Renaissance Learning increases net, still plans merger
Laptop Battery By WTN News • 04/20/05 Wisconsin Rapids Renaissance Learning Inc., a provider of learning information systems and school improvement programs for pre-K-12 schools, announced its net income for the quarter ending March 31 was $6.5 million compared to $5.9 million for first-quarter 2004, an increase of 8.8 percent.
The company also declared a quarterly cash dividend of $.05 per share, payable June 1, 2005, to shareholders of record as of May 13, 2005.
Revenues, which exclude the impact of discontinued operations, were $27.6 million, a decrease of 11 percent from first quarter 2004 revenues of $31.0 million.
"A more pronounced seasonality with Renaissance Place, as well as the challenging market conditions caused orders to lag last year's levels," said President and CEO John R. Hickey. "However, the percentage decline in both orders and revenue was improved over the fourth quarter, and our strategic initiatives appear ready to bear fruit."
"We completed the divestiture of our Generation21 subsidiary in the first quarter, and we expect the merger with AlphaSmart to close in the second quarter as planned," he added.
Renaissance Learning, Inc. sells research-based learning software, school improvement programs, teacher training and consulting, adopted by about 67,000 schools. It has four U.S. locations and subsidiaries in Australia, Canada, India, and the United Kingdom.
According to the indictment, Jones would steal various IBM and Penguin computer servers from Verisign's warehouse in Virginia and sell them to Johnson. Johnson would then sell the servers to several individuals, who would sometimes place them for sale on eBay. As a result of this scheme, the indictment alleges that Jones and Johnson caused Verisign to lose more than $120, 000 worth of computer equipment. In the indictment, Jones and Johnson are charged in three counts with causing the interstate transportation of stolen property, namely IBM 330 and 335 servers, in violation of 18 U.S.C.
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