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Bright Horizons Family Solutions Inc. (BFAM) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Bright Horizons Family Solutions Inc.

CIK: 1437578 Ticker: BFAM

Exhibit 99.1

Bright Horizons Family Solutions® Reports Fourth Quarter of 2013 Financial Results

WATERTOWN, March 13, 2014/PRNewswire/ – Bright Horizons Family Solutions

® Inc. (NYSE: BFAM), a leading provider of high-quality child care and early education and other services designed to help employers and families address the challenges of work and life, today announced financial results for the fourth quarter and full year of 2013.

Fourth quarter 2013 highlights (compared to fourth quarter 2012):

 

    Revenue increased 17% to $319 million

 

    Adjusted EBITDA* increased 13% to $53 million

 

    Adjusted income from operations* rose 11% to $32 million

 

    Adjusted net income* increased 126% to $21 million

 

    Diluted adjusted earnings per pro forma common share* increased 88% to $0.32

Year ended December 31, 2013 highlights (compared to year ended December 31, 2012):

 

    Revenue increased 14% to $1.22 billion

 

    Adjusted EBITDA* increased 15% to $209 million

 

    Adjusted income from operations* rose 13% to $127 million

 

    Adjusted net income* increased 107% to $78 million

 

    Diluted adjusted earnings per pro forma common share* increased 68% to $1.19

“We are very pleased to have completed 2013 with another quarter of strong operating and financial results” said David Lissy, Chief Executive Officer. “By a number of measures, 2013 was a record year for us as we achieved significant growth in all of our services and increased our position as the global leader in our field while returning to the public markets. I am very proud of our 25,000 employees who were once again recognized by Fortune magazine and by the Financial Times as one of the Best Places to Work in the U.S and in Europe,” Lissy continued. “Their steadfast commitment to our mission enables us to grow while delivering on our mission to provide high quality programs and solutions for the children, families, employees and clients we serve.”

Fourth quarter 2013 results

Revenue increased $45.8 million or 17% in the fourth quarter of 2013 from the fourth quarter of 2012 on contributions from new and ramping full service child care centers, average price increases of 3-4%, and expanded sales of back-up dependent care and educational advisory services.

In the fourth quarter of 2013, adjusted EBITDA increased $6.3 million or 13% and adjusted income from operations increased $3.2 million from the fourth quarter of 2012 primarily as a result of the $8.1 million increase in gross profit, partially offset by increases in selling, general and administrative expenses (“SG&A”), including investments in technology and marketing to support the growth of the business, and incremental overhead costs from the acquisitions of Kidsunlimited and Children’s Choice earlier in 2013. Enrollment gains and strong cost management in mature and ramping centers, and new child care centers and back-up dependent care and educational advisory clients have contributed to gross profit gains in 2013. These gains are tempered by the costs incurred during the initial ramp up phase for certain new lease/consortium centers and the ongoing integration of the acquisitions we completed in 2013.

In 2013, the Company incurred $5.3 million in transaction costs related to acquisitions and secondary offerings of common stock; in total, approximately $1.2 million of such costs were incurred in the fourth quarter of 2013 compared to $0.4 million in the fourth quarter of 2012. Including these transaction and offering costs, income from operations was $30.4 million for the fourth quarter of 2013 compared to $27.9 million in the same 2012 period, and net income was $23.7 million for the fourth quarter of 2013 compared to $4.2 million in 2012. Adjusted net income increased by $11.8 million, or 126%, to $21.2 million as compared to the fourth quarter of 2012, on expanded adjusted operating income and lower interest expense. Diluted adjusted earnings per pro forma common share increased 88%, from $0.17 in the fourth quarter of 2012 to $0.32 in the fourth quarter of 2013.


The following information was filed by Bright Horizons Family Solutions Inc. (BFAM) on Thursday, March 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (parenthetical)
Consolidated Statements Of Changes In Stockholders' Equity (deficit)
Consolidated Statements Of Changes In Stockholders' Equity (deficit) (parenthetical)
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (tables)
Accounts Payable And Accrued Expenses - Summary Of Accounts Payable And Accrued Expenses (detail)
Acquisitions
Acquisitions (tables)
Acquisitions - 2011 Acquisitions - Additional Information (detail)
Acquisitions - 2012 Acquisitions - Additional Information (detail)
Acquisitions - Additional Information (detail)
Acquisitions - Allocation Of Purchase Price (detail)
Acquisitions - Fair Value Of Assets Acquired (detail)
Acquisitions - Summary Of Operating Results (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Commitments And Contingencies - Future Minimum Payments Of Long-term Debt (detail)
Commitments And Contingencies - Future Minimum Payments Under Non-cancelable Operating Leases (detail)
Credit Arrangements And Debt Obligations
Credit Arrangements And Debt Obligations (tables)
Credit Arrangements And Debt Obligations - Additional Information (detail)
Credit Arrangements And Debt Obligations - Schedule Of Long-term Debt (detail)
Earnings Per Share
Earnings Per Share (tables)
Earnings Per Share - Additional Information (detail)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Common Share (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Fixed Assets
Fixed Assets (tables)
Fixed Assets - Additional Information (detail)
Fixed Assets - Summary Of Fixed Assets (detail)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (tables)
Goodwill And Intangible Assets - Additional Information (detail)
Goodwill And Intangible Assets - Changes In Carrying Amount Of Goodwill (detail)
Goodwill And Intangible Assets - Estimated Amortization Expense Related To Intangible Assets (detail)
Goodwill And Intangible Assets - Intangible Assets Subject To Amortization (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Net Deferred Tax Liability (detail)
Income Taxes - Income (loss) Before Income Taxes (detail)
Income Taxes - Income Tax (benefit) Expense (detail)
Income Taxes - Reconciliation Of Federal Statutory Rate To Effective Rate (detail)
Income Taxes - Reconciliation Of Unrecognized Tax Benefits (detail)
Organization And Significant Accounting Policies
Organization And Significant Accounting Policies (policies)
Organization And Significant Accounting Policies (tables)
Organization And Significant Accounting Policies - Activity In Allowance For Doubtful Accounts (detail)
Organization And Significant Accounting Policies - Additional Information (detail)
Other Current Liabilities
Other Current Liabilities (tables)
Other Current Liabilities - Summary Of Other Current Liabilities (detail)
Other Long-term Liabilities
Other Long-term Liabilities (tables)
Other Long-term Liabilities - Summary Of Other Long-term Liabilities (detail)
Prepaid Expenses And Other Current Assets
Prepaid Expenses And Other Current Assets (tables)
Prepaid Expenses And Other Current Assets - Schedule Of Prepaid Expenses And Other Current Assets (detail)
Quarterly Results (unaudited)
Quarterly Results (unaudited) (tables)
Quarterly Results (unaudited) - Schedule Of Quarterly Financial Information (detail)
Quarterly Results (unaudited) - Schedule Of Quarterly Financial Information (parenthetical) (detail)
Redeemable Non-controlling Interest
Redeemable Non-controlling Interest (tables)
Redeemable Non-controlling Interest - Changes In Redeemable Non-controlling Interest (detail)
Redeemable Non-controlling Interest - Changes In Redeemable Non-controlling Interest (parenthetical) (detail)
Redeemable Noncontrolling Interest - Additional Information (detail)
Segment And Geographic Information
Segment And Geographic Information (tables)
Segment And Geographic Information - Additional Information (detail)
Segment And Geographic Information - Income From Operations By Segment (detail)
Segment And Geographic Information - Income From Operations By Segment (parenthetical) (detail)
Segment And Geographic Information - Revenue And Long-lived Assets By Geographic Region (detail)
Stockholder's Equity And Stock-based Compensation - Additional Information (detail)
Stockholders' Equity And Stock-based Compensation
Stockholders' Equity And Stock-based Compensation (tables)
Stockholders' Equity And Stock-based Compensation - Reconciliation Of Changes In Class L Common Stock (detail)
Stockholders' Equity And Stock-based Compensation - Stock Option Activity (detail)
Stockholders' Equity And Stock-based Compensation - Stock Option Activity (parenthetical) (detail)
Stockholders' Equity And Stock-based Compensation - Stock Option Activity Under Equity Plan (detail)
Stockholders' Equity And Stock-based Compensation - Weighted Average Assumptions For Fair Value Of Stock Option (detail)
Transactions With Related Parties
Transactions With Related Parties - Additional Information (detail)
Ticker: BFAM
CIK: 1437578
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-114374
Submitted to the SEC: Tue Mar 25 2014 4:03:00 PM EST
Accepted by the SEC: Tue Mar 25 2014
Period: Tuesday, December 31, 2013
Industry: Child Day Care Services

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