Very good 4th Quarter for Franklin Covey

Franklin Covey Announces Strong Fiscal Fourth Quarter and Full Year Results


Company Reports Double-Digit Growth in Revenue and Adjusted EBITDA


Fiscal 2011 Revenue Up 17% to $160.8 Million
Full Year Adjusted EBITDA Improves 47% to $21.2 Million
Company Offers Preliminary Fiscal 2012 Adjusted EBITDA Outlook

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Franklin Covey Co. a global provider of productized training and consulting services, today announced financial results for its fourth fiscal quarter and fiscal year ended August 31, 2011.


Net sales for fiscal year 2011 totaled $160.8 million, a 17% increase over the $136.9 million reported in the prior year. The improvement in net sales had a significant impact on the Company's operating results as Adjusted EBITDA for the fiscal year increased 47% to $21.2 million, compared with $14.4 million in fiscal 2010. Pre-tax income also improved significantly, increasing by $7.3 million to $8.4 million, compared with $1.2 million in the prior year.
As of August 31, 2011, the Company had $3.0 million in cash and cash equivalents, compared with $1.1 million at May 28, 2011. Net working capital increased to $16.7 million at August 31, 2011 compared with $11.5 million on May 28, 2011, and $4.6 million at August 31, 2010.

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Fourth-Quarter and Full-Year Financial Highlights


Fourth-quarter revenue from the Company's national account practices increased by 34%, or $2.2 million, due to the continued rapid adoption of the Company's Education practice.
Fourth-quarter revenues from the company's international direct offices grew 11%, to $8.0 million, compared to $7.2 million in the fourth quarter of 2010, primarily due to growth in the Company's Japan and Australia offices.
Fourth-quarter licensee royalty revenue grew by 19%, to $3.1 million, from $2.6 million in the fourth quarter of 2010.
Fourth-quarter net income grew to $3.0 million, compared to a loss of $0.5 million in the fourth quarter of 2010.
Full-year revenues from the Company's sales offices in the U.S. and Canada, including the government services group, grew 24%, to $85.4 million, as compared to $68.7 million in fiscal 2010.
Full-year revenues from the Company's international direct offices grew 13%, to $27.5 million, despite the impact of Japan's natural disasters during fiscal 2011.
Full-year licensee royalty revenues and other revenues increased 14% to $12.6 million, compared to $11.1 million in fiscal 2010.
Full-year national account practice revenues increased 17%, or $3.3 million, in fiscal 2011.
Full-year net income was $4.8 million versus a loss of $0.5 million in fiscal 2010.

Fiscal Year and Recent Company Highlights


Launched the 5 Choices to Extraordinary ProductivityTMWork Sessions.
The Leader-In-Me education practice grew to 650 schools, including nearly 325,000 students and 30,000 school staff that have now been trained in the education process.
Launched Dr. Stephen R. Covey's new work entitled, The 3rd Alternative: Solving Life's Most Difficult Problems.
Signed agreement with Simon and Schuster for a new book based on the Four Disciplines.

Preliminary Fiscal 2012 Outlook

2nd Quarter Report for 2009 by Franklin Covey

FranklinCovey to Report Second Quarter 2009 Results

on April 9, 2009

Earnings Conference Call


FranklinCovey (NYSE: FC) today announced it will report its second quarter fiscal 2009 results after the market close on Thursday, April 9, 2009, to be followed by a conference call at 5:00 p.m. Eastern time (3:00 p.m. Mountain time).


The webcast will remain accessible on the Investor Relations area of the Company’s Web site at Franklin Covey Co.

Franklin Covey Co. (NYSE: FC) (www.franklincovey.com), is a global provider of training and consulting services in the areas of leadership, productivity, strategy execution, customer loyalty, trust, sales performance, government, education and individual effectiveness.