Business
Legacy Education Alliance, Inc. Announces Fiscal Year 2018 Results
Legacy Education Alliance, Inc. Announces Fiscal Year 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 fiscal year ended December 31, 2018.\n \n \n Fiscal Year 2018 Overview\n \n \n \n Net loss was $10.0 million or $0.43 per basic and diluted common share \n for the year ended December 31, 2018, compared to net income of $4.3 \n million or $0.19 per basic common share and $0.18 per diluted common \n share for the year ended December 31, 2017. This was a decrease in net \n income of $14.3 million or $0.62 per basic common share and $0.61 per \n diluted common share.\n \n \n Revenue was $93.4 million for the year ended December 31, 2018 \n compared to $97.7 million for the year ended December 31, 2017, a \n decrease of $4.3 million or 4.4%.\n \n \n Combined UK and Other Foreign Market Segments revenue was $40.4 \n million for the year ended December 31, 2018 compared to $40.5 million \n for the year ended December 31, 2017, a decrease of $100 thousand.\n \n \n Cash sales were $96.8 million for the year ended December 31, 2018 \n compared to $99.2 million for the year ended December 31, 2017, a \n decrease of $2.4 million or 2.4%.\n \n \n Total operating costs and expenses were $102.5 million for the year \n ended December 31, 2018 compared to $95.9 million for the year ended \n December 31, 2017, an increase of $6.5 million or 6.8%.\n \n \n Net cash used in operating activities was $1.7 million in the year \n ended December 31, 2018 compared to net cash provided by operating \n activities of $5.1 million in the year ended December 31, 2017, \n representing a period-over-period decrease of $6.8 million.\n \n \n \n “Our 2018 financial results were negatively impacted by a variety of \n factors, many of which we believe occurred outside the course of normal \n business operation,” said James May, Interim CEO. “We feel that the bulk \n of these expense increases are behind us and that the investment in our \n business was necessary to sustain future growth.”\n \n \n FY 2018 VERSUS FY 2017 RESULTS\n \n \n Revenue was $93.4 million for the year ended Dece...