Business
Legacy Education Alliance, Inc. Announces Second Quarter 2019 Results
Legacy Education Alliance, Inc. Announces Second Quarter 2019 Results.
About this update from Legacy Education Alliance, Inc.
[{"type":"text","content":"\nLegacy Education Alliance, Inc. (OTCQB: LEAI) (www.legacyeducationalliance.com), a leading international provider of practical, high-quality, and value-based educational training on the topics of personal finance, entrepreneurship, real estate, and financial markets investing strategies and techniques, today announced financial results for the second quarter ended June 30, 2019.\n\n\nSecond Quarter 2019 Overview\n\n\n\nNet loss was $300,000 or ($0.01) per basic and diluted common share for the three months ended June 30, 2019, compared to a net loss of $2.4 million or ($0.10) per basic and diluted common share for the three months ended June 30, 2018, a decrease in net loss of $2.1 million or $0.09 per basic and diluted common share.\n\n\n\n\nRevenue for the second quarter of 2019 was $23.7 million compared to $25.2 million for the same period in 2018, a decrease of 6%.\n\n\n\n\nRevenues from our North American segment increased $700,000 and U.K. and Other International segments decreased $2.2 million.\n\n\n\n\nCash sales were $27 million for the three months ended June 30, 2019 compared to $24.7 million for the three months ended June 30, 2018, an increase of $2.4 million or 9.7%.\n\n\n\n\nTotal operating costs and expenses were $24.3 million for the three months ended June 30, 2019 compared to $28.2 million for the three months ended June 30, 2018, a decrease of $3.9 million or 13.8%.\n\n\n\n\nNet cash provided by operating activities was $3.6 million in the six months ended June 30, 2019 compared to net cash used in operating activities of $2.3 million in the six months ended June 30, 2018, representing a period-over-period increase of $5.9 million.\n\n\n\n\nFunds previously held in reserve by merchant processors released totaling $2.3 million. On July 18, 2019, the Company received funds totaling $1.9 million from a former merchant processor. Additionally, during the second quarter we received a distribution from bankruptcy from another former merchant processor totaling $400,000.\n\n\n\n“The cost savings initiatives that we have put in place have improved our financial performance and we are seeing incremental improvements in cash sales, especially in the UK and US,” said James May CEO. “In this quarter our cash sales increased to $27 million, up $2.4 million or 9.7% year over year and our liquidity prof...