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Scientific Learning Corp. (SCIL) filed Quarterly Report for the period ended 2011-06-30.
Scientific Learning Corp. has a market cap of $51.5 million; its shares were traded at around $2.75 with and P/S ratio of 1.1.
This is the annual revenues and earnings per share of SCIL over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of SCIL.
Highlight of Business Operations:
In the six months ended June 30, 2011, we closed two transactions in excess of $0.5 million totaling $2.0 million. There were no transactions in excess of $0.5 million in the three months ended June 30, 2011. In the three and six months ended June 30, 2010, we closed one and three such transactions in excess of $0.5 million totaling $0.7 million and $2.0 million, respectively. During the second quarter 2011, we revised our pricing and licensing options to reflect the ongoing funding and budgeting environment, and we released our new SciLearn On-Demand deployment offering. K-12 transaction volume increased by 26% to 440 transactions and 4% to 730 transactions during the three and six month period ended June 30, 2011 as compared to the same periods in 2010, which we believe reflects our new pricing changes. Non-school booked sales, including private practice, international, direct to consumer, virtual schools and OEM customers, increased by 6% or $0.1 million and 34% and $0.7 million during the three and six month periods ended June 30, 2011 as compared to the same periods in 2010. In the three and six months ended June 30, 2011, the recurring portion of our revenue as a percentage of total revenue increased to 26.6% and 27.6%, respectively, from 25.1% and 25.9%, respectively, as compared to the three and six months ended June 30, 2010.
We believe that recurring revenue is an important measure of our operating performance. In the three and six months ended June 30, 2011, the recurring portion of our revenue stream increased 6.6% and 4.0%, respectively, to $3.3 million and $6.3 million, respectively, from the three and six months ended June 30, 2010. The following table sets forth information relating to our recurring revenues (dollar amounts in thousands):
Booked sales in the K-12 sector decreased by 18% to $8.9 million in the three months ended June 30, 2011 compared to $10.8 million in the three months ended June 30, 2010. Booked sales in the K-12 sector decreased by 14% to $15.6 million in the six months ended June 30, 2011 compared to $18.1 million in the six months ended June 30, 2010. As described above, state and local budget pressures continue to cause many school districts to struggle to maintain their core functions. Booked sales to the K-12 sector for the three months ended June 30, 2011 and for the three months ended June 30, 2010 were 87% and 90%, respectively, of total booked sales. Booked sales to the K-12 sector for the six months ended June 30, 2011 and for the six months ended June 30, 2010 were 86% and 90%, respectively, of total booked sales. “Other adjustments” in the three and six months ended June 30, 2011and 2010 consists primarily of the deferral of revenue and the related receivable for booked sales with Free-On-Board (“FOB”) destination delivery terms that were not delivered at the end of the second quarter 2011 and 2010.
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