LAKEWOOD, Colo., July 28, 2003 (PRIMEZONE) -- College Partnership, Inc., (OTCBB:CGPA), announced today that the Company expects revenues to decline in the fourth fiscal quarter ending July 31, 2003 from the revenues reported in the previous quarter ended April 30, 2003. This decline is owed to a lower than expected response rate from mailings due, in part, to the recent economic conditions and seasonality factors surrounding the number of workshops held in the fourth fiscal quarter of 2003. Revenues for this quarter will approximate the fourth quarter of fiscal 2002. Revenues for the fiscal year ending July 31, 2003 are expected to be up by nearly 40% over last year.
Profits were adversely affected in the third and fourth quarters of 2003 due to a decrease in the mailing response rate, and the increase in mailings in the fourth quarter as part of continued expansion, revenues from which will not be realized until future quarters. The Company's marketing expenses, in the fourth quarter of 2003, increased by $1,000,000 over the same period the previous year. This is due to the more than two-fold increase of mailings in fiscal 2003 and the expansion of the Company's sales efforts to additional geographical areas. Accordingly, the Company expects to report a loss for the fourth quarter and a loss for fiscal year 2003 which will approximate or be less than the previous year's loss.
In fiscal 2004 the Company expects to see continued significant growth in revenues and be profitable. The Company has several marketing initiatives which should increase response rates to mailings and which will reduce mailing costs and open new distribution channels for its products.
About College Partnership, Inc.
College Partnership is a full-service college and career planning and preparation company, offering students and their families integrated resources and services to guide them through the college preparation and financial aid process. College Partnership's suite of products and services integrates career planning, college major/field of study selection, college selection, college entrance testing and extensive automated searches for merit awards and financial aid packages. The Company assists the student and the family with study skills, tutoring and coaching.
College Partnership's products consist of printed materials, videocassettes and test preparation materials, college major/field of study and career assessment software, and databases accessible through CD-ROM and via the Internet. With the combined strengths of offering the identification of financial aid resources available, consulting, college targeting, scholastic planning and coaching tools, College Partnership is able to provide superior educational resources that help families to reduce college costs, save time, decrease stress and ensure students the highest probability of not only choosing the right school, but gaining the ability to attend that school both academically and financially.
For more information, please visit www.cbsa.com