Bright Horizons Family Solutions Swings To Profit In Q3; Updates FY View

(RTTNews) - Bright Horizons Family Solutions Inc. (BFAM) reported third quarter net income to common stock of $15.04 million or $0.23 per share, compared to a net loss of $18.52 million or $3.05 per share, last year.

Adjusted EBITDA increased 13% to $50 million while adjusted income from operations rose 12% to $30 million and adjusted net income surged 119% to $18 million. Adjusted earnings per pro forma common share increased 75% to $0.28.

On average, ten analysts polled by Thomson Reuters expected the company to report profit of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue increased 15% to $308.66 million, from $267.93 million on contributions from new and ramping full service child care centers, average price increases of 3-4%, and expanded sales of back-up dependent care and educational advisory services. Analysts expected revenue of $306.65 million for the quarter.

The company updated certain targets regarding its 2013 expectations to reflect its results through September 30, 2013. Overall revenue growth in 2013 in the range of 13-14%.Adjusted EBITDA growth in 2013 in the range of 15-16% .The company predicts 2013 adjusted net income in the range of $77 to $79 million and adjusted earnings per pro forma common share in the range of $1.18 to $1.20. Analysts expect the company to report 2013 profit per share of $1.20.