Franklin Covey Co. reported its biggest profit in more than three years following higher education-related sales.
Net income was $2.98 million, or 16 cents per share, compared with a loss of $520,000 a year ago, the Salt Lake City-based company said in a statement. It was the biggest profit since the second quarter of 2008. Franklin Covey lost money a year ago because of higher taxes after repatriating earnings from abroad. Revenue during the period rose $312,000 to $45 million.
"This performance marks another significant milestone in our multi-year growth plan, and we expect to continue strong revenue and profit momentum," Chief Executive Officer Bob Whitman said in a statement.
Sales in the U.S. and Canadian direct selling business, which makes up 51 percent of the company's revenue, fell 8.7 percent to $22.8 million. The national account division reported the biggest sales gain, rising 34 percent to $8.77 million.
Shares of Franklin Covey have risen 8.2 percent this year to close at $9.29 on Nov. 8 before the results were announced.
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