COMPUTER LEARNING CENTERS ANNOUNCES FIRST QUARTER RESULTS.FAIRFAX Fairfax, city (1990 pop. 19,622), historic seat of Fairfax co., NE Va., a residential suburb of Washington, D.C.; inc. 1892, as a city 1961 (at which time it became independent and no longer included in a county). There is some light manufacturing. , Va.--(BUSINESS WIRE)--June 4, 1996--Computer Learning Centers, Inc. (Nasdaq National Market: CLCX) ("CLC (The Computer Language Company Inc.) The publisher of this Encyclopedia. See About this product. "), a provider of information technology and computer-related education and training, today announced financial results for the three months ended April 30, 1996 (See attached table). Revenues for the three months ended April 30, 1996 increased 28.4% to $14.0 million from $10.9 million reported for the same period last year. Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $1.2 million, an increase of 239% over income from continuing operations of $354,000 reported for the comparable prior year period. Income per share from continuing operations for the three months ended April 30, 1996 was $.27 versus pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma income per share from continuing operations of $.13 for the same period a year ago. Net income for the first quarter of fiscal 1997 was $1.2 million, or $.27 per share, versus a net loss of $910,000, or $.33 per share (pro forma), for the same period last year, which included a loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $1.3 million. Discontinued operations represent businesses that the Company distributed to its stockholders immediately prior to the completion of its initial public offering on June June: see month. 7, 1995. Management noted that there were approximately 61% more shares outstanding during the three months ended April 30, 1996 over the same period in 1995, primarily as a result of the Company's initial public offering. Reid Bechtle Bechtle AG is a German technology company listed on the TecDAX stock index. Established in 1983, the company operates from over 60 locations throughout Europe, with the headquarters in Germany and offices in Switzerland, UK, Italy, Netherlands, France, Austria, Spain and , President and Chief Executive Officer of CLC, commented, "Our strong first quarter results were primarily the result of increased enrollment and the growing popularity of CLC's longer programs, including Associate Degree programs. Student enrollment for the three months ended April 30, 1996 was 1,964, a 17.5% increase from the prior year period. The total number of students attending all of the Company's Learning Centers at April 30, 1996 was 5,062, a 14.6% increase over the prior year. Student enrollment at all of the Company's Learning Centers which have been open for more than one year increased 4.2%, yielding an increase in same Center student population of 9.8%. It should be noted that we achieved these financial results despite incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $556,000 on three new Learning Centers opening in the first quarter of fiscal 1997 versus a pre-tax operating loss of $150,000 for one new Learning Center open during the same period last year." Mr. Bechtle continued, "In May we announced the signing of a lease agreement to open our twelfth Learning Center which will be located in Laurel, Maryland Laurel is a Maryland, U.S. city located midway between Washington, D.C. and Baltimore. Incorporated in 1870, the city maintains a historic district including its Main Street. The official population estimate for Laurel city was 21,945 as of 2006. . Pending approval by the appropriate state regulatory agencies state regulatory agency A state body responsible for establishing professional standards, and for certifying professionals or organizations through appropriate documentation , this newest Learning Center is expected to open in September September: see month. 1996. Concurrently, we announced the planned opening of two new Professional Development Services ("PDS (1) (Processor Direct Slot) A single expansion slot on certain, early Macintosh models that was used to connect high-speed peripherals as well as additional CPUs. Providing a channel directly to the CPU, the PDS coexisted with NuBus slots on some models. ") Centers, one each in Laurel, Maryland and Tyson's Corner, Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . These PDS centers are expected to open during the quarter ending July 31, 1996." In closing, Mr. Bechtle stated, "In response to the increasing national demand for information technology education and training, we have made a strategic decision to accelerate the rate at which we will open new Learning Centers and currently intend to open a total of four to five new Learning Centers this fiscal year. In this regard, we have thus far announced the opening or planned openings of two new Learning Centers. To complement this strategy, we will continue to broaden our existing degree programs while expanding existing courses, including PDS. We firmly believe that CLC is well-positioned to compete in a rapidly growing and evolving industry." Computer Learning Centers provides information and computer-related education and training at 11 Learning 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. . The Company designs programs and courses to meet current information technology education needs, offering instruction in technologies such as client server, databases, networking and object-oriented programming object-oriented programming, a modular approach to computer program (software) design. Each module, or object, combines data and procedures (sequences of instructions) that act on the data; in traditional, or procedural, programming the data are separated from the . -0- This release contains forward looking statements that are subject to risks and uncertainties, including but not limited to the impact of government regulation and competition and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. -0-
COMPUTER LEARNING CENTERS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
For the three-month period ended
April 30,
1996 1995
Revenues: $14,006 $10,885 Costs and Expenses: Cost of instruction and services 7,539 6,301 Selling and promotional 2,485 1,885 General and administrative 1,185 933 Provision for doubtful accounts 748 796
Amortization of intangibles 90 90
------ ------
12,047 10,005
------ ------
Income before interest 1,959 880
Interest (income) expense, net (104) 189
------ ------
Income before income taxes and
discontinued operations 2,063 691
Provision for income taxes 856 337
----- -----
Income from continuing operations
before discontinued operations 1,207 354
----- -----
Loss from discontinued operations,
net of applicable income taxes -- (1,264)
------ -------
Net income (loss) $ 1,207 $ (910)
======= ========
Unaudited earnings per share: Income per share from continuing operations, actual-1996; pro forma-1995 $ 0.27 $ 0.13
Pro forma loss per share from
discontinued operations-1995 $ -- $ (0.46)
--------- --------
Net income (loss) per share,
actual-1996; pro forma-1995 $ 0.27 $ (0.33)
========== =========
Unaudited weighted average number of shares outstanding, actual-1996; pro forma-1995 4,409,222 2,740,405
Unaudited supplemental pro forma
income per share from continuing
operations-1995 -- $ 0.11
=========
Unaudited supplemental pro forma
weighted average number of shares
outstanding-1995 -- 4,165,275
CONTACT: Computer Learning Centers, Inc. Charles Cosgrove Chief Financial Officer (703) 359-7702 or CLCX INVESTOR RELATIONS Investor relations The process by which the corporation communicates with its investors. COUNSEL: The Equity Group Devin Sullivan, 212/836-9608 Tamara Ehlin, 212/836-9607 |
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