May 7, 2010
Princeton Review Loses $16M
By Brandon Butler
Test preparation company The Princeton Review, based in Framingham, lost $16.6 million in the first quarter of 2010 despite revenues jumping about 41 percent.
In December 2009 the company purchased Penn Foster, which offers online academic programs. The purchase increased the company's expenses in the quarter from $42.3 million last year to $71.2 million this year.
Revenues increased from $44.8 million last year to $63.2 million this year.
The company made $2.7 million during last year's first quarter but lost $16.6 million this year.
CEO Michael Perik said the company is continuing its "transformation process" after the Penn Foster acquisition.
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