Company Also Reconfirms Guidance of Approximately $100 million
in Gross Site Contribution, $26 million in EBITDA,
and Its First Net Income in the Fourth Quarter of Current Fiscal Year
NEW YORK, Dec. 30 /PRNewswire-FirstCall/ --
Edison Schools Inc. (Nasdaq: EDSN) today announced a schedule of the earnings
releases for the remaining quarters of its current fiscal year. They are:
February 13, 2003; May 14, 2003; and September 11, 2003. Following each
release, the Company will host a conference call with analysts and investors
to discuss results for the quarter. 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 Company also reconfirmed its recently improved guidance for the
current year. Edison recently raised its EBITDA estimates for the total
Company in the current fiscal year by 30 percent, saying it expects to
generate annual EBITDA of $26 million. The Company also said that it expects
to post positive net income in the fourth quarter of this fiscal year, the
first quarterly net income in the Company's 10-year history. Edison expects
its Gross Site Contribution to be approximately $100 million. In addition, the
Company confirmed that it expects to generate $50 to $70 million in
incremental cash flow this fiscal year from refinancing of a portion of its
notes receivable from charter schools (approximately $30-50 million) and
improvements in the collection of receivables from its managed schools
customers (approximately $20 million).
The Company's balance sheet remains strong with shareholder equity of
$219 million or $4.07 per share, including $31.5 million of cash on hand on
September 30, 2002. The Company expects to end the fiscal year with cash on
the balance sheet of approximately $25 million. This amount would be after a
reduction in the Company's debt level and investing in FY04 new business.
About Edison Schools
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.
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 December 30, 2002.
SOURCE Edison Schools Inc.
 back to top
Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP Communications of Edison
Schools, +1-212-419-1602
|
