Cambium Learning Group, Inc. Announces 2009 Earnings
2009 Revenues Up Slightly, While Adjusted EBITDA Improves to $50.8 million
In the news release, Cambium Learning Group, Inc. Announces 2009 Earnings, issued 11-Mar-2010 by Cambium Learning Group, Inc. over PR Newswire, we are advised by the company that the Reconciliation of Adjusted Sales and Adjusted EBITDA Year Ended December 31, 2008 table contained incorrect figures. Members of the media can view the updated table at the below link.
The complete, corrected text follows:
Cambium Learning Group, Inc. Announces 2009 Earnings
2009 Revenues Up Slightly, While Adjusted EBITDA Improves to $50.8 million
DALLAS, March 11 /PRNewswire-FirstCall/ -- Cambium Learning Group, Inc. (Nasdaq: ABCD, “the Company”), a leading provider of research-based education solutions for students in Pre-K through 12th grade, including intervention curricula, educational technologies and services, will hold a conference call today at 4:00 p.m. Eastern Time to discuss 2009 financial results. The call will be based on unaudited results through December 31, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20100129/CLGROUPLOGO )
The Company reported sales of $101.0 million for the year ended December 31, 2009, representing an increase of 1.3 percent over sales of $99.7 million for the year ended December 31, 2008. The net loss for the years ended December 31, 2009 and 2008 was $35.8 million and $69.6 million, respectively.
The Company’s financial statements include results from the Voyager Learning Company acquisition beginning on the December 8, 2009 merger date. Adjusted Sales including combined results from both companies (but excluding any pro forma effects of the acquisition) were $201.2 million for 2009 and $198.3 million for 2008. Adjusted EBITDA including combined results from both companies (but excluding any pro forma effects of the acquisition) was $50.8 million for 2009 and $34.7 million for 2008.
View 2009 Earnings Press Release Schedules
Non-GAAP Financial Measures
EBITDA, Adjusted EBITDA and Adjusted Sales are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The Company believes that Adjusted EBITDA and Adjusted Sales provide useful information to investors because they reflect the underlying performance of the ongoing operations of the company, including the recent acquisition of Voyager Learning Company, and provide investors with a view of the combined Company’s operations from management’s perspective. Adjusted EBITDA and Adjusted Sales exclude items that do not reflect the underlying performance of the combined Company by removing significant one-time or certain non-cash items. The Company uses these measures to monitor and evaluate the operating performance of the Company and as the basis to set and measure progress towards performance targets, which directly affect compensation for employees and executives. The Company generally uses these non-GAAP measures as measures of operating performance and not as measures of the Company’s liquidity.
Investor Conference Call
The Company will hold a conference call today at 4:00 p.m. Eastern Time. The call will address unaudited financial results through December 31, 2009.
To listen to the Company’s upcoming conference call, please dial (866) 333-9117 and reference “Cambium” at 4:00 p.m. Eastern Time on Thursday, March 11, 2010. The call will be recorded and archived until Thursday, March 25, 2010, and can be replayed by calling (877) 344-7529 and entering ID# 438319. The conference call will also be Webcast and available on the Company’s website at www.cambiumlearning.com.
About Cambium Learning Group, Inc.
Cambium Learning Group, Inc. (NASDAQ: ABCD) is based in Dallas, Texas, and operates three business units: Voyager, a comprehensive intervention business; Sopris, a supplemental solutions business; and Cambium Learning Technologies, which includes ExploreLearning, IntelliTools, Kurzweil and Learning A-Z. Through its core divisions, Cambium Learning Group, Inc. provides research-based education solutions for students in Pre-K through 12th grade, including intervention curricula, educational technologies and services primarily focused on serving the needs of the nation’s most challenged learners and those realizing their full potential. The company’s website is www.cambiumlearning.com.
Media and Investor Contact: Shannan Overbeck Cambium Learning Group, Inc. 214.932.9476 |
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Forward Looking Statements
Some of the statements contained herein constitute forward-looking statements. These statements relate to future events, including the future financial performance of Cambium Learning Group, Inc., and involve known and unknown risks, uncertainties and other factors that may cause the markets, actual results, levels of activity, performance or achievements of Cambium Learning Group, Inc. to be materially different from any actual future results, levels of activity, performance or achievements. These risks and other factors you should consider include, but are not limited to, the ability to successfully attract and retain a broad customer base for current and future products, changes in customer demands or industry standards, success of ongoing product development, maintaining acceptable margins, the ability to control costs, K-12 enrollment and demographic trends, the level of educational and education technology funding, the impact of federal, state and local regulatory requirements on the business of the company, the loss of key personnel, the impact of competition and the risk that competitors will seek to capitalize on the risks and uncertainties confronting the new combined company, the uncertainty of general economic conditions and financial market performance, and those other risks and uncertainties listed under the heading “RISK FACTORS” in Cambium Learning Group, Inc.’s Registration Statement on Form S-4 (File No. 333-161075), as amended In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “projects,” “intends,” “prospects,” or “priorities,” or the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. Cambium Learning Group, Inc. does not assume or undertake any obligation to update the information contained in this press release, and expressly disclaims any obligation to do so, whether as a result of new information, future events or otherwise.
SOURCE Cambium Learning Group, Inc.
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