By Barbara Miner
The 8-year-old for-profit company claims it can financially (and academically)out perform public schools. Yet it posted a net loss of $49.5 million on revenues of $133 million in the fiscal year that ended June 30. In fiscal 1998, the company lost $22 million on revenues of $69 million.
The privately held Edison Project released the figures as part of filings with the Securities and Exchange Commission in anticipation of an initial public stock offering, known as an IPO.
Last year, Edison served 24,000 students in 51 schools and this year it expects to serve 37,000 students in 77 schools.
In its stock prospectus, the company says, "We have not yet demonstrated that public schools can be profitably managed by private companies and we are not certain when we will become profitable, if at all."