The Princeton Review Inc., which provides test-preparation and college admissions services, said Wednesday its third-quarter loss widened, hurt by lower revenue and higher operating expenses.
Quarterly loss attributable to common shareholders totaled $11.9 million, or 42 cents per share, versus a loss of $2.5 million, or 9 cents per share, in the prior-year period.
Revenue fell 2 percent to $33.6 million from $34.3 million last year.
The company said results include $1.9 million in one-time costs of moving its finance department and general counsel from New York to Boston and $1 million of severance expenses from cutting 80 jobs to save $9.3 million annually.
Other expenses include $3.8 million related to increases in the fair value of a type of stock that was retired in July.
Shares fell 43 cents, or 4.9 percent, to $8.43 in morning trading.
© Copyright 2005 by DiverseEducation.com