Princeton Review Widens its 3rd-quarter Loss on Higher Expenses, Cuts 80 Jobs - Higher Education

NOMINATE AN EMERGING SCHOLAR



Higher Education News and Jobs

Princeton Review Widens its 3rd-quarter Loss on Higher Expenses, Cuts 80 Jobs

by Associated Press

NEW YORK

The Princeton Review Inc., which provides test-preparation and college admissions services, said Wednesday its third-quarter loss widened, hurt by lower revenue and higher operating expenses.

Quarterly loss attributable to common shareholders totaled $11.9 million, or 42 cents per share, versus a loss of $2.5 million, or 9 cents per share, in the prior-year period.

Revenue fell 2 percent to $33.6 million from $34.3 million last year.

The company said results include $1.9 million in one-time costs of moving its finance department and general counsel from New York to Boston and $1 million of severance expenses from cutting 80 jobs to save $9.3 million annually.

Other expenses include $3.8 million related to increases in the fair value of a type of stock that was retired in July.

Shares fell 43 cents, or 4.9 percent, to $8.43 in morning trading.



© Copyright 2005 by DiverseEducation.com

Semantic Tags:

Leave a Reply

Your email address will not be published. Required fields are marked *