Concorde Reports Second-Quarter Revenue Increase of 20% and Earnings Increase of 49%, Diluted EPS Increase of 41%.Business Editors MISSION, Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--Aug. 4, 2003 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 June June: see month. 30, 2003. Revenue for the quarter increased 19.9% to $17.9 million. Revenue growth was driven by increased average student population that produced net income of $1,485,000, an increase of 49.1% 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 $0.24, an increase of 41.2%. 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 are pleased with the second-quarter results, that continued our focus on two critical areas of our business; enrollment growth and student retention. We were able to leverage most expense categories and continue to look for new growth initiatives, including expansion of our clinical programs at existing campuses, particularly the nursing program." A few highlights from the second quarter: -- 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 Arlington, Texas Arlington is a city in Tarrant County, Texas (USA) within the Dallas-Fort Worth-Arlington metropolitan area. According to a U.S Census Bureau release, as of July 1, 2006 Arlington has an estimated population of 367,197. , campus to a new location in June. -- Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: was 13.3% compared to 10.1% in 2002. -- Cash and temporary investments ended the quarter at $15,352,000 or $2.43 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. -- Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. ended the quarter at $16,556,000. Operating Results Concorde's results for the quarter ended June 30, 2003, included the following: -- Revenue growth of 19.9% to $17,891,000 compared to $14,925,000 for the same period in 2002. Same campus (campuses owned and operated greater than one year) revenue growth was 16.9%. -- Student enrollment growth of 12.9% to 2,183 compared to 1,934 in 2002. Same campus growth was 10.2% or 2,131 students for the quarter compared to 1,934 in 2002. -- Average student population increased 15.0% to 5,579 from 4,850. Same campus average population increased 12.3%. -- Ending student population increased 18.2% to 5,579 from 4,718. Same campus ending student population increased 15.5%. -- Net income increased $489,000 or 49.1% to $1,485,000 compared to $996,000 in 2002. -- Depreciation and amortization was $362,000. -- Capital expenditures were $613,000. Concorde's results for the six months ended June 30, 2003, included the following: -- Revenue growth of 20.4% to $35,250,000 compared to $29,278,000 for the same period in 2002. Same campus revenue growth was 17.6%. -- Student enrollment growth of 10.4% to 4,666 compared to 4,225 in 2002. Same campus growth was 8.0% or 4,564 students for the quarter compared to 4,225 in 2002. -- Average student population increased 15.0% to 5,595 from 4,864. Same campus, average population increased 12.6%. -- Net income increased $1,186,000 or 64.7% to $3,020,000 compared to $1,834,000 in 2002. -- Depreciation and amortization was $708,000. -- Capital expenditures were $1,463,000. 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 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 14C, 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.
CONCORDE CAREER COLLEGES, INC.
Condensed Statement of Operations
Quarters Ended June 30 2003 2002
---- ----
Revenue $17,891,000 $14,925,000
Instruction costs and services 5,339,000 4,510,000
Selling and promotional 2,334,000 2,155,000
General and administrative 7,281,000 5,895,000
Provision for uncollectible accounts 566,000 860,000
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Total operating expense 15,520,000 13,420,000
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Operating income 2,371,000 1,505,000
Non-operating income and interest, net 48,000 6,000
Provision for income taxes 934,000 515,000
-------------------------
Net income $1,485,000 $996,000
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Basic income per share (Note 1) $0.25 $0.24
Basic weighted average shares 5,860,000 3,992,000
Diluted income per share (Note 2) $0.24 $0.17
Diluted weighted average shares 6,317,000 6,147,000
Six Months Ended June 30 2003 2002
---- ----
Revenue $35,250,000 $29,278,000
Instruction costs and services 10,597,000 9,189,000
Selling and promotional 4,456,000 4,088,000
General and administrative 14,265,000 11,425,000
Provision for uncollectible accounts 1,081,000 1,662,000
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Total operating expense 30,399,000 26,364,000
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Operating income 4,851,000 2,914,000
Non-operating income and interest, net 68,000 17,000
Provision for income taxes 1,899,000 1,097,000
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Net income $3,020,000 $1,834,000
========================
Basic income per share (Note 3) $0.52 $0.43
Basic weighted average shares 5,853,000 3,989,000
Diluted income per share (Note 4) $0.48 $0.31
Diluted weighted average shares 6,279,000 6,130,000
Note 1 -- Basic income per share is shown after a reduction of preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividends accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of $54,000 for the quarter ended June 30, 2002. Note 2 -- Diluted income per share is shown after addition of interest on convertible debt, net of tax of $27,000 for the quarter ended June 30, 2002. Note 3 -- Basic income per share is shown after a reduction of preferred stock dividends accretion of $106,000 for the six months ended June 30, 2003. Note 4 -- Diluted income per share is shown after addition of interest on convertible debt, net of tax of $54,000 for the six months ended June 30, 2003.
CONCORDE CAREER COLLEGES, INC.
Condensed Balance Sheet Information
June 30, December 31, June 30,
2003 2002 2002
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Cash and short term investments $15,352,000 $12,298,000 $11,075,000
Accounts receivable, net 23,179,000 19,608,000 19,203,000
Other current assets 3,466,000 3,184,000 2,898,000
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Total current assets 41,997,000 35,090,000 33,176,000
Fixed assets, net 4,347,000 3,541,000 2,869,000
Other long term assets 1,714,000 1,420,000 613,000
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Total assets 48,058,000 40,051,000 36,658,000
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Deferred revenue 24,806,000 20,996,000 19,795,000
Subordinated debt, short-term -- 3,500,000 3,500,000
Other current liabilities 6,539,000 5,408,000 5,404,000
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Total current liabilities 31,345,000 29,904,000 28,699,000
Other long term liabilities 157,000 157,000 --
Stockholders' Equity 16,556,000 9,990,000 7,959,000
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Total liabilities and
Stockholders' Equity $48,058,000 $40,051,000 $36,658,000
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