Edison Schools Announces Fiscal 2003 Earnings Release Schedule Monday, December 30, 2002 Edison today announced a schedule of the earnings releases for the remaining quarters of its current fiscal year. They are: February 13, 2003; May 14, 2003; and September 11, 2003. Following each release, the Company will host a conference call with analysts and investors to discuss results for the quarter. Interested parties may listen to the call, which will be broadcast live over the Internet, through the Company's website at www.edisonschools.com. The Company also reconfirmed its recently improved guidance for the current year. Edison recently raised its EBITDA estimates for the total Company in the current fiscal year by 30 percent, saying it expects to generate annual EBITDA of $26 million. The Company also said that it expects to post positive net income in the fourth quarter of this fiscal year, the first quarterly net income in the Company's 10-year history. Edison expects its Gross Site Contribution to be approximately $100 million. In addition, the Company confirmed that it expects to generate $50 to $70 million in incremental cash flow this fiscal year from refinancing of a portion of its notes receivable from charter schools (approximately $30-50 million) and improvements in the collection of receivables from its managed schools customers (approximately $20 million). The Company's balance sheet remains strong with shareholder equity of $219 million or $4.07 per share, including $31.5 million of cash on hand on September 30, 2002. The Company expects to end the fiscal year with cash on the balance sheet of approximately $25 million. This amount would be after a reduction in the Company's debt level and investing in FY04 new business.
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