The Princeton Review (NASDAQ:REVU) narrowed its second-quarter loss but saw sales drop sharply as it continued to divest non-core assets in its ongoing effort to turn around the company.
The Framingham, Mass.-based provider of educational information for the high school and post-secondary markets posted a net loss of $7.5 million, or 14 cents a share, compared with a year-ago loss of $14.6 million, or 31 cents a share, in the same quarter last year.
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Revenue for the three months ended June 30 was $49.6 million, down 12% from $56.2 million a year ago. The decrease was due primarily to the companys exit from the Supplementary Educational Services business last year.
Excluding that impact, the company lost just 4% of sales to $49.6 million, which were negatively impacted by a 9% decrease in its Penn Foster segment.
As we move forward in 2011, we will continue to eliminate distractions and apply our efforts toward driving value and growth in Higher Ed Readiness and Penn Foster, The Princeton Reviews chief executive, John Connolly said in a statement.
Last quarter, the company divested its Community College Partnership business, claiming it was no longer in line with its overall strategic plan.