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Segment Information
 9 Months Ended
Jun. 01, 2013
Segment Information [Abstract]  
Segment Information

 

 

NOTE 10 – SEGMENT INFORMATION

 

Our sales are primarily comprised of training and consulting sales and related products.  Based on the consistent nature of our services and products and the types of customers for these services, we function as a single operating segment.  However, to improve comparability with previous periods, operating information for our U.S./Canada, international, and corporate services operations is presented below.  Our U.S./Canada operations are responsible for the sale and delivery of our training and consulting services in the United States and Canada.  Our international sales group includes the financial results of our directly owned foreign offices and royalty revenues from licensees.  Our corporate services information includes leasing income and certain corporate operating expenses.

 

The Company’s chief operating decision maker is the Chief Executive Officer, and the primary measurement tool used in business unit performance analysis is Adjusted EBITDA, which may not be calculated as similarly titled amounts calculated by other companies.  For segment reporting purposes, our consolidated Adjusted EBITDA can be calculated as our income from operations excluding share-based compensation, depreciation expense, amortization expense, and certain other charges.

 

In the normal course of business, we may make structural and cost allocation revisions to our segment information to reflect new reporting responsibilities within the organization.  There were no significant organizational or structural changes during the quarter or  three quarters ended June 1, 2013 that would affect the comparability of the segment information presented.  We account for our segment information on the same basis as the accompanying condensed consolidated financial statements.

 

ENTERPRISE INFORMATION

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales to

 

 

 

 

 

 

 

 

Quarter Ended

 

External

 

 

 

Adjusted

 

 

 

 

June 1, 2013

 

Customers

 

Gross Profit

 

EBITDA

 

Depreciation

 

Amortization

 

 

 

 

 

 

 

 

 

 

 

U.S./Canada

$
35,198 

$
21,958 

$
3,651 

$
320 

$
957 

International

 
8,608 

 
6,901 

 
3,801 

 
79 

 
3 

Total

 
43,806 

 
28,859 

 
7,452 

 
399 

 
960 

Corporate and eliminations

 
1,053 

 
576 

 
(1,190)

 
353 

 

 -

Consolidated

$
44,859 

$
29,435 

$
6,262 

$
752 

$
960 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

 

 

 

 

 

May 26, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S./Canada

$
31,678 

$
18,904 

$
3,840 

$
288 

$
618 

International

 
8,826 

 
6,873 

 
3,153 

 
83 

 
4 

Total

 
40,504 

 
25,777 

 
6,993 

 
371 

 
622 

Corporate and eliminations

 
770 

 
367 

 
(1,241)

 
309 

 

 -

Consolidated

$
41,274 

$
26,144 

$
5,752 

$
680 

$
622 

 

 

 

 

 

 

 

 

 

 

 

Three Quarters Ended

 

 

 

 

 

 

 

 

 

 

June 1, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S./Canada

$
94,803 

$
59,367 

$
8,135 

$
886 

$
2,193 

International

 
31,377 

 
25,166 

 
14,155 

 
244 

 
8 

Total

 
126,180 

 
84,533 

 
22,290 

 
1,130 

 
2,201 

Corporate and eliminations

 
3,170 

 
1,744 

 
(3,375)

 
1,045 

 

 -

Consolidated

$
129,350 

$
86,277 

$
18,915 

$
2,175 

$
2,201 

 

 

 

 

 

 

 

 

 

 

 

Three Quarters Ended

 

 

 

 

 

 

 

 

 

 

May 26, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S./Canada

$
86,445 

$
52,712 

$
8,756 

$
1,157 

$
1,867 

International

 
30,813 

 
24,004 

 
12,214 

 
274 

 
12 

Total

 
117,258 

 
76,716 

 
20,970 

 
1,431 

 
1,879 

Corporate and eliminations

 
2,183 

 
951 

 
(3,537)

 
943 

 

 -

Consolidated

$
119,441 

$
77,667 

$
17,433 

$
2,374 

$
1,879 

 

 

A reconciliation of our consolidated Adjusted EBITDA to consolidated income from continuing operations before taxes is provided below (in thousands).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Three Quarters Ended

 

 

June 1,

 

 

May 26,

 

 

June 1,

 

 

May 26,

 

 

2013

 

 

2012

 

 

2013

 

 

2012

Enterprise Adjusted EBITDA

$
7,452 

 

$
6,993 

 

$
22,290 

 

$
20,970 

Corporate expenses

 
(1,190)

 

 
(1,241)

 

 
(3,375)

 

 
(3,537)

Consolidated Adjusted EBITDA

 
6,262 

 

 
5,752 

 

 
18,915 

 

 
17,433 

Share-based compensation

 
(488)

 

 
(1,056)

 

 
(1,933)

 

 
(3,301)

Depreciation

 
(752)

 

 
(680)

 

 
(2,175)

 

 
(2,374)

Amortization

 
(960)

 

 
(622)

 

 
(2,201)

 

 
(1,879)

Consolidated income from operations

 
4,062 

 

 
3,394 

 

 
12,606 

 

 
9,879 

Interest income

 
158 

 

 
2 

 

 
446 

 

 
10 

Interest expense

 
(578)

 

 
(613)

 

 
(1,766)

 

 
(1,873)

Discount on related party receivable

 
(135)

 

 

 -

 

 
(418)

 

 

 -

Other income, net

 
20 

 

 

 -

 

 
20 

 

 

 -

Income before taxes

$
3,527 

 

$
2,783 

 

$
10,888 

 

$
8,016