OAKLAND, Calif.--(BUSINESS WIRE)--Scientific Learning Corp. (OTC PINK:SCIL), a leading SaaS service provider that delivers neuroscience-based educational technologies, today announced it has released its audited financial results for the fiscal year ending Dec 31, 2018. Details of the annual results can be found at https://www.otcmarkets.com/stock/SCIL/disclosure.
The company’s growth momentum was demonstrated in three consecutive growth quarters, enabling it to achieve total sales growth of two percent for the year and six percent growth in the K-12 channel. The success is attributed to a growing understanding of the company’s unique solutions, decision makers placing greater importance on evidence-based solutions as required by the federal Every Student Succeeds Act (ESSA), and the release of new Fast ForWord products, enhanced with SmartLearning Technology.
Released in the third quarter to positive reception, Fast ForWord Foundations I and Foundations II, the new versions of the flagship Fast ForWord Language and Fast ForWord Language to Reading programs, include an intelligent back-end engine that provides just-in-time interventions personalized to each learner. Additionally, over the year we released an improved version of Reading Assistant and sizably increased the reading selections, jam-packed with academic vocabulary, glossary terms, and comprehension questions to activate students’ thinking and reading skills.
“We are pleased to have achieved sales growth for the year for the first time since 2015. We are working to continue that momentum by increasing our focus on the customer, highlighting improvements in our new products, and improving our marketing and sales processes,” said Jeff Thomas, CEO. “At the same time, we need to continue to invest in our products. We are also deep into the process of converting our products from Flash, which has a year-end 2020 ‘end of life,’ to HTML 5,” said Thomas.
“We are also concentrating on building shareholder value by continuing to grow our largest channel, K-12, in 2019, as well as improving the company’s balance sheet,” said Thomas. “We are actively exploring options for extending or refinancing the subordinated debt,” said Thomas.
About Scientific Learning Corp.
Based in Oakland, Calif., Scientific Learning is a leading SaaS service provider that delivers neuroscience-based educational technologies. Scientific Learning’s programs have been used by nearly 3.0 million learners in more than 2,500 K-12 schools in the United States, by over 300 private practice clinicians, by thousands of students via a direct-to-consumer channel, and in over 55 countries via value-added resellers. The company’s Fast ForWord® programs cross-train foundational language and cognitive skills necessary for rapid English language development, while Reading Assistant™ uses speech verification technology to provide real-time corrective feedback to students as they read and speak, in a manner similar to that of an individualized language and reading coach.
Safe Harbor Statement: The information posted in this release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify these statements by use of the words "may," "will," "should," "plans," "explores," "expects," "anticipates," "continue," "estimate," "project," "intend," and similar expressions. The forward-looking statements in this release include, among others, statements regarding potential future sales growth, efforts to extend or refinance the Company’s subordinated debt, and plans for investing in the Company’s products. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Factors which could cause results or events to differ from current expectations include, among other things: general economic and business conditions; availability of government funding for the purchase of the Company’s educational products; effects of potential geopolitical unrest and regional conflicts; competition; and various other factors beyond the Company's control. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.