Renaissance Learning income jumps

Published July 15, 2008 - BizTimes Daily

Wisconsin Rapids-based Renaissance Learning Inc. today announced a 53.1 percent increase in its net income during the second quarter, to $3.3 million or 12 cents per share compared to net income of $2.2 million, or 8 cents per share for the second quarter of 2007.
Revenues for the quarter were $28 million, an increase of 3.2 percent from the second quarter of 2007.
Renaissance Learning is a provider of technology to support personalized practice, differentiated instruction, and progress monitoring in reading, math and writing for pre K-12 schools and districts. The company added approximately 600 new customer schools in the U.S. and Canada during the quarter, bringing total North American schools that are actively using the company's products to over 75,000.
"Second quarter, 2008 marks the third consecutive quarter of year-over-year revenue and earnings per share growth," said Renaissance CEO Terrance D. Paul. "In addition, deferred revenue grew by $6 million in the quarter, compared to an increase of $4.6 million last year and orders, excluding laptops, were up about 8 percent compared to the same quarter last year. This is a good start to the seasonally important subscription renewal and adoption period that begins in the second quarter and supports our expectation of an even stronger third quarter."

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