Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Kevin Henehan - KMH Capital Advisors.
Kevin Henehan – KMH Capital Advisors
I saw in your previous release, not today but maybe a week ago, you were saying that the tender offer would commence in the fourth fiscal quarter of 2008, which I believe ends August 31, but a lot of people may not realize your fiscal year, so if you can clarify any color on that. So that would mean that the tender offer would commence over the next few weeks or at least 6 weeks.
Bob Whitman
We would expect that in the next couple of weeks. I would think that 10 to 14 days would be the start.
Kevin Henehan – KMH Capital Advisors
And the size, you haven’t commented exactly.
Bob Whitman
Our general thoughts are just what they were before. We will use the net proceeds from the transaction to do that, so we don’t know exact number. We don’t get to be quite that precise. The net proceeds as Steve said will be somewhere in the $28 million range.
Operator
Your next question comes from John Lewis - Osmium Partners.
John Lewis – Osmium Partners
What were the bookings up in June?
Bill Bennett
Almost 30%, in fact 29%.
John Lewis – Osmium Partners
On Slide 5, I believe it shows a pretty hefty ramp. It looks right around April. I think that was the launch of Great Leaders, Great Teams, Great Results. Is that what really drove that spike up in the April-May time period?
Bob Whitman
What it really was, John, is that the thing we’re comping against in the third quarter actually which also contributes to the flatter year-over-year performance is that last year was our big launch of the new leadership offering to which you referred.
This year, we refer the momentum to bookings where a lot of those aren’t recognized in revenue until later. In connection with our customer loyalty business, we entered into a couple of big contracts during that April period, the revenue for which will come in the future. But I think that was really more of a factor in this spike, and as Bill said, the 7% increase facilitator sales related to the sales of these leadership modules.
We are counting on a new product where historically we’ve been course-centric. We’ve started strategically moving more and more towards resource-based offerings. These are taking courses and breaking them down into modules where these are a couple of hours to 4-hour modules, where as a part of a management meeting or whatever else, you can just do a part of the course where you don’t actually have to consume the whole thing.
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