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Profile:PLATO Learning, Inc. engages in the development and marketing of educational software and related services in the United States and internationally. It offers computer and Web-based instruction, curriculum planning and management, assessment, and related professional development and support services. The company also provides online and onsite staff development, alignment, and correlation services to help schools meet the mandates of federal and state accountability legislation, and special programs, such as Title I and special education. PLATO Learning offers its products and services to K-12 schools, two-and four-year colleges, job training programs, correctional institutions, and military education programs. Its research-based courseware library includes mastery-based instruction, covering discrete learning objectives in the subject areas of reading, writing, language arts, mathematics, science, and social studies. In addition, the company offers professional services for in-service and long-range professional development needs; consulting, training, and implementation services, as well as ongoing customer support and maintenance; and software services, for pre- and post-implementation technical and software support, including telephone and Web-based support. PLATO Learning's Web-based assessment and alignment tools ensure that curriculum is aligned to local, state, provincial, and national standards. The company was founded in 1963 and is headquartered in Bloomington, Minnesota.
http://www.plato.com/
http://www.plato.com/
PLATO Learning Reports Third Quarter 2007 Results
Thursday September 6, 4:01 pm ET
-- Orders for Subscription Courseware Products Increase 59%; Subscription Revenues Increase 49%
-- Net Loss Declines as Total Costs and Expenses Are Reduced by $5.2 Million
-- Declining Orders for Non-Strategic Legacy Products Result in Net Order Decline
MINNEAPOLIS--(BUSINESS WIRE)--PLATO Learning, Inc. (NASDAQ:TUTR - News), a leading provider of K-adult computer-based e-learning solutions, today announced revenues of $19.2 million for its third quarter ended July 31, 2007, compared to $23.5 million for the third quarter of fiscal 2006. Subscription revenues grew 49% in the quarter to $6.5 million. The decline in total revenues was due to a decline in license fees from legacy perpetual products as the Company continues its transition from a perpetual software licensing model, for which revenue is recognized upon delivery, to a software-as-a-service model in which revenue is recognized over a subscription period.
The Company's net loss for the third quarter declined to $1.0 million, or $0.04 per share, in 2007 from a net loss of $1.8 million, or $0.08 per share in 2006, as operating costs and expenses declined by $5.2 million. Third quarter 2007 results include a one-time benefit of $0.8 million, or $0.04 per share, related to the early termination of a lease for the Company's former U.K. office facility. Cash balances increased to $22.4 million at the end of the third quarter compared to $21.0 million at the end of the second quarter.
Orders for the Company's online subscription courseware products grew 59% to $11.1 million for the quarter while orders for the Company's legacy perpetual license products declined by $7.7 million. Total orders for the third quarter were $26.3 million compared to $34.4 million in 2006.
Mike Morache, PLATO Learning President and CEO said, "The key metrics we monitor to gauge the progress of our strategy reflect ongoing positive trends. Orders for our subscription courseware products continue to experience significant growth and are up 91% year-to-date compared to the first nine months of fiscal 2006. During the quarter we added 207 school districts and community colleges as subscribers to our new PLATO Learning Environment(TM) (PLE(TM)), an increase of 160% over the third quarter of last year. At the end of the quarter, 260,000 users in 602 school districts, community colleges and other learning institutions across the U.S. were registered to use PLE. Subscription revenues now represent more than one-third of total revenues, up from 19% in the third quarter of 2006, and grew 49% over the same period last year and 22% over the second quarter of this year."
Mr. Morache continued, "Although we experienced strong growth in orders for our subscription courseware products, total orders declined 24% from the third quarter of last year as we continue managing through the transition from our legacy perpetual license products to our new subscription-based products delivered on PLE. The third quarter of 2007 was the first full quarter under the leadership of our new K-12 sales executive and we are very encouraged by the progress already made during this period."
Gross margins in the third quarter of 2007 were 49% compared to 58% in the same period last year, reflecting a decline in higher margin perpetual license fees, which have a relatively fixed cost base, and a decline in subscription margins from 65% in 2006 to 37% in 2007. Third quarter 2006 subscription margins reflect a one-time benefit related to third-party royalties under a renegotiated agreement completed during that quarter. Excluding this benefit, third quarter 2006 subscription margins would have been 47%. The remaining decline reflects straight-line amortization of new products released in the second half of 2006 relative to the gradual growth of related subscription revenues. Services gross margins improved to 48% in the third quarter of 2007 from 44% in the third quarter of 2006. Operating expenses in the quarter declined $5.1 million, and included a one-time benefit of $0.8 million related to the early termination of a U.K. lease commitment. This represents a 33% decline from the third quarter of 2006 and reflects the Company's cost reduction and restructuring activities in fiscal year 2006 and early 2007.
Conference Call
A conference call to discuss this announcement is scheduled for today, September 6, 2007, at 3:45 p.m. CDT (Central Daylight Time). The dial-in number for this call is 1.888.276.0007 in the U.S. and Canada, and 1.612.332.0107 internationally. Attendees should call 10 minutes prior to the start of the call and inform the operator they are participating in PLATO Learning's call. A recording of the call will be available from 8:15 p.m. CDT on September 6, 2007, until midnight on September 13, 2007. To access the recording, call 1.800.475.6701 in the U.S. and Canada and 1.320.365.3844 internationally. At the prompt, enter pass code number 855098.
Additionally, investors have the opportunity to listen to the conference call over the Internet through PLATO Learning's web site at http://www.plato.com/Investor-Relations/Conference-Calls.aspx." target="_blank" rel="nofollow ugc noopener">http://www.plato.com/Investor-Relations/Conference-Calls.aspx.
About PLATO Learning
PLATO Learning is a leading provider of computer-based and e-learning instruction for kindergarten through adult learners, offering curricula in reading, writing, math, science, social studies, and life and job skills. The Company also offers innovative online assessment and accountability solutions and standards-based professional development services. With over 6,000 hours of objective-based, problem-solving courseware, plus assessment, alignment and curriculum management tools, we create standards-based curricula that facilitate learning and school improvement.
PLATO Learning is a publicly held company traded as TUTR on the NASDAQ market. PLATO Learning educational software is delivered via the Internet, CD-ROM, and private intranets, and is primarily marketed to K-12 schools and colleges. The Company also sells to job training programs, correctional institutions, military education programs, corporations, and individuals.
PLATO Learning is headquartered at 10801 Nesbitt Avenue South, Bloomington, Minnesota 55437, 952.832.1000 or 800.869.2000. The Company has offices throughout North America and Puerto Rico, as well as international distributors in the United Kingdom and South Africa. For more information, please visit http://www.plato.com.
This announcement includes forward-looking statements. PLATO Learning has based these forward-looking statements on its current expectations and projections about future events. Although PLATO Learning believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that its assumptions and expectations will prove to have been correct. These forward-looking statements are subject to various risks, uncertainties and assumptions. PLATO Learning undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward looking statements made are subject to the risks and uncertainties as those described in the Company's most recent filings with the Securities and Exchange Commission on Forms 10-K and 10-Q. Actual results may differ materially from anticipated results.
PLATO® and Academic Systems® are registered trademarks of PLATO Learning, Inc. PLATO Learning and Straight Curve are trademarks of PLATO Learning, Inc.
PLATO Learning, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
July 31, July 31,
------------------ -------------------
2007 2006 2007 2006
--------- -------- --------- ---------
REVENUES
Subscriptions $ 6,532 $ 4,373 $ 17,045 $ 12,783
License fees 5,940 11,689 13,652 27,658
Services 6,731 7,394 20,745 26,476
--------- -------- --------- ---------
Total revenues 19,203 23,456 51,442 66,917
--------- -------- --------- ---------
COST OF REVENUES
Subscriptions 4,140 1,539 11,075 6,436
License fees 2,066 4,051 6,212 9,705
Services 3,496 4,174 9,837 13,436
--------- -------- --------- ---------
Total cost of revenues 9,702 9,764 27,124 29,577
--------- -------- --------- ---------
GROSS PROFIT 9,501 13,692 24,318 37,340
--------- -------- --------- ---------
OPERATING EXPENSES
Sales and marketing 7,579 9,539 22,682 28,849
General and administrative 2,865 4,064 8,983 13,026
Product maintenance and
development 499 1,210 3,412 3,974
Amortization of intangibles 438 904 1,352 2,806
Restructuring (766) 21 (766) 360
--------- -------- --------- ---------
Total operating expenses 10,615 15,738 35,663 49,015
--------- -------- --------- ---------
OPERATING LOSS (1,114) (2,046) (11,345) (11,675)
Other income, net 218 405 917 1,238
--------- -------- --------- ---------
LOSS BEFORE INCOME TAXES (896) (1,641) (10,428) (10,437)
Income tax expense 150 150 450 450
--------- -------- --------- ---------
NET LOSS $(1,046) $(1,791) $(10,878) $(10,887)
========= ======== ========= =========
LOSS PER SHARE
Basic and diluted $ (0.04) $ (0.08) $ (0.46) $ (0.46)
========= ======== ========= =========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic and diluted 23,762 23,701 23,747 23,668
========= ======== ========= =========
PLATO Learning, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share amounts)
----------------------------------------------------------------------
July 31, October 31,
2007 2006
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 22,351 $ 33,094
Accounts receivable, net 15,173 18,529
Inventories 970 1,832
Other current assets 5,567 6,346
----------- -----------
Total current assets 44,061 59,801
Equipment and leasehold improvements, net 5,971 6,308
Product development costs, net 29,304 25,363
Goodwill 71,865 71,865
Identified intangible assets, net 8,576 10,545
Other long-term assets 3,491 2,348
----------- -----------
Total assets $ 163,268 $ 176,230
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,258 $ 4,685
Accrued compensation 6,324 5,990
Other accrued liabilities 3,595 6,622
Deferred revenue 33,640 33,736
----------- -----------
Total current liabilities 47,817 51,033
Long-term deferred revenue 8,013 8,110
Deferred income taxes 2,981 2,531
Other long-term liabilities - 106
----------- -----------
Total liabilities 58,811 61,780
----------- -----------
Stockholders' equity:
Common stock 238 237
Additional paid-in capital 169,612 168,597
Treasury stock at cost (205) (205)
Accumulated deficit (63,896) (53,017)
Accumulated other comprehensive loss (1,292) (1,162)
----------- -----------
Total stockholders' equity 104,457 114,450
----------- -----------
Total liabilities and stockholders' equity $ 163,268 $ 176,230
=========== ===========
PLATO Learning, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
----------------------------------------------------------------------
Nine Months Ended
July 31,
-------------------
2007 2006
--------- ---------
OPERATING ACTIVITIES:
Net loss $(10,878) $(10,887)
--------- ---------
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Deferred income taxes 450 450
Depreciation and amortization 11,860 11,252
Provision for doubtful accounts (539) 164
Stock-based compensation 888 1,038
Other adjustments (26) 24
Changes in operating assets and liabilities:
Accounts receivable 3,895 1,201
Inventories 862 2,001
Other current and long-term assets (120) 790
Accounts payable (428) (1,065)
Other current and long-term liabilities (2,793) (4,238)
Deferred revenue (193) (1,313)
--------- ---------
Total adjustments 13,856 10,304
--------- ---------
Net cash provided by (used in) operating
activities 2,978 (583)
--------- ---------
INVESTING ACTIVITIES:
Capitalized internal product development costs (11,718) (10,665)
Purchased product development - (3,000)
Purchases of equipment and leasehold
improvements (1,471) (1,682)
Purchases of marketable securities - (4,250)
Sales of marketable securities - 229
Maturities of marketable securities - 2,750
--------- ---------
Net cash used in investing activities (13,189) (16,618)
--------- ---------
FINANCING ACTIVITIES:
Net proceeds from issuance of common stock 155 670
Payment of debt financing fees (523) -
Repayments of capital lease obligations (34) (84)
--------- ---------
Net cash (used in) provided by financing
activities (402) 586
--------- ---------
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS (130) (63)
--------- ---------
Net decrease in cash and cash equivalents (10,743) (16,678)
Cash and cash equivalents at beginning of period 33,094 46,901
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 22,351 $ 30,223
========= =========
PLATO Learning, Inc.
Supplemental Financial Information
(Unaudited)
----------------------------------------------------------------------
Order Information
($000s)
Three Months Ended Nine Months Ended
July 31, July 31,
------------------------ ------------------------
% %
2007 2006(a) Change 2007 2006(a) Change
-------- -------- ------ -------- -------- ------
Order Value:
Subscriptions
Courseware $11,118 $ 7,005 59% $19,692 $10,320 91%
Assessment and
other 1,396 4,397 (68%) 3,017 7,075 (57%)
-------- -------- -------- --------
Total
subscriptions 12,514 11,402 10% 22,709 17,395 31%
License fees 5,503 13,216 (58%) 12,306 28,417 (57%)
Services 8,276 9,759 (15%) 16,722 20,896 (20%)
-------- -------- -------- --------
$26,293 $34,377 (24%) $51,737 $66,708 (22%)
======== ======== ======== ========
Percent of Total
Order Value:
Subscriptions
Courseware 42% 20% 38% 15%
Assessment and
other 5% 13% 6% 11%
-------- -------- -------- --------
Total
subscriptions 47% 33% 44% 26%
License fees 21% 39% 24% 43%
Services 32% 28% 32% 31%
-------- -------- -------- --------
100% 100% 100% 100%
======== ======== ======== ========
(a) Certain 2006 amounts previously reported as services orders have
been reclassified to subscriptions orders to conform to the current
period presentation.
----------------------------------------------------------------------
Deferred Revenue Balances ($000s)
As of July 31,
------------------------------
2007 2006 % Change
--------- --------- ----------
Subscriptions $ 26,134 $ 16,643 57%
License fees 928 2,825 (67%)
Services 14,591 19,650 (26%)
--------- ---------
$ 41,653 $ 39,118 6%
========= =========
----------------------------------------------------------------------
Contact:
PLATO Learning, Inc.
Mike Morache, 952-832-1000
President and Chief Executive Officer
or
Rob Rueckl, 952-832-1000
Vice President and Chief Financial Officer
or
Steve Schuster, 952-832-1000
Vice President and Treasurer
--------------------------------------------------------------------------------
Source: PLATO Learning, Inc.
Thursday September 6, 4:01 pm ET
-- Orders for Subscription Courseware Products Increase 59%; Subscription Revenues Increase 49%
-- Net Loss Declines as Total Costs and Expenses Are Reduced by $5.2 Million
-- Declining Orders for Non-Strategic Legacy Products Result in Net Order Decline
MINNEAPOLIS--(BUSINESS WIRE)--PLATO Learning, Inc. (NASDAQ:TUTR - News), a leading provider of K-adult computer-based e-learning solutions, today announced revenues of $19.2 million for its third quarter ended July 31, 2007, compared to $23.5 million for the third quarter of fiscal 2006. Subscription revenues grew 49% in the quarter to $6.5 million. The decline in total revenues was due to a decline in license fees from legacy perpetual products as the Company continues its transition from a perpetual software licensing model, for which revenue is recognized upon delivery, to a software-as-a-service model in which revenue is recognized over a subscription period.
The Company's net loss for the third quarter declined to $1.0 million, or $0.04 per share, in 2007 from a net loss of $1.8 million, or $0.08 per share in 2006, as operating costs and expenses declined by $5.2 million. Third quarter 2007 results include a one-time benefit of $0.8 million, or $0.04 per share, related to the early termination of a lease for the Company's former U.K. office facility. Cash balances increased to $22.4 million at the end of the third quarter compared to $21.0 million at the end of the second quarter.
Orders for the Company's online subscription courseware products grew 59% to $11.1 million for the quarter while orders for the Company's legacy perpetual license products declined by $7.7 million. Total orders for the third quarter were $26.3 million compared to $34.4 million in 2006.
Mike Morache, PLATO Learning President and CEO said, "The key metrics we monitor to gauge the progress of our strategy reflect ongoing positive trends. Orders for our subscription courseware products continue to experience significant growth and are up 91% year-to-date compared to the first nine months of fiscal 2006. During the quarter we added 207 school districts and community colleges as subscribers to our new PLATO Learning Environment(TM) (PLE(TM)), an increase of 160% over the third quarter of last year. At the end of the quarter, 260,000 users in 602 school districts, community colleges and other learning institutions across the U.S. were registered to use PLE. Subscription revenues now represent more than one-third of total revenues, up from 19% in the third quarter of 2006, and grew 49% over the same period last year and 22% over the second quarter of this year."
Mr. Morache continued, "Although we experienced strong growth in orders for our subscription courseware products, total orders declined 24% from the third quarter of last year as we continue managing through the transition from our legacy perpetual license products to our new subscription-based products delivered on PLE. The third quarter of 2007 was the first full quarter under the leadership of our new K-12 sales executive and we are very encouraged by the progress already made during this period."
Gross margins in the third quarter of 2007 were 49% compared to 58% in the same period last year, reflecting a decline in higher margin perpetual license fees, which have a relatively fixed cost base, and a decline in subscription margins from 65% in 2006 to 37% in 2007. Third quarter 2006 subscription margins reflect a one-time benefit related to third-party royalties under a renegotiated agreement completed during that quarter. Excluding this benefit, third quarter 2006 subscription margins would have been 47%. The remaining decline reflects straight-line amortization of new products released in the second half of 2006 relative to the gradual growth of related subscription revenues. Services gross margins improved to 48% in the third quarter of 2007 from 44% in the third quarter of 2006. Operating expenses in the quarter declined $5.1 million, and included a one-time benefit of $0.8 million related to the early termination of a U.K. lease commitment. This represents a 33% decline from the third quarter of 2006 and reflects the Company's cost reduction and restructuring activities in fiscal year 2006 and early 2007.
Conference Call
A conference call to discuss this announcement is scheduled for today, September 6, 2007, at 3:45 p.m. CDT (Central Daylight Time). The dial-in number for this call is 1.888.276.0007 in the U.S. and Canada, and 1.612.332.0107 internationally. Attendees should call 10 minutes prior to the start of the call and inform the operator they are participating in PLATO Learning's call. A recording of the call will be available from 8:15 p.m. CDT on September 6, 2007, until midnight on September 13, 2007. To access the recording, call 1.800.475.6701 in the U.S. and Canada and 1.320.365.3844 internationally. At the prompt, enter pass code number 855098.
Additionally, investors have the opportunity to listen to the conference call over the Internet through PLATO Learning's web site at http://www.plato.com/Investor-Relations/Conference-Calls.aspx." target="_blank" rel="nofollow ugc noopener">http://www.plato.com/Investor-Relations/Conference-Calls.aspx.
About PLATO Learning
PLATO Learning is a leading provider of computer-based and e-learning instruction for kindergarten through adult learners, offering curricula in reading, writing, math, science, social studies, and life and job skills. The Company also offers innovative online assessment and accountability solutions and standards-based professional development services. With over 6,000 hours of objective-based, problem-solving courseware, plus assessment, alignment and curriculum management tools, we create standards-based curricula that facilitate learning and school improvement.
PLATO Learning is a publicly held company traded as TUTR on the NASDAQ market. PLATO Learning educational software is delivered via the Internet, CD-ROM, and private intranets, and is primarily marketed to K-12 schools and colleges. The Company also sells to job training programs, correctional institutions, military education programs, corporations, and individuals.
PLATO Learning is headquartered at 10801 Nesbitt Avenue South, Bloomington, Minnesota 55437, 952.832.1000 or 800.869.2000. The Company has offices throughout North America and Puerto Rico, as well as international distributors in the United Kingdom and South Africa. For more information, please visit http://www.plato.com.
This announcement includes forward-looking statements. PLATO Learning has based these forward-looking statements on its current expectations and projections about future events. Although PLATO Learning believes that its assumptions made in connection with the forward-looking statements are reasonable, no assurances can be given that its assumptions and expectations will prove to have been correct. These forward-looking statements are subject to various risks, uncertainties and assumptions. PLATO Learning undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Any forward looking statements made are subject to the risks and uncertainties as those described in the Company's most recent filings with the Securities and Exchange Commission on Forms 10-K and 10-Q. Actual results may differ materially from anticipated results.
PLATO® and Academic Systems® are registered trademarks of PLATO Learning, Inc. PLATO Learning and Straight Curve are trademarks of PLATO Learning, Inc.
PLATO Learning, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
July 31, July 31,
------------------ -------------------
2007 2006 2007 2006
--------- -------- --------- ---------
REVENUES
Subscriptions $ 6,532 $ 4,373 $ 17,045 $ 12,783
License fees 5,940 11,689 13,652 27,658
Services 6,731 7,394 20,745 26,476
--------- -------- --------- ---------
Total revenues 19,203 23,456 51,442 66,917
--------- -------- --------- ---------
COST OF REVENUES
Subscriptions 4,140 1,539 11,075 6,436
License fees 2,066 4,051 6,212 9,705
Services 3,496 4,174 9,837 13,436
--------- -------- --------- ---------
Total cost of revenues 9,702 9,764 27,124 29,577
--------- -------- --------- ---------
GROSS PROFIT 9,501 13,692 24,318 37,340
--------- -------- --------- ---------
OPERATING EXPENSES
Sales and marketing 7,579 9,539 22,682 28,849
General and administrative 2,865 4,064 8,983 13,026
Product maintenance and
development 499 1,210 3,412 3,974
Amortization of intangibles 438 904 1,352 2,806
Restructuring (766) 21 (766) 360
--------- -------- --------- ---------
Total operating expenses 10,615 15,738 35,663 49,015
--------- -------- --------- ---------
OPERATING LOSS (1,114) (2,046) (11,345) (11,675)
Other income, net 218 405 917 1,238
--------- -------- --------- ---------
LOSS BEFORE INCOME TAXES (896) (1,641) (10,428) (10,437)
Income tax expense 150 150 450 450
--------- -------- --------- ---------
NET LOSS $(1,046) $(1,791) $(10,878) $(10,887)
========= ======== ========= =========
LOSS PER SHARE
Basic and diluted $ (0.04) $ (0.08) $ (0.46) $ (0.46)
========= ======== ========= =========
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING
Basic and diluted 23,762 23,701 23,747 23,668
========= ======== ========= =========
PLATO Learning, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share amounts)
----------------------------------------------------------------------
July 31, October 31,
2007 2006
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $ 22,351 $ 33,094
Accounts receivable, net 15,173 18,529
Inventories 970 1,832
Other current assets 5,567 6,346
----------- -----------
Total current assets 44,061 59,801
Equipment and leasehold improvements, net 5,971 6,308
Product development costs, net 29,304 25,363
Goodwill 71,865 71,865
Identified intangible assets, net 8,576 10,545
Other long-term assets 3,491 2,348
----------- -----------
Total assets $ 163,268 $ 176,230
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,258 $ 4,685
Accrued compensation 6,324 5,990
Other accrued liabilities 3,595 6,622
Deferred revenue 33,640 33,736
----------- -----------
Total current liabilities 47,817 51,033
Long-term deferred revenue 8,013 8,110
Deferred income taxes 2,981 2,531
Other long-term liabilities - 106
----------- -----------
Total liabilities 58,811 61,780
----------- -----------
Stockholders' equity:
Common stock 238 237
Additional paid-in capital 169,612 168,597
Treasury stock at cost (205) (205)
Accumulated deficit (63,896) (53,017)
Accumulated other comprehensive loss (1,292) (1,162)
----------- -----------
Total stockholders' equity 104,457 114,450
----------- -----------
Total liabilities and stockholders' equity $ 163,268 $ 176,230
=========== ===========
PLATO Learning, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
----------------------------------------------------------------------
Nine Months Ended
July 31,
-------------------
2007 2006
--------- ---------
OPERATING ACTIVITIES:
Net loss $(10,878) $(10,887)
--------- ---------
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Deferred income taxes 450 450
Depreciation and amortization 11,860 11,252
Provision for doubtful accounts (539) 164
Stock-based compensation 888 1,038
Other adjustments (26) 24
Changes in operating assets and liabilities:
Accounts receivable 3,895 1,201
Inventories 862 2,001
Other current and long-term assets (120) 790
Accounts payable (428) (1,065)
Other current and long-term liabilities (2,793) (4,238)
Deferred revenue (193) (1,313)
--------- ---------
Total adjustments 13,856 10,304
--------- ---------
Net cash provided by (used in) operating
activities 2,978 (583)
--------- ---------
INVESTING ACTIVITIES:
Capitalized internal product development costs (11,718) (10,665)
Purchased product development - (3,000)
Purchases of equipment and leasehold
improvements (1,471) (1,682)
Purchases of marketable securities - (4,250)
Sales of marketable securities - 229
Maturities of marketable securities - 2,750
--------- ---------
Net cash used in investing activities (13,189) (16,618)
--------- ---------
FINANCING ACTIVITIES:
Net proceeds from issuance of common stock 155 670
Payment of debt financing fees (523) -
Repayments of capital lease obligations (34) (84)
--------- ---------
Net cash (used in) provided by financing
activities (402) 586
--------- ---------
EFFECT OF CURRENCY EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS (130) (63)
--------- ---------
Net decrease in cash and cash equivalents (10,743) (16,678)
Cash and cash equivalents at beginning of period 33,094 46,901
--------- ---------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 22,351 $ 30,223
========= =========
PLATO Learning, Inc.
Supplemental Financial Information
(Unaudited)
----------------------------------------------------------------------
Order Information
($000s)
Three Months Ended Nine Months Ended
July 31, July 31,
------------------------ ------------------------
% %
2007 2006(a) Change 2007 2006(a) Change
-------- -------- ------ -------- -------- ------
Order Value:
Subscriptions
Courseware $11,118 $ 7,005 59% $19,692 $10,320 91%
Assessment and
other 1,396 4,397 (68%) 3,017 7,075 (57%)
-------- -------- -------- --------
Total
subscriptions 12,514 11,402 10% 22,709 17,395 31%
License fees 5,503 13,216 (58%) 12,306 28,417 (57%)
Services 8,276 9,759 (15%) 16,722 20,896 (20%)
-------- -------- -------- --------
$26,293 $34,377 (24%) $51,737 $66,708 (22%)
======== ======== ======== ========
Percent of Total
Order Value:
Subscriptions
Courseware 42% 20% 38% 15%
Assessment and
other 5% 13% 6% 11%
-------- -------- -------- --------
Total
subscriptions 47% 33% 44% 26%
License fees 21% 39% 24% 43%
Services 32% 28% 32% 31%
-------- -------- -------- --------
100% 100% 100% 100%
======== ======== ======== ========
(a) Certain 2006 amounts previously reported as services orders have
been reclassified to subscriptions orders to conform to the current
period presentation.
----------------------------------------------------------------------
Deferred Revenue Balances ($000s)
As of July 31,
------------------------------
2007 2006 % Change
--------- --------- ----------
Subscriptions $ 26,134 $ 16,643 57%
License fees 928 2,825 (67%)
Services 14,591 19,650 (26%)
--------- ---------
$ 41,653 $ 39,118 6%
========= =========
----------------------------------------------------------------------
Contact:
PLATO Learning, Inc.
Mike Morache, 952-832-1000
President and Chief Executive Officer
or
Rob Rueckl, 952-832-1000
Vice President and Chief Financial Officer
or
Steve Schuster, 952-832-1000
Vice President and Treasurer
--------------------------------------------------------------------------------
Source: PLATO Learning, Inc.
PLATO Learning Has Some Real Mojo
posted on: September 07, 2007 | about stocks: TUTR
I wanted to highlight a small-cap stock this AM that I think may have some real mojo in it. PLATO Learning (NASDAQ:TUTR) is a leading provider of computer-based e-learning solutions. The company reported its quarterlies last night and I must say these look way better than the market expected. The stock has gotten hit hard over the past year, sliding from $10 to around $3 and change as the restructuring of their sales and development organizations, coupled with moving towards the software-as-a-service model has disrupted revenue performance.
The positives include:
Revenue increased to $19.2 mln vs $17.4 mln consensus. This is the first sizable revenue beat in a while.
Net loss for the qtr was $0.08 per share, $0.07 better than Reuters Estimates consensus of ($0.15) as the co made solid progress in reducing operating expenses. This is the first EPS beat in a while.
Deferred revenue grew sequentially to $42 mln vs $35 mln last qtr signaling success in the transition to a subscription model: "Revenues from products sold on a subscription basis are initially recorded as deferred revenue on our balance sheet and then recognized as revenue ratably over the subscription period.""
TUTR hired a new head of sales last quarter (after replacing most of its sales force) and it looks like the person is already making solid progress. The sales force is starting to mature and I'm hopeful we will see continued good performance in the coming quarters.
I think the results posted last night caught a lot of people leaning the wrong way and I suspect the stock may see strong buy interest over the coming days. I would most certainly keep this one on the radar screen as things may be turning around for the company.
posted on: September 07, 2007 | about stocks: TUTR
I wanted to highlight a small-cap stock this AM that I think may have some real mojo in it. PLATO Learning (NASDAQ:TUTR) is a leading provider of computer-based e-learning solutions. The company reported its quarterlies last night and I must say these look way better than the market expected. The stock has gotten hit hard over the past year, sliding from $10 to around $3 and change as the restructuring of their sales and development organizations, coupled with moving towards the software-as-a-service model has disrupted revenue performance.
The positives include:
Revenue increased to $19.2 mln vs $17.4 mln consensus. This is the first sizable revenue beat in a while.
Net loss for the qtr was $0.08 per share, $0.07 better than Reuters Estimates consensus of ($0.15) as the co made solid progress in reducing operating expenses. This is the first EPS beat in a while.
Deferred revenue grew sequentially to $42 mln vs $35 mln last qtr signaling success in the transition to a subscription model: "Revenues from products sold on a subscription basis are initially recorded as deferred revenue on our balance sheet and then recognized as revenue ratably over the subscription period.""
TUTR hired a new head of sales last quarter (after replacing most of its sales force) and it looks like the person is already making solid progress. The sales force is starting to mature and I'm hopeful we will see continued good performance in the coming quarters.
I think the results posted last night caught a lot of people leaning the wrong way and I suspect the stock may see strong buy interest over the coming days. I would most certainly keep this one on the radar screen as things may be turning around for the company.
Update 09/08:
PLATO Learning (NASDAQ:TUTR): Craig-Hallum sees it positive
Via notablecalls.blogspot.com/:
Craig-Hallum Capital chimes on on PLATO Learning (NASDAQ:TUTR) following earnings saying Q3 EPS of ($0.08) was well ahead of their ($0.18) estimate due to better gross margins on licensing revenue and lower operating costs, especially product development.
Deferred revenue of $41.7 million bounced back sharply from last quarter, up 6% yr/yr and 19% sequentially in the seasonally stronger Q3. However, overall orders for the quarter were down 24% as orders for license fees were down 58%, which is expected given the transition by PLATO to a subscription-based business model.
As expected, cash flow was positive in the seasonally strong Q3.
Management continues to not provide forward guidance given its low visibility on the rate of transition from a license to a subscription model. However, Q4 should be a roughly comparable quarter to Q3, which allows the firm to raise their Q4 and full year estimates. This is their first positive revenue and EPS revision for PLATO in at least two years, so they are encouraged that expectations may have bottomed.
For now, they are maintaining their Neutral rating, but they do see some reasons for optimism. PLATO's revenue continues to decline, but it appears there is a bottom in sight, likely sometime during FY08 and they are modeling a slight increase in revenue for the full year. The firm is encouraged by the company's cost reduction efforts and the potential to improve margins further. If they were to get comfortable that PLATO would be able to generate positive free cash flow on an annual basis, it would also give them more confidence regarding the company's fundamentals and its stock performance.
Notablecalls: Looks like Craig-Hallum is seeing things the way I am. I love the comments of this being the first positive revenue and EPS revision for PLATO in at least two years. It really gives this story a "bottomish" feel .
PLATO Learning (NASDAQ:TUTR): Craig-Hallum sees it positive
Via notablecalls.blogspot.com/:
Craig-Hallum Capital chimes on on PLATO Learning (NASDAQ:TUTR) following earnings saying Q3 EPS of ($0.08) was well ahead of their ($0.18) estimate due to better gross margins on licensing revenue and lower operating costs, especially product development.
Deferred revenue of $41.7 million bounced back sharply from last quarter, up 6% yr/yr and 19% sequentially in the seasonally stronger Q3. However, overall orders for the quarter were down 24% as orders for license fees were down 58%, which is expected given the transition by PLATO to a subscription-based business model.
As expected, cash flow was positive in the seasonally strong Q3.
Management continues to not provide forward guidance given its low visibility on the rate of transition from a license to a subscription model. However, Q4 should be a roughly comparable quarter to Q3, which allows the firm to raise their Q4 and full year estimates. This is their first positive revenue and EPS revision for PLATO in at least two years, so they are encouraged that expectations may have bottomed.
For now, they are maintaining their Neutral rating, but they do see some reasons for optimism. PLATO's revenue continues to decline, but it appears there is a bottom in sight, likely sometime during FY08 and they are modeling a slight increase in revenue for the full year. The firm is encouraged by the company's cost reduction efforts and the potential to improve margins further. If they were to get comfortable that PLATO would be able to generate positive free cash flow on an annual basis, it would also give them more confidence regarding the company's fundamentals and its stock performance.
Notablecalls: Looks like Craig-Hallum is seeing things the way I am. I love the comments of this being the first positive revenue and EPS revision for PLATO in at least two years. It really gives this story a "bottomish" feel .
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