Legacy Education Reports Increased Revenue and Net Income for Fiscal 2014
Net income increased 70% year-over-year to $7.4 million or $0.45 per share
CAPE CORAL, Fla.-- Legacy Education Alliance, Inc. (OTCQB: LEAI), a leading provider of educational training seminars, conferences and services, reports increased revenue and net income for the fiscal year ended December 31, 2014.
Fiscal Year Highlights (year-over-year)
- Revenue increased 13.4% to $96.5 million
- Operating income increased 132.2% to $5.6 million
- Net income increased 70.1% to $7.4 million
- Earnings per share increased 55.2% to $0.45 per share
“International expansion efforts played a key role in our achieving increased revenue in 2014,” stated Anthony Humpage, CEO of Legacy Education. “We grew international operations from only four countries outside our home markets in 2013 to more than 20 countries in 2014. Revenue in the U.K. and other foreign markets increased 39.0% year-over-year and now account for 20.6% of our overall revenue. While we are already an established player internationally, we intend to grow revenue significantly in these markets moving forward, and our recent public listing puts us in an ideal position to capitalize on these new opportunities.”
Humpage continued, “We also set the stage for additional growth with the launch of three new brands in the U.S. in 2014, Independent Women™, Women in Wealth™, and Brick Buy Brick™. While the contribution of these brands in 2014 was not material, we anticipate they will begin to account for a growing share of revenue in the quarters ahead. The addition of a new real estate offering provides further diversification of our product portfolio.”
“In addition to the launch of new product offerings, we strengthened our overall position and customer experience through the development of a new customer portal which gives our customers online access to their account and classes. Complementing this enhanced customer experience, we expanded our customer service operations to help guide our customers to success. Add in the backdrop of improving global economic conditions that are expected to drive increased demand for our products and services as more consumers seek increased financial freedom, we believe we are well-positioned to see significant shareholder value improvement in 2015.”
Results of Operations
Revenue for the year ended December 31, 2014 was $96.5 million compared with revenue of $85.1 million during the year ended December 31, 2013, an increase of $11.4 million, or 13.4%.
Total operating expenses increased $8.2 million, or 9.9%, during the year ended December 31, 2014 compared to the prior year, while revenue increased by 13.4% during the same period, resulting in decreased operating expenses, as a percentage of revenue, in the current year when compared to last year.
Net income increased 70.1% to $7.4 million in the year ended December 31, 2014, compared to $4.3 million in fiscal year 2013, while earnings per share increased 55.2% to $0.45 per share.
About Legacy Education Alliance, Inc.
Legacy Education Alliance, Inc. (http://www.legacyeducationalliance.com) is a leading provider of educational training seminars, conferences and services. Founded in 1992, Legacy Education Alliance, Inc. is a global company dedicated to providing quality financial education with headquarters in the United States, Canada and the United Kingdom. With more than 150 employees and nearly 60 independent contractors worldwide, Legacy Education Alliance, Inc. is committed to bringing the message of financial education to the people of the world.
This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words “believe,” “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project,” “prospects,” “outlook,” and similar words or expressions, or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could” are generally forward-looking in nature and not historical facts. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. The Company disclaims any intention to, and undertakes no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact the Company’s forward-looking statements, please see the Company’s Form 10-K, filed on March 27, 2015, including but not limited to the discussion under “Risk Factors” therein, which the Company has filed with the SEC and which may be viewed at http://www.sec.gov.
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Source: Legacy Education Alliance, Inc.