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 Edison Schools Reports Record Quarterly Revenue of $133.3 Million Up 30% Wednesday, February 13, 2002 Edison Schools Inc. reported revenues for the quarter ending December 31, 2001, of $133.3 million compared to $102.3 million a year ago, an increase of 30%. The company also reported a net loss of 15 cents per share, 6 cents better than consensus estimates, compared to a net loss of 7 cents a year ago. The company reaffirmed its EPS guidance for the year of 80 cents loss per share. We are pleased to announce another strong quarter for the company and another significant over-delivery on our bottom line, said Chris Whittle, the companys Chief Executive Officer. We are particularly proud of certain measures. Better cost management contributed to lower central spending, significantly improved pre-opening costs, and lower capital spending compared to expectations. The outperformance in these areas more than offsets the effects of slightly lower revenue growth than estimated. We remain comfortable with our EPS guidance for the current year of an 80 cent loss per share, continued Adam Feild, the companys Chief Financial Officer. It is important to note that this guidance includes write-downs associated with certain discontinued sites. Equally important, it includes acquisition costs related to our potential contract with the Philadelphia school district without including the positive impact of a contract there. Once the results of our discussions in Philadelphia are known, we will provide additional guidance for both FY02 and FY03. Gross site contribution for the quarter increased to $19.9 million from $17.4 million for the same period last year. The company posted EBITDA, net of non-cash charges, of $2.9 million, slightly ahead of analyst estimates of $2.7 million and compared to $5.4 million in the same period last year. The companys net loss for the period was $8.3 million, compared to $3.2 for the same period last year. Edison also reported its year-to-date progress on other critical indicators. Gross site contribution as a percent of sales was 12.8% for the first two quarters compared to 12.9% for the prior year period. Net site contribution margin, an important new measure introduced last quarter, improved from 2.7% for the first two quarters last year to 5.1% for the same period this year. The percent of revenue that Edison spends on headquarters and start-up functions (net of non-cash charges) improved to 16.1% year-to-date compared to 17.4% for the same period last year. Finally, Edisons net loss as a percentage of sales for the first two quarters continued its steady improvement from 13.6% last year to 11.5% for the current year.
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