Greenwood Hall Announces Second Quarter 2017 Results
April 24 2017 - 9:00AM
Greenwood Hall, Inc. (QTCQB:ELRN), a Los Angeles based education
technology company that partners with colleges and universities to
improve student engagement and outcomes, announced its financial
results for the second quarter of fiscal year 2017, which ended
February 29, 2017.
For the fourth consecutive quarter, the Company achieved
double-digit year-over-year revenue growth in its core education
business. Overall revenue for the second quarter was $2,647,773, up
from $ 1,378,168 during the same period last year, representing an
increase of over 90%.
“We are encouraged by the continued operating momentum
experienced during the first half of our fiscal year. Maintaining
such high growth rates will not be easy and cannot be assured.
However, we believe the demand for the services and solutions the
Company provides to the higher education industry, affords us
a unique opportunity to maximize the value of our enterprise,
long-term for all our stakeholders – investors, education partners,
and the students we serve,” said Dr. John Hall, Chief Executive
Officer of Greenwood Hall.
Second Quarter 2017 Highlights
- Renewed or added 5 new higher education clients, including
Lamar University and Borough of Manhattan Community College.
- 53% Gross Margin and over $ 1.1 Million Improvement in Adjusted
EBITDA
- Held the line on SG&A with only a 4% increase in overhead,
despite our significant top line growth.
About Greenwood Hall, Inc.
Greenwood Hall is an education technology company that helps
colleges and universities manage the student journey. Every
Greenwood Hall solution is designed to increase our client’s
revenue while improving student engagement and learning outcomes.
Since 2006, Greenwood Hall has developed customized turnkey
solutions that combine strategy, people, proven processes and
robust technology to help schools effectively and efficiently
improve student outcomes, as well as increase revenues and expand
into new marketing channels, such as online learning. Greenwood
Hall has served more than 60 education clients and over 75 degree
programs.
For more information, visit http://www.greenwoodhall.com, follow
us on Twitter @GreenwoodHall and Facebook at
http://www.facebook.com/GreenwoodandHall.
Statement Concerning Forward-Looking Information
Any statements made in this press release about Greenwood Hall's
future financial condition, results of operations, expectations,
plans, or prospects, including, but not limited to information
related to clients, new clients, client retention, profitability,
or performance trends. Forward-looking statements also include
those preceded or followed by the words "anticipates," "believes,"
"could," "estimates," "expects," "intends," "may," "plans,"
"projects," "should," "targets" and/or similar
expressions. These forward-looking statements are based on
Greenwood Hall's current estimates and assumptions and, as such,
involve uncertainty and risk. Forward-looking statements are not
guarantees of future performance, and actual results may differ
materially from those contemplated by the forward-looking
statements because of a number of factors, including the risk
factors described in Greenwood Hall’s Annual Report on Form 10-K
for the period ended August 31, 2016, and the Quarterly Report on
Form 10-Q for the period ending November 30, 2016, that are
incorporated herein by reference. Any forward-looking
statement in this release speaks only as of the date in which it is
made. Except to the extent required under the federal
securities laws, Greenwood Hall does not intend to update or revise
the forward-looking statements.
*Non-GAAP Financial Information
This press release includes references to Adjusted EBITDA, a
non-GAAP financial measures. Adjusted EBITDA is used by
management as one measure for judging the Company's operating
performance and for estimating the Company's earnings growth
prospects. Adjusted EBITDA represents net income adjusted for:
provision for (benefit from) income taxes; reorganization items,
net; restructuring costs; restructuring-related costs included in
SG&A; change in fair value of interest rate swap; loss on early
extinguishment of debt; early termination fees; depreciation and
amortization expense; amortization of development costs; net
interest expense; and stock-based compensation. Adjusted
EBITDA does not represent, and should not be considered, an
alternative to net income or operating income as determined by
GAAP, and our calculation may not be comparable to similarly titled
measures reported by other companies. The presentation in this
press release is characterized as Non-GAAP.
Media Contact
John Hall
Chief Executive Officer
Greenwood Hall, Inc.
jhall@greenwoodhall.com
310-907-8200