Childtime Learning Centers reports 20 percent revenue increase for first fiscal quarter ended July 19.FARMINGTON HILLS, Mich.--(BUSINESS WIRE)--Aug. 21, 1996-- Childtime Learning Centers (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CTIM CTIM Coupled Thermosphere Ionosphere Model ) today announced record financial results for its first quarter which ended July 19, 1996. The company reported revenues of $23,256,000, a 20 percent increase over last year's first quarter revenues of $19,343,000. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased to $2,119,000 compared to $1,867,000 during the first quarter of 1996; a 13 percent increase. Both the current and prior years' quarters were 16 weeks in length. "We're very pleased with the first quarter results," said Childtime 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. and President Harold Lewis. "Our financial performance has exceeded our target and our growth in new centers continues to be strong." Earnings per share was 26 cents compared with pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. per share, as defined below, of 22 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the first quarter of 1996, an 18 percent increase. Prior year earnings per share data is presented on a 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 basis to reflect the company's initial public offering of 1,700,000 shares in February 1996, and an additional 230,000 shares pursuant to the exercising of over-allotment options in March 1996, use of proceeds, interest income generated from related cash flow, and the termination of certain expenses concurrent with the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. . Lewis said the company, which went public on Feb. 2, 1996, has experienced significant growth in the past three years, expanding from 128 centers to 184 as of Aug. 16, 1996. "We've established a goal, beginning in fiscal 1997, to open 25 to 30 new centers a year nationwide over the next few years," Lewis said. "We've opened seven new centers in the first quarter and an additional three centers thus far in the second quarter of fiscal 1997." In addition to developing centers in traditional residential areas, Lewis said Childtime has been successful working with businesses, office parks, and hospitals in establishing child care centers in their facilities for the children of their employees. Childtime, the nation's fifth largest child care provider, employs over 4,000 professional educators and child care providers, and provides a vital service to approximately 20,000 children and their parents in 14 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . -0-
(In thousands, except per share data)
Sixteen weeks ended
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7/19/96 7/21/95
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Net revenues $23,256 $19,343
Operating income $ 2,119 $ 1,867
Pro forma net income (1) $ 1,386 $ 1,198
Pro forma average shares (1) 5,429 5,429
Pro forma E.P.S. (1) $ 0.26 $ 0.22
(1) Prior year pro forma net income, average shares and earnings per share data reflect the company's initial public offering, including use of proceeds, interest income generated from related cash flow and the termination of certain expenses concurrent with the offering of 1,930,000 shares of common stock, including 230,000 shares issued pursuant to the exercise of the over-allotment options. CONTACT: Childtime Learning Centers, Farmington Hills Mike Yeager, 810/476-3200 or NES NES Nintendo Entertainment System NES Not Elsewhere Specified (shipping) NES Nuclear Export Signal NES National Election Studies NES Nashville Electric Service NES National Evaluation Systems, Inc. Nancy Burguess, 810/548-7444 |
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