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Franklin Covey Co FC
Q3 2010 Earnings Call Transcript

Transcript Call Date 07/01/2010

Operator: Good day ladies and gentlemen, and welcome to the Fiscal Third Quarter 2010 Franklin Covey Company Conference Call. My name is Sally, and I’ll be your operator for today.

At this time, all participants are in listen-only mode. Later we will be conduct a question and answer session. As a reminder, this conference is being recorded for replay purposes. I’d now like to turn the conference over to your host for today, Derek Hatch, Corporate Controller. Please proceed sir.

Derek Hatch - Corporate Controller: Good afternoon everyone. Welcome to our earnings call for the third quarter of fiscal 2010. Before we get started, I’d like to remind everybody this afternoon that this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

Forward-looking statements are based upon management’s current expectations and are subject to various risks and uncertainties, including, but not limited to the ability of the company to stabilize and grow revenues. I’d also like to add, expectations surrounding the recognition of revenue in future periods, the ability of the company to hire productive sales professionals, general economic conditions, competition in the Company’s targeted marketplace, market acceptance of new products or services and marketing strategies, changes in the Company’s market share, changes in the size of the overall market for the Company’s products, changes in the training and spending policies of the Company’s clients and other factors identified and discussed in the Company’s most recent Annual Report on Form 10-K and other periodic reports filed with the Securities & Exchange Commission.

Many of these conditions are beyond our control or influence, any one of which may cause future results to differ materially from the Company’s current expectations, and there can be no assurance that the Company’s actual performance will meet management’s expectations.

These forward-looking statements are based upon management’s current expectations and we undertake no obligation to update or revise these forward-looking statements to reflect events or circumstances after the date of today’s presentation.

With that said, I’d like to turn the time over this afternoon to Bob Whitman, our Chairman and Chief Executive Officer. Mr. Whitman?

Robert A. Whitman - Chairman and CEO: Thanks, Derek. We’re glad to have the chance to talk to everybody this afternoon. Let me start out and just make one statement that we know that the results for the quarter were somewhat lower than what the analyst estimates had been and we’re going to talk about some of the reasons why we think that may have been the case in just a minute. But to (indiscernible) maybe than we were actually very excited -- in light of that, we are very excited about the trends that we saw in the business this quarter and we actually view it as a fundamentally very strong quarter where each of the key bets for us were on track and where our revenue generating capability actually was really well in excess of what we would have anticipated in terms of what we were able to put on the books.

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