Utah's Franklin Covey reports 9% rise in 2Q revenue
Franklin Covey Co., the Salt Lake City-based provider of productivity training and corporate counseling services, reported improved financial results for the second quarter of its 2012 fiscal year.
The company said revenue was $38.6 million, an increase of $3.1 million, or 9 percent, over the same period of the prior year. Net income was $1.2 million, or 6 cents per share, compared with $300,000, or two cents per share.
"The strength of our business continues to be driven by the significant positive impact our offerings have on our client organizations and the individuals who work within them," Chairman and CEO Bob Whitman said in a statement.
For the first half of its 2012 fiscal year, Franklin Covey saw revenue increase $3.3 million, to $78.2 million, compared with $74.9 million in fiscal 2011.
Net income for the two quarters ended Feb. 25 totaled $2.8 million, or 16 cents per share, compared with $1.1 million, or 6 cents per share, for the same period a year earlier.
The company also announced that on Monday, its board of directors approved a plan to purchase up to $10 million of the company's outstanding common stock. The company said it intends to use available cash to make the purchases.