Company Also Reaffirms FY03 and FY04 Guidance
NEW YORK, Aug. 19 /PRNewswire-FirstCall/ --
Edison Schools Inc. (Nasdaq: EDSN) today announced that it will release its
fourth quarter results for the period ending June 30, 2002 on Thursday,
September 5, after the market closes. Following the release, the Company will
host a conference call with analysts and investors at 5:00 pm Eastern Time to
discuss results for the quarter. The company had previously scheduled the
release for August 21, but is rescheduling in order to include more
information on the re-engineering process that it announced at its recent
Investor Conference. Edison expects to have completed this process by the
September 5thdate.
At Edison's August 1st Investor Conference, the company reaffirmed its
guidance for the current and coming fiscal years and gave some insight into
its re-engineering goals. In the current fiscal year, the company expects to
post an operating profit (EBITDA net of non-cash and one time charges) of at
least $20 million and to achieve its first quarter of net income in the 4th
quarter of this year. Further, it is a goal of the current re-engineering
process to achieve the first net income for a full fiscal year in the coming
fiscal period, FY04.
Interested parties may listen to the call, which will be broadcast live
over the Internet, through the Company's website at
http://www.edisonschools.com. The earnings release will also be available on
the Company's website after the market closes. To access the webcast,
participants should visit the Investor Relations section of the website at
least fifteen minutes prior to the start of the conference call to download
and install any necessary audio software. A replay of the webcast will be
available through the Company's website one hour after the call.
Edison Schools manages 133 public schools with a total enrollment of
approximately 74,000 students. Through contracts with local school districts
and public charter school boards, Edison generally assumes educational and
operational responsibility for individual schools in return for funding that
is 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, research-based 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
quarterly report filed with the SEC, and other factors such as, among other
things, the possibility that: (1) Edison, its independent auditors and/or the
SEC may identify additional items that materially and adversely affect
Edison's financial results; (2) the financing discussed here by Edison may not
be consummated; and (3) the events relating to the informal SEC inquiry or its
settlement may result in defaults under Edison's material agreements or give
rise to costly and protracted litigation against Edison. The forward-looking
statements included in this press release represent Edison's estimates as of
August 19, 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 August 19, 2002.
SOURCE Edison Schools Inc.
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Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP Communications,
+1-212-419-1602, or Chris Scarlata, CFO, +1-212-419-1645, both of
Edison Schools Inc.
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