NEW YORK, Sept. 29 /PRNewswire-FirstCall/ -- Edison Schools Inc., the
nation's leading public school partner, announced today that it has made a
minor reclassification of an equal amount of net revenues and expenses in its
previously reported financial results for the fiscal quarter and fiscal year
ended June 30, 2003. Such change does not affect previously reported net
income for the fiscal quarter ended June 30, 2003 or net loss for the fiscal
year ended June 30, 2003. Edison's net revenues for the fiscal year ended June
30, 2003 were $425.6 million and its direct site expenses -- company-paid for
the same period were $186.2 million. On September 12, 2003, Edison reported
that its net revenues for the fiscal year ended June 30, 2003 were $430.8
million and that direct site expenses -- company-paid for the same period were
$191.4 million. The $5.2 million reduction in net income and direct site
expenses resulted from a reclassification of revenues under certain of the
Company's summer school contracts. Additionally, the Company made a minor
adjustment to stock-based compensation, which decreased from $882,000 to
$815,000.
ABOUT EDISON SCHOOLS
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 132,000 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 130
full-year schools and 200 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 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. The forward-looking statements included
in this press release represent Edison's estimates as of September 29, 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
September 29, 2003.
SOURCE Edison Schools Inc.
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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 Inc.
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