American Education Reports First-Quarter Loss
Page, David, THE JOURNAL RECORD
OKLAHOMA CITY - American Education Corp. has reported a net loss of $131,620 for the first quarter.
The Oklahoma City-based provider of educational software reported net income of $65,486 for the first quarter of 2005.
Revenues for the quarter totaled $1.8 million, down 21 percent from $2.3 million a year earlier.
This decline is a result of the slow development of several large orders that were anticipated to be booked during the quarter and simply did not clear the school district approval process, said Jeffrey E. Butler, CEO. In addition, there still is continued weather-related impairment of important regional markets associated with last fall's hurricanes.
American Education expects to receive orders for the lost business during the second and third quarters, he said.
Revenues from the company's core operating unit declined 14 percent during the first quarter.
AEC's core business continues to be driven by quality products, and the company is involved in increasingly larger orders for inbound site license, online and product upgrade-based orders in areas of its traditional market strength, Butler said. …