Business
Legacy Education Alliance, Inc. Announces Fiscal Third Quarter 2018 Results
Legacy Education Alliance, Inc. Announces Fiscal Third Quarter 2018 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, today announced financial results for the \n third quarter ended September 30, 2018.\n \n \n Third Quarter 2018 Overview\n \n \n \n Net loss was $1.2 million or ($0.05) per basic and diluted common \n share for the three months ended September 30, 2018, compared to a net \n income of $1.4 million or $0.06 per basic and diluted common share for \n the three months ended September 30, 2017.\n \n \n Revenue was $22.6 million for the three months ended September 30, \n 2018 compared to $25.2 million for the three months ended September \n 30, 2017.\n \n \n Combined UK and Other Foreign Market Segments revenue was $9.9 million \n for the three months ended September 30, 2018 compared to $10.1 \n million for the third quarter of 2017.\n \n \n Cash sales were $23.3 million for the three months ended September 30, \n 2018 compared to $24.5 million for the three months ended September \n 30, 2017.\n \n \n Total operating costs and expenses were $24.4 million for the three \n months ended September 30, 2018 compared to $23.6 million for the \n three months ended September 30, 2017.\n \n \n \n “Even though we ended the third quarter with a net loss, our company \n remains positive as it looks toward the future,” said Anthony Humpage, \n Legacy Education Alliance CEO. In early Q3 of this year we took steps to \n reduce our expenses to improve profitability and cash flow. Because of \n these actions, our net loss improved by $1.2 million or 49.4% and our \n operating cash flow improved by $0.6 million or 28.3% this quarter as \n compared with the prior quarter. We anticipate this trend to continue in \n Q4.”\n \n \n THIRD QUARTER 2018 VERSUS THIRD QUARTER 2017 RESULTS\n \n \n Revenue was $22.6 million for the three months ended September 30, 2018 \n compared to $25.2 million for the three months ended September 30, 2017. \n Revenue decreased $2.6 million or 10.3% during the three months ended \n September 30, 2018 compared to the same period in 2017. The decrease in \n revenue was due to a decrease in revenu...