Concorde Reports Record First-Quarter Revenue Increase of 21%, Earnings Increase of 83%, Diluted EPS Increase of 79%.Business Editors/Health/Medical Writers MISSION, Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--April 22, 2003 Concorde Career Colleges, Inc. (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 : 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, 2003. Total revenue for the quarter increased 20.9% to $17.4 million. Revenue growth was driven by an increase in the average population for the quarter that produced net income of $1,535,000 or an increase of 83.2% and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.25 or an increase of 78.6% for the quarter. Jack Brozman, President & 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 started the year off very strong with a great first quarter following the best year we've had in recent history. We have continued to focus on enrollment growth and student retention, two critical areas of our business that will continue to make our Company successful." A few highlights from the first quarter: -- We began practical nursing at our Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. , campus in March. -- We relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. the San Bernardino, California San Bernardino is the county seat of San Bernardino County, California, United States. San Bernardino's estimated population, as of 2006, is 205,010.[1] As of 2006, it was the 18th largest city in California, and the 100ed largest city in the United States. , campus to a new location in February. -- The $3,500,000 subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". with attached warrants converted into 1,287,000 shares of common stock in February 2003. -- Enrollments grew 8.4% for the quarter ended March 31, 2003. -- Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 14.3% compared to 9.8% in 2002. -- Cash and temporary investments ended the quarter at $14,589,000 or $2.34 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. -- Bank debt remains at zero. Operating Results Concorde's results for the quarter ended March 31, 2003, included the following: -- Revenue growth of 20.9% to $17,359,000 compared to $14,353,000 for the same period in 2002. -- Student enrollment growth of 8.4% to 2,483 compared to 2,291 in 2002. -- Average student population increased 15.0% to 5,610 from 4,877 -- Ending student population increased 14.5% to 5,709 from 4,985. -- Net income increased $697,000 or 83.2% to $1,535,000 compared to $838,000 in 2002. 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, effects of corporate initiatives, future profitability, projections, future revenue opportunities, and their impact on 2003 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, 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 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 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. 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.
Concorde Career Colleges, Inc.
Condensed Statement of Operations
Quarters Ended March 31, 2003 and 2002 2003 2002
------------ ------------
Revenue $17,359,000 $14,353,000
Instruction costs and services 5,258,000 4,679,000
Selling and promotional 2,122,000 1,933,000
General and administrative 6,984,000 5,530,000
Provision for uncollectible accounts 515,000 802,000
------------ ------------
Total operating expense 14,879,000 12,944,000
------------ ------------
Operating income 2,480,000 1,409,000
Non-operating income and interest, net 20,000 11,000
Provision for income taxes 965,000 582,000
------------ ------------
Net income 1,535,000 838,000
============ ============
Earnings before interest, taxes,
depreciation and amortization (EBITDA) 2,826,000 1,623,000
Basic income per share(a) $0.26 $0.20
Basic weighted average shares 5,846,000 3,987,000
Diluted income per share(b) $0.25 $0.14
Diluted weighted average shares 6,241,000 6,124,000
(a) Basic income per share is shown after a reduction of preferred
stock dividends accretion of $52,000 for the quarter ended March 31,
2002.
(b) Diluted income per share is shown after addition of interest on
convertible debt, net of tax of $27,000 for the quarter ended March
31, 2002.
Condensed Balance Sheet Information
March 31, December 31, March 31,
2003 2002 2002
----------- ------------ -----------
Cash and short term investments 14,589,000 12,298,000 10,878,000
Accounts receivable, net 23,472,000 19,608,000 20,415,000
Other current assets 2,463,000 3,184,000 2,203,000
----------- ------------ -----------
Total current assets 40,524,000 35,090,000 33,496,000
Fixed assets, net 4,070,000 3,541,000 2,790,000
Other long term assets 1,426,000 1,420,000 665,000
----------- ------------ -----------
Total assets 46,020,000 40,051,000 36,951,000
=========== ============ ===========
Deferred revenue 24,599,000 20,996,000 20,772,000
Subordinated debt, short-term 3,500,000 3,500,000
Other current liabilities 6,238,000 5,408,000 5,706,000
----------- ------------ -----------
Total current liabilities 30,837,000 29,904,000 29,978,000
Other long term liabilities 157,000 157,000
Stockholders' Equity 15,026,000 9,990,000 6,973,000
----------- ------------ -----------
Total liabilities and
Stockholders' Equity 46,020,000 40,051,000 36,951,000
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