November 10, 2011
Losses Way Up At Princeton Review
The Princeton Review Inc. of Framingham saw its net loss jump to $83.7 million in the third quarter of 2011, compared to $8.8 million in the same quarter last year.
The company said the change was due to the loss of goodwill and other intangible assets resulting from impairment of the company's Higher Education Readiness, Career Education Partnerships and Penn Foster reporting segments. The Higher Education Readiness segment was the biggest driver of the loss, contributing $76.7 million of the total $91.8 impairment.
The firm's revenue increased 1 percent year-over-year to $54.5 million.
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