Business
Legacy Education Announces First Quarter 2015 Earnings
Legacy Education Announces First Quarter 2015 Earnings.
About this update from Legacy Education Alliance, Inc.
[{"type":"text","content":"\n \n Legacy Education Alliance, Inc. (OTCQB: LEAI), a leading provider of \n practical, high-quality and value-based training, conferences, \n publications, technology-based tools and mentoring to help students \n become financially knowledgeable, announces its financial results for \n the first quarter ended March 31, 2015.\n \n \n First Quarter Highlights\n \n \n \n Cash sales remain stable\n \n \n International sales expansion gained further momentum\n \n \n \n “Our focus on international expansion, which began in earnest in 2014, \n continues to gain momentum,” stated Anthony Humpage, CEO of Legacy \n Education. “Our Q1 non-U.S. sales now represent 29.0% of overall \n revenues, up from 24.7% in the year ago period. With our new offices \n opening in Hong Kong and South Africa, we will further strengthen our \n foundation for long-term growth as we position ourselves to capitalize \n on global opportunities and decrease our reliance on the Rich Dad brand \n in North America.”\n \n \n Humpage continued, “We are pleased that we are executing on our \n strategy, although our results were negatively impacted by certain \n accounting changes. After shortening our contract terms and changing our \n revenue recognition policy with regards to DVD fulfillment, we \n experienced greater than expected revenue and profit performance for \n 2014 on a GAAP basis. This impacts year-over-year comparisons, which we \n expect will normalize by year-end.”\n \n \n Results of Operations\n \n \n Revenue for the three months ended March 31, 2015 was $21.7 million \n compared to $26.6 million for the three months ended March 31, 2014, a \n decrease of $4.9 million, or 18.4%. The decrease was primarily due to \n the decline in recognition of breakage revenue from expired contracts of \n $4.0 million due to the change in our revenue recognition policy with \n regards to DVD fulfillment and a decrease in attendance (i.e. \n fulfillment) at our elite training courses of $2.2 million in the U.S., \n Canada and the U.K. partially offset by a $1.0 million increase in \n recognition of breakage revenue from expired contracts and increased \n attendance in our international markets of $0.4 million. Cash sales for \n the three months ended March 31, 2015 was $22.7 million compared to \n $22.7 million for the three months e...