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Renaissance Learning increases net, still plans merger
Wisconsin Rapids Renaissance Learning Inc., a provider of learning information systems and school improvement programs for pre-K-12 schools, announced its net income for the quarter ending March 31 was $6.5 million compared to $5.9 million for first-quarter 2004, an increase of 8.8 percent.
The company also declared a quarterly cash dividend of $.05 per share, payable June 1, 2005, to shareholders of record as of May 13, 2005.
Revenues, which exclude the impact of discontinued operations, were $27.6 million, a decrease of 11 percent from first quarter 2004 revenues of $31.0 million.
"A more pronounced seasonality with Renaissance Place, as well as the challenging market conditions caused orders to lag last year's levels," said President and CEO John R. Hickey. "However, the percentage decline in both orders and revenue was improved over the fourth quarter, and our strategic initiatives appear ready to bear fruit."
"We completed the divestiture of our Generation21 subsidiary in the first quarter, and we expect the merger with AlphaSmart to close in the second quarter as planned," he added.
Renaissance Learning, Inc. sells research-based learning software, school improvement programs, teacher training and consulting, adopted by about 67,000 schools. It has four U.S. locations and subsidiaries in Australia, Canada, India, and the United Kingdom.