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Franklin Covey Co FC
Q1 2012 Earnings Call Transcript

Transcript Call Date 01/05/2012

Operator: Good day ladies and gentlemen, and welcome to the First Quarter 2012 Franklin Covey Earnings Conference Call. My name is Larry, and I'll be your operator for today. At this time all participants are in listen-only mode. Later we will conduct the question-and-answer session.

I will now like to turn the conference over to your host for today, Mr. Derek Hatch, Corporate Controller. Please proceed.

Derek Hatch - Corporate Controller, Central Services, Finance: Good afternoon, everyone, and Happy New Year. On behalf of Franklin Covey I'd like to welcome you to our first quarter conference call for fiscal 2012.

Before we begin today's presentation, we'd like to simply remind you that our presentation today 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 our 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 Mr. Bob Whitman, our Chief Executive Officer and Chairman of the Board.

Robert A. Whitman - Chairman and CEO: Good afternoon, everyone. We are delighted to have you with us. We're delighted to report on a very strong first quarter. Hopefully you've seen the press release on that. It turned out to be the strongest first quarter ever for our current business and one that also somewhat exceed our expectations. We continue to feel very good about the business, about our backlog, pipeline, momentum, and our outlook for the second quarter of the year and the expected trajectory of our business over the next several years.

Today I'm going to keep my remarks relatively brief to allow time – plenty of time for questions. So, I'd like to touch on three topics. First, some key headlines regarding the financial performance of the business during the first quarter. Second, our outlook for the year and what we see as the very positive trajectory for the business and our growth and earnings potential over the next several years, and then finally the potential for further accelerating our growth with the specific focus on one particular growth opportunity.

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