SCORE! Closes All Operations June 2009
Score revenues declined 41% in the first quarter of 2009, and operating losses at Score increased from $3.7 million in the first quarter of 2008 to $17.6 million in the first quarter of 2009, inclusive of restructuring charges. At the end of March 2009, the Washington Post Company approved a plan to offer tutoring services, previously provided at Score, in Kaplan test prep centers. In conjunction with this plan, 14 existing Score centers will be converted into Kaplan test prep centers and the remaining 64 Score centers will be closed. The plan is expected to be substantially completed by the end of the second quarter of 2009. Washington Post recorded $11.5 million in asset write-downs, severance and accelerated depreciation of fixed assets in the first quarter of 2009, including a $9.2 million write-down on Score’s software product. Additional operating losses of approximately $19.2 million are expected to be recorded during the remainder of 2009; these estimated losses are related to the wind-down period of the 64 Score centers to be closed, including $15.0 million related to lease obligations, severance and accelerated depreciation of fixed assets.
Read more about this topic: SCORE! Educational Centers
Famous quotes containing the words closes, operations and/or june:
“... gifts, goods, a basket
of bread that hurts
my shoulders but closes me
in fragrance. I can
eat as I go.”
—Denise Levertov (b. 1923)
“There is a patent office at the seat of government of the universe, whose managers are as much interested in the dispersion of seeds as anybody at Washington can be, and their operations are infinitely more extensive and regular.”
—Henry David Thoreau (1817–1862)
“In June the bush we call
alder was heavy, listless,
its leaves studded with galls,
growing wherever we didn’t
want it.”
—Denise Levertov (b. 1923)