New Horizons Looking For Better Horizons
Looking at its share prices over the last year, there doesn't seem to be a lot of enthused investors over New Horizons Worldwide, the world's largest IT training franchise chain. Share prices have tumbled to less than 1/7th of the value they were a year ago.
It's earnings are both bad and belated.
So, New Horizon's executives began migrating, then its officers (such as the COO in November) and now the CEO. The Board of Directors announced today (Friday) that they will begin searching for a new chief immediately. Tom Bresnan, the now outgoing CEO will lead until a replacement is found.
The reason given for the churning of officers? This is what Bresnan had publicly to say about his own departure.
"The Company is in the midst of several initiatives that will strengthen it financially and restructure it operationally and I will focus on completing these over the next six months. At that time I will move on and pursue other opportunities."
'03 '02 '01 Net Margin 0.7% -- 4.1% Net Income ($M) $1.0 ($53.8) $6.5
It's annual statements are old. New Horizons has still not filed its ending '04 and now '05 financial statements. What was filed showed an operating loss in their '04 quarterly returns in addition to poor earnings performance from previous years (see above table). If the franchise corporation struggles so much to make timely SEC filings and healthy net profits, one wonders how its individual franchises are doing?
A change may be good.
New Horizons Computer Learning Centers Investment Facts
- 246 Frachised Units / 26 Company Owned
- Cash Investment: $150-200k
- Total Investment: $400 - 500k
- Franchise Fee: $25 - 75k
- Minimum Net Worth: $500k
- Space needed: 4,000 - 5,000 square feet
- Franchise topic:
