Franklin Covey Announces Fourth Quarter and Fiscal Year 2010 Results: Loss Per Share of $0.32

Franklin Covey Co. (NYSE: FC), a global provider of training and consulting services, today announced financial results for its fourth quarter and fiscal year ended August 31, 2010.Net sales for the fourth quarter totaled $44.7 million, an increase of 34% from $33.4 million reported in the fourth quarter of fiscal 2009. Adjusted EBITDA for the quarter was $6.5 million, more than 2.5 times the $2.4 million level of a year earlier, even after paying $1.7 million in special bonus commissions for sales substantially in excess of annual quotas. Pre-tax income improved $9.6 million to $3.2 million in the fourth quarter of fiscal 2010 compared to a loss of $6.4 million in the fourth quarter of fiscal 2009. After the provision for income taxes, which included an effective tax rate substantially higher than statutory rates primarily due to repatriated earnings from foreign income that are taxed in both foreign and domestic jurisdictions, the Company reported a net loss from continuing operations of $1.3 million, or ($0.09) per share for the fourth quarter of fiscal 2010 compared to a net loss from continuing operations of $4.3 million, or ($0.32) per share, in the fourth quarter of fiscal 2009.