Franklin Covey Co. cut its net loss attributable to common shareholders from $10.1 million to nearly $2 million year-over-year for the quarter ended Feb. 28.
The company also reported an operating profit for the quarter.
The Salt Lake-based organizational products and training company said Tuesday that the net loss attributable to common shareholders equates to 10 cents, an improvement over a 50-cent per-share loss a year earlier.
For the two quarters ended Feb. 28, the company reported a net loss attributable to common shareholders of $7.3 million, or 37 cents per share, which compares with $20.4 million, or $1.02 per share, a year earlier.
The operating income for the quarter totaled $950,000, which compares with an operating loss of $7.5 million a year ago. For the two quarters ended Feb. 28, the operating loss was $1.2 million, an improvement over a loss of $14.8 million in the prior-year period.
Franklin Covey noted that the most recent quarter was the sixth consecutive period with year-over-year improvements in operating results.
Sales totaled $78.7 million in the most recent quarter, compared with $89.8 million a year ago. For the two quarters ended Feb. 28, sales were $153.7 million, down from $174.8 million the year before.
Franklin Covey said retail store sales accounted for $7.7 million of the $8.5 million revenue decline from the prior-year quarter and that comparable store sales were down 8 percent. The company had 26 fewer domestic stores, which accounted for $3.1 million in sales in the year-ago quarter. A 16 percent decline in PDA and related product sales also hurt the overall sales figure.
The company said it expects "continued significant improvements" in operating results for the rest of the fiscal year, excluding store closures and unanticipated one-time write-offs.
"The company believes this significant improvement will result from expected continued reductions in operating costs and year-over-year stabilization of sales in the second half," it said.
Franklin Covey stock fell 2 cents Tuesday to close at $2.48 per share on the New York Stock Exchange. During the past year, the price has ranged from 70 cents to $3.26.