Sylvan Learning Systems Inc. of Columbia yesterday reported record earnings and announced a series of agreements with three public school districts that company officials hope will lead to another round of record earnings.
Sylvan, operators of a fast-growing nationwide chain of tutoring and testing centers, said that it would open learning centers in nine inner-city Chicago public schools, for which the company will earn nearly $1.9 million a year for three years.
Sylvan also received approval from Broward County, Fla., public schools to open learning centers in two schools, for which the company will be paid about $400,000 a year for three years.
For the quarter that ended June 30, revenue increased 64 percent from $11.6 million to $19 million, while net income jumped to $2.3 million, or 22 cents per share, up from $891,447, or 9 cents per share.
For the six months, revenue increased 77 percent from $20.4 million to $36 million.