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Edison company narrows losses { May 15 2003 } Original Source Link: (May no longer be active)    http://www.miami.com/mld/miamiherald/business/5867451.htm http://www.miami.com/mld/miamiherald/business/5867451.htm Posted on Thu, May. 15, 2003 Edison narrows loss, still sees profit for current quarter Associated Press NEW YORK - Edison Schools Inc., the nation's largest for-profit manager of public schools, Wednesday said it narrowed its net loss in its latest quarter as it cut costs and ended unprofitable school contracts. Edison, which runs 20 schools in Philadelphia, posted a net loss of $6.4 million, or 12 cents a share, for its fiscal third quarter, ended March 31. It lost $12.8 million, or 24 cents a share, a year earlier. The mean estimate of analysts surveyed by Thomson First Call was for a loss of 14 cents a share. Revenue fell 11 percent to $108.4 million from $121.9 million a year earlier. Edison attributed the drop to its termination of certain unprofitable contracts and deferred revenue for an unsigned contract. "We believe Edison has executed a dramatic financial turnaround, which will culminate with the achievement of our first-ever net income in the current quarter," said Chief Executive Chris Whittle in a prepared statement. Analysts are looking for fiscal fourth-quarter earnings of 18 cents a share, according to First Call. Edison has yet to turn a profit in its 10 years of existence. It has been buffeted in recent years by a Securities and Exchange Commission probe into its accounting, the loss of several high-profile school contracts and the need to borrow at high interest rates to keep its schools open. Last week Edison said members of its management, including Whittle, are considering making an offer to take the company private. However, Whittle has told Edison that no financing has been arranged for any stock-purchase offer. The CEO holds about 14 percent of Edison's stock, though most of that is pledged to outside lenders. Edison reported its results after the market close. At 4 p.m. EDT on the Nasdaq Stock Market, shares of Edison were down 1 cent at $1.78. In after-hours trading, Edison's shares jumped to $2.08, according to Island ECN.

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