American Learning Corporation Reports Third Quarter Results
JERICHO, N.Y., Feb. 8, 2013
JERICHO, N.Y., Feb. 8, 2013 /PRNewswire/ -- American Learning Corporation (the
"Company") (NASDAQ: ALRN) announced revenues of $665,175 and $2,082,077 and
net losses of $339,656 ($.07 net loss per share) and $842,914 ($.17 net loss
per share) for the three and nine months ended December 31, 2012,
respectively. By comparison, the Company reported revenues of $903,817 and
$2,249,468 and net losses of $133,880 ($.03 net loss per share) and $655,610
($.13 net loss per share) for the three and nine months ended December 31,
During the three months ended December 31, 2012 revenues decreased
approximately 26.4% from the comparable period in the prior fiscal year
primarily as a result of decreases in revenue from school staffing services.
As a result of the material decline in revenues and its negative impact on
operating results, the Company conducted impairment analyses on its intangible
assets and goodwill. Such evaluations resulted in the recording of an
impairment charge in intangible assets totaling $38,346 and a goodwill
impairment charge of $75,000 during the quarter ended December 31, 2012.
Revenues for the nine months ended December 31, 2012 decreased 7.4% from
revenues recorded for the nine months ended December 31, 2011.
Three Months Ended Nine Months Ended
12/31/12 12/31/11 12/31/12 12/31/11
Revenues $ 665,175 $ 903,817 $ 2,082,077 $ 2,249,468
Operating loss from continuing (342,147) (138,213) (852,484) (700,758)
Net loss $ (339,656) $ (133,880) $ (842,914) $ (655,610)
Net earnings (loss) per share:
operations - basic
and diluted $ (0.07) $ (0.03) $ (0.17) $ (0.14)
operations - basic
and diluted $ 0.00 $ 0.00 $ 0.00 $ 0.01
Weighted average shares –
basic and diluted 4,919,615 4,919,615 4,919,615 4,883,012
American Learning Corporation, through its wholly owned subsidiaries,
Interactive Therapy Group Consultants, Inc. and Signature Learning Resources,
Inc., offers a comprehensive range of services to children with developmental
delays and disabilities.
SOURCE American Learning Corporation
Contact: Gary J. Knauer, Chief Financial Officer, American Learning
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