UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 15, 2016
Greenwood Hall, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 333-184796 | 99-0376273 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 12424 Wilshire Blvd, Suite 1030, Los Angeles, California | 90025 | |
| (Address of principal executive offices) | (Zip Code) |
(310) 907-8300
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01 Regulation FD Disclosure.
On December 15, 2016, Greenwood Hall, a Nevada corporation (the “Company”), issued a press release announcing its earnings forecast for fiscal year 2017. Such press release is furnished herewith as Exhibit 99.1.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD.
The information contained in the press release is summary information that is intended to be considered in the context of the Company's Securities and Exchange Commission (“SEC”) filings and other public announcements that the Company may make, by press release or otherwise, from time to time. The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as its management believes is warranted. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosure.
The information presented in Item 7.01 of this Current Report on Form 8-K and Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, unless the Company specifically states that the information is to be considered “filed” under the Exchange Act or specifically incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 | Press Release issued December 15, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GREENWOOD HALL, INC. | ||
| Date: December 16, 2016 | ||
| By: | /s/ John Hall | |
| Name: John Hall | ||
| Title: Chief Executive Officer | ||
Greenwood Hall Affirms Financial Outlook For FY-2017
Expects Over 100% Revenue Growth for EdTech Offerings In Q1
SANTA MONICA, Calif., Dec. 15, 2016 (GLOBE NEWSWIRE) -- Greenwood Hall, Inc. (QTCQB:ELRN), a Los Angeles based education technology company that helps colleges and universities improve student engagement and outcomes, affirmed its previously announced financial guidance for its 2017 fiscal year which began September 1. The Company also provided revenue guidance for its first fiscal quarter which ended November 30.
“We are excited about the revenue growth we continue to achieve. After accomplishing 86% revenue growth in our core EdTech business, between Q4-15 and Q4-16, we are now projecting over 100% strategic revenue growth in our first quarter of our fiscal year," said Dr. John Hall, Chairman and Chief Executive Officer. “This performance sets a good foundation for the overall revenue growth we expect for Fiscal Year 2017.”
Financial Outlook
The Company today provided revenue guidance for Q1-2017, which ended on November 30 and affirmed previously issued financial guidance for FY-2017.
Revenue guidance for Q1-17 is for the period September 1, 2016 – November 30, 2016 and this compares to projected results for the three-month period of September 1, 2015 through November 30, 2015. Based on projected revenue from existing contracts and the current new business pipeline for the Company’s strategic EdTech offerings, Management anticipates Q1-17 revenues related to the Company’s EdTech business to increase by 100-115% and be in the range of $ 2.10 – 2.25 million, compared to EdTech revenues of approximately $ 1.04 million during the first quarter of 2016. The Company anticipates overall revenue to increase by 80-100% and be in the range of $ 2.3 – 2.5 million during Q1-17, compared to overall revenue of $ 1.29 million during Q1-16.
Guidance for FY-17 is for the period September 1, 2016 – August 31, 2017 and this compares to projected results for the twelve-month period of September 1, 2015 through August 31, 2016. Based on projected revenue from existing contracts and the current new business pipeline for the Company’s strategic EdTech offerings, Management affirms its previously issued guidance and anticipates FY-17 revenues related to the Company’s EdTech business to increase by 90-100% and be in the range of $ 11.6 – 12.2 million, compared to EdTech revenues of approximately $ 6.1 million during FY-16.
About Greenwood Hall, Inc.
Greenwood Hall is an education technology company that helps colleges and universities manage the student journey. Every Greenwood Hall solution is designed to increase revenue and improve student engagement as well as learning outcomes. Since 2006, Greenwood Hall has developed customized turnkey solutions that combine strategy, people, proven processes and robust technology to help schools effectively and efficiently improve student outcomes, as well as increase revenues and expand into new marketing channels, such as online learning. Greenwood Hall has served more than 60 education clients and over 80 degree programs.
For more information, visit http://www.greenwoodhall.com, follow us on Twitter @GreenwoodHall and Facebook at http://www.facebook.com/GreenwoodandHall.
Statement Concerning Forward-Looking Information
Any statements made in this press release about Greenwood Hall's future financial condition, results of operations, expectations, plans, or prospects, including the information under the heading "Financial Outlook" constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "projects," "should," "targets" and/or similar expressions. These forward-looking statements are based on Greenwood Hall's current estimates and assumptions and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements because of a number of factors, including the risk factors described in Greenwood Hall’s Annual Report on Form 10-K for the period ended August 31, 2016, which factors are incorporated herein by reference. Any forward-looking statement in this release speaks only as of the date in which it is made. Except to the extent required under the federal securities laws, Greenwood Hall does not intend to update or revise the forward-looking statements.
Media Contact:
John Hall
Chief Executive Officer
Greenwood Hall, Inc.
jhall@greenwoodhall.com
310-907-8200