May 8, 2009
Princeton Review Sees Q1 Profit
In what it's calling a demonstration of progress toward "sustainable profitability," The Princeton Review made a profit of $2.7 million in the first quarter of the year, compared with a loss of $577,000 for Q1 2008.
The Framingham-based test-prep company also had a revenue increase of 26 percent, to $44.8 million. The revenue figures got a boost from the company's acquisitions of Test Services Inc. and Southern California franchises last year, and from expanding the market for its supplementary educational services.
The company also completed the sale of its K-12 services business to CORE Projects & Technologies Ltd. of India in March. Proceeds from the sale helped pay down the company's debt.
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