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The Advisory Board Company Reports Results for Quarter Ended December 31, 2010

WASHINGTON Feb. 3, 2011 December 31, 2010 $75.2 million $60.9 million December 31, 2009 $300.2 million December 31, 2010 $253.7 million December 31, 2009 December 31, 2010 $3.9 million $0.24 $8.1 million $1.1 million $4.6 million $0.28 $9.2 million December 31, 2009 $4.3 million $0.27 $7.6 million

December 31, 2010 $213.0 million $175.9 million December 31, 2009 $13.4 million $0.82 $27.0 million December 31, 2010 $1.5 million $14.4 million $0.88 $28.5 million December 31, 2010 December 31, 2009 $6.4 million $0.41 $12.5 million $0.80 $22.6 million

Robert Musslewhite

Mr. Musslewhite continued, "Our strong top and bottom-line growth in calendar 2010, combined with the inherent visibility of our business model, affords us clarity into another strong year in 2011.  We are excited to continue to deliver the formula of consistent double digit growth and margin expansion, particularly in this time of tremendous change in health care when we have before us enormous opportunities to serve our members in new, deeper ways.  We are very pleased that our growth trajectory permits us to make the critical investments that will allow us to seize these opportunities and set up future growth while still delivering solid bottom-line results in the shorter term."

Acquisition of Cielo MedSolutions

February 1, 2011

Robert Musslewhite

David Morin

Mr. Musslewhite concluded, "We are very excited about the acquisition and the opportunities to incorporate Cielo into our work.  Hospitals and physicians look to us as their solution for physician performance, and since patient registry is a key tool that they use, the addition of this functionality to our portfolio will greatly enhance our ability to serve member needs in this terrain."

Share Repurchase

December 31, 2010 $2.0 million December 31, 2010 $314.5 million

Outlook for Calendar Year 2011  

$318 million to $326 million $56 million to $60 million $1.85 to $2.00 $10 million $4.5 million

Non-GAAP Financial Measures

the United States of America September 30, 2009

There are limitations associated with EBITDA and adjusted EBITDA, including that they do not reflect all changes in applicable tax rates, foreign currency exchange rates, or the periodic costs of certain capitalized tangible and intangible assets used in generating revenue in our business.  A reconciliation of the foregoing historical non-GAAP financial measures to the most directly comparable historical GAAP financial measures is provided below for each of the periods indicated.  It is not practicable to provide a reconciliation of forecasted adjusted EBITDA and forecasted non-GAAP earnings per diluted share to the most directly comparable GAAP financial measures because certain items required for the forecast of such GAAP financial measures cannot reasonably be estimated or predicted at this time.

Three Months Ended

Nine Months Ended

December 31,

December 31,

2010

2009

2010

2009

Net income

$    3,934

$    4,309

$    13,411

$    6,381

Provision for income taxes

2,204

2,249

7,513

3,331

Other income, net (1)

(480)

(603)

(1,278)

(2,149)

Depreciation and amortization

1,479

1,387

4,289

5,008

Amortization of acquisition-related
intangibles  (incl. in Cost of services)

957

230

3,112

691

    EBITDA

$    8,094

$    7,572

$    27,047

$    13,262

Write-off of capitalized software

7,397

Option cancellation charge

1,937

Fair value adjustments to acquisition-
related earn out liabilities

1,100

1,500

    Adjusted EBITDA

$    9,194

$    7,572

$    28,547

$    22,596

Three Months Ended

Nine Months Ended

December 31,

December 31,

2010

2009

2010

2009

Net income

$    3,934

$  4,309

$    13,411

$    6,381

Write-off of capitalized software, net of tax

4,860

Option cancellation charge, net of tax

1,273

Fair value adjustments to acquisition-
related earn out liabilities, net of tax

705

962

    Adjusted net income

$    4,639

$    4,309

$   14,373

$    12,514

Three Months Ended

Nine Months Ended

December 31,

December 31,

2010

2009

2010

2009

GAAP earnings per diluted share

$    0.24

$   0.27

$    0.82

$    0.41

Write-off of capitalized software, net of tax

0.31

Option cancellation charge, net of tax

0.08

Fair value adjustments to acquisition-
related earn out liabilities, net of tax

0.04

0.06

    Non-GAAP earnings per diluted share

$    0.28

$    0.27

$    0.88

$    0.80

(1)  Other income, net includes interest income of $0.5 million and $0.6 million for the three months ended December 31, 2010 and 2009, respectively, and $1.2 million and $1.8 million for the nine months ended December 31, 2010 and 2009, respectively. Other income, net also includes a foreign currency gain of $11,000 and foreign currency loss of $22,000 for the three months ended December 31, 2010 and 2009, respectively.  Other income, net includes foreign currency gains of $0.1 million and $0.3 million for the nine months ended December 31, 2010 and 2009, respectively.  

Web and Conference Call Information

February 3, 2011 5:30 p.m. Eastern Time www.advisoryboardcompany.com/IR 8:30 p.m. Thursday, February 3, 8:30 p.m. Thursday, February 10, 2011.

About The Advisory Board Company

The Advisory Board Company provides best practices research and analysis, business intelligence and software tools, and installation support and management and advisory services to approximately 2,985 organizations, including hospitals, health systems, pharmaceutical and biotech companies, health care insurers, medical device companies, colleges, universities, and other educational institutions.  Members of each program typically are charged a fixed fee and have access to an integrated set of services that may include best practice research studies, executive education seminars, customized research briefs, web-based access to the program’s content database, and software tools.

Forward-Looking Statements

February 3, 2011 District of Columbia www.advisoryboardcompany.com/IR www.sec.gov

Accordingly, readers are cautioned not to place undue reliance on forward-looking statements made in this news release, which speak only as of the date of this news release, and the Company does not undertake to update these statements, whether as a result of circumstances or events that arise after the date they are made, new information, or otherwise.

THE ADVISORY BOARD COMPANY

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME

AND OTHER OPERATING STATISTICS

(In thousands, except per share data)

Three Months Ended

Selected

Nine Months Ended

Selected

December 31,

Growth

December 31,

Growth

2010

2009

Rates

2010

2009

Rates

Statements of Income

Revenue

$      75,210

$      60,893

23.5%

$    213,000

$   175,919

21.1%

Cost of services (1)

41,232

32,080

113,091

93,185

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