Princeton Review Inc (REVU) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Exhibit 99.1

		FOR IMMEDIATE RELEASE

The Princeton Review Reports Fourth Quarter and Full Year 2010 Results

2010 Revenue Up 49%, Driving Adjusted EBITDA of $23.8 Million

FRAMINGHAM, Mass., March 9, 2011

Q4 and Full Year 2010 Financial Results

Total revenue in the fourth quarter of 2010 increased 24% to $40.6 million from $32.9 million in the prior year period. The quarterly increase was attributable to $21.6 million in revenues generated by the company’s Penn Foster division acquired in December 2009.

For the full year 2010, total revenue increased 49% to $214.4 million from $143.5 million in 2009, which was attributable to $96.4 million in revenues generated by Penn Foster.

Loss from continuing operations was $12.9 million in the fourth quarter of 2010, compared to a loss of $14.3 million in the prior year period. The quarterly loss included higher depreciation and amortization expenses of $7.6 million and higher interest expense of $5.1 million, primarily associated with the acquisition of Penn Foster and related financings.

For the full year 2010, loss from continuing operations was $50.4 million, compared to a loss of $13.9 million in 2009. The 2010 loss included higher depreciation and amortization expenses of $35.4 million and higher interest expense of $21.8 million, primarily associated with the Penn Foster acquisition and related financings.

Adjusted EBITDA in the fourth quarter of 2010 was $1.1 million, compared to a loss of $1.7 million in the prior year period (see “Reconciliation of Non-GAAP Financial Measures” below for an important discussion of this non-GAAP term). For the full year 2010, adjusted EBITDA increased 93% to $23.8 million from $12.3 million in 2009.

At the end of the fourth quarter of 2010, cash and cash equivalents totaled $14.8 million, compared to $10.1 million at December 31, 2009. The increase is primarily attributable to net proceeds from the refinancing of the company’s senior secured revolving credit facility and senior term note completed on August 6, 2010. As of December 31, 2010, the company had cash and accessible borrowing availability under the company’s $12.5 million revolving credit facility of $23.7 million, compared to $20.1 million at December 31, 2009.

Q4 2010 Operational Highlights