By Business Wirevia The Motley Fool
Filed under: Investing
Franklin Covey Reports Solid Growth for Its Fiscal 2013 Second Quarter
Diluted EPS Grows 33% Over Prior Year’s Quarter
Operating Income Increases 17%
Sales and Adjusted EBITDA Each Increase 5%
Company Reaffirms Its Fiscal 2013 Adjusted EBITDA Guidance of $30-$32 Million
SALT LAKE CITY–(BUSINESS WIRE)– Franklin Covey Co. (NYS: FC) , a global performance improvement company that creates and distributes world-class content, training, processes, and tools that organizations and individuals use to transform their results, today announced financial results for its fiscal second quarter ended March 2, 2013.
Net sales for the quarter ended March 2, 2013 increased 5% to $40.4 million, compared with $38.6 million in the second quarter of the prior year. Sales in the balance of the Company’s operations grew 16% in the quarter, but were partially offset by declines in the Government Services office and the Sales Performance Practice, and a primarily foreign exchange-related decline in revenues at its direct office in Japan. Adjusted EBITDA for the quarter increased to $5.6 million, a 5% increase, compared with $5.3 million in fiscal 2012 and was impacted by the same factors described above. The Company’s Adjusted EBITDA margin (Adjusted EBITDA as a percent of sales) remained strong, and was consistent with the prior fiscal year’s second quarter at 13.8% of sales. Income from operations increased by $0.5 million to $3.3 million, a 17% increase compared with $2.8 million in the second quarter of the prior fiscal year. Net income improved by $0.4 million to $1.6 million, or $0.08 per diluted share, compared with $1.2 million, or $.06 per diluted share, in the second quarter of fiscal 2012.
Bob Whitman, Chairman and Chief Executive Officer, commented, “Franklin Covey reported another quarter of solid growth in its financial and operating performance. We continue to invest in our new, key strategic initiatives and are expanding our marketing and sales teams on a global basis. Our momentum remains strong and our prospective business pipeline continues to build. We remain on track to report another year of solid growth in revenue, profitability, and cash flows from operations.”
Source: FULL ARTICLE at DailyFinance
