Skillsoft posts modest gains in fourth quarter

December 20, 2005

NH Business Review Staff,

Skillsoft said it posted slim gains for the fourth quarter of 2005, which ended Oct. 31, with revenues of $53.9 million — $300,000 more than $53.6 million of revenue posted in the third quarter of 2005 ended July 31, and $1.4 million more than $52.5 million in fourth-quarter 2004 revenues.

The nine months ending Oct. 31 saw nearly a $5 million gain for the same time period in 2004, closing the period with $160.8 million of revenue over $155.9 million.

Net income for the fourth quarter was $5.7 million, significantly less than the third quarter of 2005, which posted $22.9 million, but $1.6 million greater than the same quarter in 2004 at $4.1 million.

The Nashua computer-based training solutions provider is still working with the Securities and Exchange Commission in an ongoing investigation into accounting irregularities under its previous corporate entity SmartForce. SmartForce acquired Skillsoft in September 2002, and changed the name for the newly merged entity to Skillsoft. The accounting irregularities occurred in the 1999-2002 filings. — NHBR STAFF

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