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Investing.com – Franklin Covey (NYSE:FC) was up more than 8% during Thursday’s premarket trading as the company raised its guidance for the ongoing fiscal year.
The company swung back to profit in the third quarter and its sales topped the pre-pandemic level. Its move to a subscription model also gathered pace.
It now expects adjusted EBITDA to come between $24.5 million and $26.5 million. The middle of this range reflects over 75% growth in adjusted EBITDA compared with the $14.3 million achieved in fiscal 2020.
Franklin Covey’s consolidated sales for the quarter ended May 31 totaled $58.7 million compared with $37.1 million in fiscal 2020.
Net income was $12.75 million in the third quarter of the current fiscal against a net loss of $10.96 million in the same period last year.
The company said it will make new investments in the current quarter. This includes costs to strengthen its membership model and add new partners as well as expenses related to acquisition of Strive Talent.
