Business
Legacy Education Alliance, Inc. Announces Third Quarter 2016 Results
Legacy Education Alliance, Inc. Announces Third 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 September 30, 2016.\n \n \n 2016 THIRD QUARTER FINANCIAL HIGHLIGHTS\n \n \n \n Net income was $1.2 million, or $0.05 per basic and diluted common \n share, for the third quarter 2016, compared to a net loss of $(1.0) \n million, or $(0.04) per basic and diluted common share, for the third \n quarter 2015.\n \n \n Non-U.S. revenue was $8.7 million in the third quarter 2016, compared \n to $8.1 million in the third quarter 2015, an increase of $0.6 million \n or 7.4%.\n \n \n Total operating costs and expenses were $21.7 million for the third \n quarter 2016, compared to $23.7 million for the third quarter 2015, a \n decrease of $2.0 million or 8.4%.\n \n \n \n \"We generated significant year-over-year improvement in net income for \n both the three and nine month periods ended September 30, 2016,” said \n Anthony Humpage, CEO of Legacy Education Alliance.\n \n \n “Our focus remains on brand and channel diversification, and we’re just \n scratching the surface of the potential in international markets. With \n our strengthening financial position, we believe we can capitalize on \n growth opportunities that will drive long-term shareholder value \n improvement,” concluded Humpage.\n \n \n Q3 2016 VERSUS Q3 2015 RESULTS\n \n \n Revenue was $22.5 million for the three months ended September 30, 2016 \n compared to $22.5 million for the three months ended September 30, 2015. \n Revenue was flat year over year, as the increase in recognition of \n revenue from expired contracts of $1.2 million or 39.6% and increased \n attendance (i.e. fulfillment) of $0.4 million or 2.1%, was offset by the \n decline in recognition of revenue of $1.6 million or 100.0%, due to the \n change in our revenue recognition policy with regards to DVD \n fulfillment. Cash sales were $21.5 million for the three months ended \n September 30, 2016 compared to $24.2 million for the three months ended \n September 30, 2015, a decrease of $2.7 million or 11.2...