SALT LAKE CITY, June 18 /PRNewswire/ -- Franklin Covey Co. (NYSE: FC)
today reported its fiscal third quarter sales and earnings. In as much as the
Franklin Quest merger with Covey Leadership Center was consummated on May 30,
1997, Covey Leadership Center's financial results are not included in the
third quarter report, but will be included in the fourth quarter. Sales for
the quarter ended May 31, 1997 increased 10% to $79.8 million compared to the
$72.5 million for the same quarter of Fiscal 1996. Earnings for the quarter
decreased to $3.1 million compared to the previous year's third quarter of
$6.3 million due primarily to the impact of Premier School Agendas, an
acquisition made in March of 1997. Because of its seasonal nature, Premier
contributes essentially no sales revenues in the quarter but did add
$4.3 million ($0.12 per share) to operating costs. Earnings were $0.15 per
share for the third quarter of Fiscal 1997 compared to $0.28 per share for the
third quarter of Fiscal 1996.
Product sales were $50.9 million, up 5% from the same quarter of Fiscal
1996. Same retail store sales increased 6% during the quarter compared to
last year. Training sales increased to $23.0 million, up 26% over the same
quarter in Fiscal 1996, including $3.9 million from the Personal Coaching
division acquired in October 1996. Service sales were $6.0 million, growing
7% over the comparable period last year.
Sales for the first nine months of Fiscal 1997 increased by 12% to $288.2
million. Earnings decreased to $29.2 million, down $2.9 million from the same
nine month period of last year due primarily to the seasonal impact of Premier
School Agendas. Earnings for the first nine months of Fiscal 1997 were
$1.41 per share compared to $1.42 per share for the same period of the prior
year.
Franklin Covey Co. also announced the repurchase of 110,000 shares of its
common stock during the quarter at an average price of $21.469 per share. The
Company has Board authorization to purchase up to an additional 1,545,000
shares.
Franklin Covey is the world's leading productivity and time management
training company with more than 15 million students and individuals using
agendas, organizers and planners and training products and materials printed
in 28 languages throughout the world. Franklin Covey has more than 12 million
books in print with more than 1.5 million being sold each year. "Business
Week" magazine listed Franklin Covey's "The 7 Habits of Highly Effective
People" as the #1 best selling trade business book for the year 1996.
Franklin Covey has more than 7,000 licensed client facilitators teaching its
curriculum within their organizations and trains in excess of 750,000
participants annually in training seminars teaching principles to help them
become more effective.
SOURCE Franklin Covey Co.
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CONTACT:
Jon H. Rowberry, President, John L. Theler,
CFO, or Richard R. Putnam, Investor Relations, 801-975-1776, all
of Franklin Covey, Co.
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