Concorde Reports First Quarter Results -- Revenue Decrease of 0.4%, Earnings Decrease of 68.9%, and Earnings per Share Decrease of 70%.MISSION, Kan Kan, river, China: see Gan. . -- Concorde Concorde First supersonic, passenger-carrying, commercial airplane. Built jointly by British and French manufacturers, it entered regular service in 1976. Its maximum cruising speed is 1,354 mph (2,179 kph), more than twice the speed of sound; the London-New York flight Career Colleges, Inc. (Nasdaq:CCDC CCDC Cambridge Crystallographic Data Centre CCDC Centre City Development Corporation (San Diego, California) CCDC Consultant in Communicable Disease Control CCDC Certified Chemical Dependency Counselor CCDC Colorado Cross-Disability Coalition ), a provider of career training in allied health programs, today announced results for the quarter ended March 31, 2005. Revenue decreased 0.4% to $20.3 million in 2005 compared to $20.4 million in 2004. Net income decreased 68.9% to $406,000 or $.06 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 compared to $1,304,000 or $.20 in 2004. Enrollments decreased 6.5% compared to the first quarter of 2004 which negatively impacted the Company's revenue and profit. Expenses increased in several categories and contributed to lower net income compared to 2004. The expense increases were primarily due to additional staff and higher wages, increased advertising, health insurance and outside services. Jack Brozman, President and 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. , said: "We were successful in adding two new programs in the first quarter of 2005 and anticipate adding a total of ten new programs for the year. We are starting to see positive results from the changes we implemented in the fourth quarter of last year and expect improved results for the balance of 2005." Operating Results Concorde's results for the quarter ended March 31, 2005, included the following: --Revenue decreased to $20.3 million in 2005 compared to $20.4 million in 2004. --Diluted earnings per share was $.06 in 2005 compared to $.20 in 2004. --Student enrollments decreased 6.5% to 2,502 in 2005 compared to 2,675 in 2004. --Student population decreased 8.2% to 5,850 at March 31, 2005, compared to 6,371 at March 31, 2004. --Net income decreased $898,000 to $406,000 in 2005 compared to $1,304,000 in 2004. Certain statements in this press release may be deemed to be 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. under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company intends that such forward-looking statements be subject to the 'safe-harbor' provisions of that act. Forward-looking statements regarding economic conditions, efforts of employees, year to year improvements, and effects of corporate initiatives, future profitability, projections, future revenue opportunities, and their impact on 2005 are forward-looking statements and not historical facts. These statements are estimates or projections involving numerous risks or uncertainties, including, but not limited to, consumer demand, acceptance of services offered by the Company, the Company's ability to maintain current expense and revenue levels, actions by competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of federal funding, legislative action, student default rates, changes in federal or state authorization The right or permission to use a system resource; the process of granting access. See access control. or accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. changes, changes in market needs and technology, political or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. matters, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , general economic conditions, changes in management strategy and the Company's ability to leverage its curriculum and management infrastructure to build its student base. Actual results or events could differ materially from those discussed in the forward-looking statements. See the Company's reports on Forms 14A, 10-K and 10-Q filed with the Securities and Exchange Commission for further information. The Company disclaims any obligation to publicly update, revise or correct any forward-looking statements, whether as a result of new information, future events or otherwise. To find out more about Concorde Career Colleges, Inc. (Nasdaq:CCDC), visit our website at www.concordecareercolleges.com.
Quarter Ended March 31, 2005 and 2004
2005 2004
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Revenue $20,301,000 $20,375,000
Instruction costs and services 6,531,000 6,456,000
Selling and promotional 3,498,000 2,653,000
General and administrative 9,169,000 8,395,000
Provision for uncollectible accounts 564,000 779,000
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Total operating expense 19,762,000 18,283,000
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Operating income 539,000 2,092,000
Interest income and interest
expense, net 126,000 46,000
Provision for income taxes 259,000 834,000
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Net income $406,000 $1,304,000
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Basic income per share $0.07 $0.22
Basic weighted average shares 5,976,000 5,983,000
Diluted income per share $0.06 $0.20
Diluted weighted average shares 6,286,000 6,365,000
March 31, March 31, Dec. 31,
Condensed Balance Sheet Information 2005 2004 2004
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Cash and short term investments $20,751,000 $19,669,000 $19,613,000
Accounts receivable, net 26,026,000 25,710,000 22,220,000
Other current assets 4,216,000 3,300,000 4,992,000
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Total current assets 50,993,000 48,679,000 46,825,000
Fixed assets, net 9,731,000 8,041,000 9,896,000
Other long term assets 2,595,000 1,984,000 2,188,000
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Total assets 63,319,000 58,704,000 58,909,000
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Deferred revenue 28,057,000 28,038,000 24,582,000
Other current liabilities 7,945,000 7,051,000 7,248,000
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Total current liabilities 36,002,000 35,089,000 31,830,000
Other long term liabilities 2,714,000 1,578,000 2,915,000
Stockholders' Equity 24,603,000 22,037,000 24,164,000
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Total liabilities and
Stockholders' Equity $63,319,000 $58,704,000 $58,909,000
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