tailieunhanh - The Princeton Review Reports Second Quarter 2011 Financial Results

The very strong growth of collateralised structured operations in the context of synthetic ETFs and ETF-based securities lending suggests that there are significant benefits for authorities and ETF market participants alike in improving their understanding of the risks attached, and the ways in which they can be mitigated. The current protracted period of low interest rates provides incentives for re-leveraging in non-standard market segments, which may lead to a build up of financial vulnerabilities, especially as the process of financial repair is not complete. Potential destabilising interactions with other financial innovations (., high- frequency trading9 ) that could amplify negative effects also. | The Princeton Review The Princeton Review Reports Second Quarter 2011 Financial Results FRAMINGHAM Mass. Aug. 5 2011 PRNewswire -- The Princeton Review Inc. NASDAQ REVU a leading provider of test preparation educational support services and online career education services reported financial results for the second quarter ended June 30 2011. Q2 2011 Financial Results Total revenue in the second quarter of 2011 decreased 12 to million compared to million in the same year-ago quarter. The decrease was primarily attributable to the company s exit from the SES Supplementary Educational Services business effective at the end of the 2009-2010 school year. Excluding the impact of the former SES business total revenue decreased 4 to million compared to million in the same year-ago quarter. Loss from continuing operations was million in the second quarter of 2011 improving from a loss of million in the same year-ago quarter. The reduced loss included the reduction of cost of goods sold by million due in large part to the exit of the SES business. The company also reduced depreciation and amortization expenses by million due primarily to accelerated charges in the same year-ago quarter that were not repeated in the current quarter. Adjusted EBITDA in the second quarter of 2011 was million compared to million in the same year-ago quarter see Reconciliation of Non-GAAP Financial Measures below for an important discussion of this non-GAAP term . At the end of the second quarter of 2011 cash and cash equivalents totaled million compared to million at March 31 2011 and million at December 31 2010. The increase in cash over the previous quarter was primarily due to cash generated from operations. As of June 30 2011 the undrawn balance on our revolving credit facility was million and the company had total cash and accessible borrowing availability of million compared to million in the previous quarter. Financial