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Franklin Covey Co FC
Q2 2011 Earnings Call Transcript

Transcript Call Date 03/31/2011

Operator: Good day ladies and gentlemen, and welcome to the Second Quarter 2011 Franklin Covey Company Earnings Conference Call. My name is Derek, and I'll be your operator for today.

At this time, all participants are in listen-only mode. We will facilitate a question-and-answer session at the end of the conference. (Operator Instructions). As a reminder, this conference is being recorded for replay purposes. I will now like to turn the conference over to Mr. Derek Hatch, Corporate Controller with Franklin Covey. You may proceed.

Derek Hatch - Corporate Controller, Central Services: Thank you. Before we begin today, this afternoon's presentation, I want to thank you for joining us and we will begin with our forward-looking statements. 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, 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 future performance will meet management's expectations. These forward-looking statements are based on 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 out of the way, we'd like to turn the time over to our Chief Executive Officer and Chairman of the Board, Mr. Bob Whitman.

Robert A. Whitman - Chairman and CEO: Thanks, Derek. We're delighted to have the chance to talk to all of you and appreciate you joining us. Hopefully, each of you have seen the press release that went out about an hour ago and we're also delighted to report that revenues were up 19% for the quarter and 21% year-to-date, and that our adjusted EBITDA for the quarter was up 78% and that's 68% year-to-date. So, this hopefully will be a more fun call and continue to progress over the last many quarters.

I'd like to organize my comments there on the following four headlines we're seeing. First, we are very pleased with the Company's strong performance and results in the second quarter; second, we continue to be encouraged by the strong booking trends and momentum we're continuing to see in the business; third, based on these trends we expect to achieve significant growth in both revenues and profitability during 2011; and fourth, we believe we have the opportunity to continue the strong growth in the future. So, I'll just maybe give some background on each of those.

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