2,787 3.2% $2,260 3.0%
Per share data:
Net income per
share - basic $0.23 $0.19
Weighted average number
of common shares
outstanding 12,229 11,914
Net income per
share - diluted $0.22 $0.18
Weighted average number
of common and common
equivalent shares 12,813 12,667
Bright Horizons Family Solutions
Selected Financial Information
(Unaudited)
(in thousands except per share data)
Nine months ended
9/30/01 9/30/00
Revenues $254,665 100.0% $213,192 100.0%
Cost of services 217,240 85.3% 182,035 85.4%
Gross profit 37,425 14.7% 31,157 14.6%
Selling, general and
administrative expenses 20,977 8.2% 17,834 8.4%
Amortization 1,655 0.7% 1,369 0.6%
Income from operations 14,793 5.8% 11,954 5.6%
Net interest
(expense) income (72) 0.0% 162 0.1%
Income before
income taxes 14,721 5.8% 12,116 5.7%
Income tax provision (6,181) -2.4% (5,045) -2.4%
Net income $8,540 3.4% $7,071 3.3%
Per share data:
Net income per
share - basic $0.70 $0.60
Weighted average number
of common shares
outstanding 12,164 11,857
Net income per
share - diluted $0.67 $0.57
Weighted average number
of common and common
equivalent shares 12,793 12,445
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