Current Purchases Represent Approximately 32% of 5,400,000 Shares Authorized
Under Repurchase Program
NEW YORK, Feb. 4 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, said it has purchased
1,711,000 of its shares as of January 31, 2003, under its announced share
repurchase plan. The shares already purchased represent approximately 32% of
the total authorized under the repurchase plan, which allows the company to
repurchase up to 5,400,000 shares representing approximately 10% of those
outstanding.
The company announced last month that it ended calendar year 2002 with
approximately $35 million of cash on its balance sheet, up from $31,500,000 at
the end of September, 2002. Management believes that this cash together with
proceeds from planned refinancings of its charter notes and with continued
collections of receivables from its clients will be sufficient to meet all of
the company's obligations.
The company said it expects to continue the repurchase of its shares
following the release of its second quarter earnings on February 13th.
Purchases under Edison's share repurchase program may be made from time to
time in the open market or in privately negotiated transactions, consistent
with applicable regulatory and contractual requirements and, depending on
market conditions and other factors, may be commenced, suspended, or
discontinued at any time or from time to time without prior notice. Before the
commencement of the share repurchase program, the company had approximately
54,000,000 shares outstanding.
About Edison
Founded in 1992, Edison partners with school districts and charter boards
to raise student achievement through its research-based school design, aligned
assessment systems, interactive professional development, integrated use of
technology and other proven program features. Edison students are achieving
annual academic gains well above national norms. Edison Schools now serves
more than 110,000 public school students in over 20 states through four
different business channels: (1) the management of schools for school
districts, (2) charter schools, (3) summer and after-school programs, and (4)
achievement management solutions for school systems. The company operates 150
full-year schools and 178 summer schools.
Between 1992 and 1995 and in on-going efforts, Edison's team of leading
educators and scholars has conducted intensive research to develop its school
design and support systems. 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
February 4, 2003. 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 February 4, 2003.
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, VP Communications,
+1-212-419-1602, both of Edison Schools
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