Company Says Enrollment Expected to Increase to 44,000
Up 4,000 from Prior Guidance
NEW YORK, Feb. 14 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, announced today that
it expects its coming summer schools enrollment to increase to approximately
44,000 up from approximately 35,000 last summer. This is the second increase
in its enrollment estimates this year with prior guidance predicting 40,000
students enrolled.
During its second quarter earnings call yesterday, the company reconfirmed
its guidance for the current fiscal year and provided more detailed guidance
on its third and fourth quarters. Specifically, Edison said it was
"on-course" to achieve EBITDA, excluding stock based compensation, of
$26,000,000, a dramatic improvement from an EBITDA loss of $52.7 million in
the last fiscal year. Edison also announced that it expects to post net
income of approximately $11 million in the fourth quarter of this fiscal year,
the first quarterly net income in the company's 10 year history.
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
149 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 14, 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 14, 2003.
SOURCE Edison Schools Inc.
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Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP Communications of Edison,
+1-212-419-1602
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