Business
Legacy Education Alliance, Inc. Announces First Quarter 2016 Results
Legacy Education Alliance, Inc. Announces First Quarter 2016 Results.
About this update from Legacy Education Alliance, Inc.
[{"type":"text","content":"\n \n Legacy Education Alliance, Inc. (OTCQB: LEAI) (www.legacyeducationalliance.com), \n a leading international provider of practical, high-quality, and \n value-based educational training on the topics of personal finance, \n entrepreneurship, real estate, and financial markets investing \n strategies and techniques, announces financial results for the three \n months ended March 31, 2016.\n \n \n FIRST QUARTER 2016 OVERVIEW\n \n \n \n Revenue increased $1.0 million or 5% to $22.7 million for the first \n quarter, up from $21.7 million in the year-ago period.\n \n \n Revenue from attendance increased $3.1 million or 20% to $18.5 million \n in the first quarter, up from $15.4 million in the prior year period.\n \n \n Non-U.S. revenue was $8.3 million in the first quarter compared to \n $6.3 million in the prior year period, an increase of $2.0 million or \n 32%.\n \n \n Cash sales were $21.3 million for first quarter, compared to $22.7 \n million in the prior year period, a decrease of $1.4 million or 6%.\n \n \n Net cash provided by operating activities was $0.3 million in the \n first quarter, compared to net cash provided by operating activities \n of $0.7 million in the prior year period, a decrease of $0.4 million.\n \n \n Total operating costs were $22.0 million for the first quarter, \n compared to $22.5 million for the prior year period, a decrease of \n $0.5 million or 2%.\n \n \n Net income was $0.6 million, or $0.03 per basic and diluted common \n share, for the first quarter, compared to a net loss of $(0.6) \n million, or $(0.03) per basic and diluted common share, for the prior \n year period.\n \n \n \n \"Legacy's first quarter 2016 results reflect solid business performance \n and continued execution against our stated strategic objectives. Our \n first quarter 2016 revenue of $22.7 million, net income of $0.6 million, \n or $0.03 per basic and diluted common share, compared to the prior year \n period demonstrate this,\" said Anthony Humpage, CEO of Legacy Education \n Alliance.\n \n \n “Our performance has been driven primarily by foreign sales expansion, \n which remains a priority for us moving forward as non-U.S. revenue \n increased $2.0 million or 32%. We remain confident in our strategy of \n achieving growth through brand and channel diversification and \n geographic market expansion, p...