Franklin Covey reports improved first quarter results
Franklin Covey Co., the Salt Lake City-based time-management and seminar company, has reported higher revenue and earnings for the first quarter of its 2013 fiscal year.
The company, said its sales for the quarter ended Dec. 1, 2012 increased 11 percent to $44.1 million compared with $39.5 million in the first quarter of the prior year.
Net income improved by $1.2 million to $2.9 million, or 15 cents per share, a 74 percent increase compared with sthe $1.7 million, or 9 cents per share earned in the first quarter of fiscal 2012.
"The strength of our momentum and the size of our booking pipeline over the past several years strongly underscore our expectation of continue growth in revenue, profitability and cash flow from operations in fiscal 2013 and beyond," Bob Whitman, chairman and CEO, said in a statement announcing the company's latest financial results.
Whitman noted that revenue increased in all of the company's major sales channels.
Franklin Covey reported that its balance sheet and liquidity position remained strong through the first quarter. The company had $7.3 million in cash and cash equivalents on hand. Net working capital increased to $30.1 million compared with $27.5 million on Aug. 31, 2012. And, the company had no borrowings on its line of credit facility at the end of the quarter.