Company Says Its Cash Position Increased to Approximately
$35,000,000 on December 31 from $31,500,000 on September 30
NEW YORK, Jan. 3 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, said today that its
cash position had improved during the second quarter from $31,500,000 on
September 30, 2002 to approximately $35,000,000 on December 31, 2002.
"We are very pleased with the company's cash performance during the
just-ended quarter," said Chip Delaney, Vice Chairman of Business and Finance.
"As has been previously reported, the company has been focusing on improving
its cash position by both the refinancing of charter school notes receivables
and by more timely collection of its receivables. Clearly, we've been
successful in the past quarter."
About Edison
Edison is the nation's largest private manager of public schools. Edison
educates approximately 110,000 students in 150 full year schools and
178 summer schools. Through contracts with local school districts, states,
and public charter school boards, Edison assumes educational and operational
responsibility for individual schools in return for funding that is generally
comparable to that spent on other public schools in the area. Over the course
of three years of intensive research, Edison's team of leading educators and
scholars developed an innovative curriculum and school design. Edison opened
its first four schools in August 1995, and has grown rapidly in every
subsequent year. For more information, please visit
http://www.edisonschools.com .
Any statements in this press release and any other press release issued by
Edison on or about the date hereof about future expectations, plans and
prospects for Edison, including statements containing the words "believes,"
"anticipates," "plans," "expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by such forward-looking statements as a result of various
important factors, including the risk factors discussed in our most recent
annual report on form 10-K/A filed with the SEC. The forward-looking
statements included in this press release represent Edison's estimates as of
October 30, 2002. Edison anticipates that subsequent events and developments
will cause its estimates to change. While Edison may elect to update these
forward-looking statements at some point in the future, Edison specifically
disclaims any obligation to do so. These forward-looking statements should
not be relied upon as representing Edison's estimates or views as of any date
subsequent to January 3, 2002.
SOURCE Edison Schools
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Related links:
http://www.edisonschools.com
CONTACT:
Chris Scarlata, Chief Financial Officer,
+1-212-419-1645, or Adam Tucker, Vice President, Communications,
+1-212-419-1602, both of Edison Schools
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