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

Princeton Review Inc

CIK: 1113668 Ticker: REVU

Exhibit 99.1

 

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  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

– The Princeton Review, Inc. (NASDAQ: REVU), a leading provider of test preparation, educational support services and online career education services, reported financial results for the fourth quarter and fiscal year ended December 31, 2010.

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

 

 

The Princeton Review’s joint venture with the National Labor College (NLC) was approved by the Middle States Commission on Higher Education.

 

 

The NLC’s initial programs developed under our joint venture received the endorsement of the Maryland Higher Education Commission.

 

 

The Higher Education Readiness Division completed the launch of a full suite of live online offerings across its six major test types.

 

 

Penn Foster launched its eCampus, offering students an online platform to interact with classmates as well as faculty. Over 35,000 students subscribed to eCampus in its first six months.

 

 

The Princeton Review began its e-Health Careers Program with Bristol Community College in New Bedford, Massachusetts.


The following information was filed by Princeton Review Inc (REVU) on Thursday, March 10, 2011 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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SEC Filing Tools
Ticker: REVU
CIK: 1113668
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-067307
Submitted to the SEC: Tue Mar 15 2011 5:04:56 PM EST
Accepted by the SEC: Tue Mar 15 2011
Period: Friday, December 31, 2010
Industry: Educational Services

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