Scantron Corporation announced unaudited earnings results for the fourth quarter and full year ended December 31, 2012. For the year, the company’s net revenues increased by $1.3 million, or 4.4%, to $30.9 million from $29.6 million for the fourth quarter of 2011. The increase in net Revenue was primarily due to a $2.2 million decrease for non-cash fair value adjustments to deferred revenues related to the MacAndrews Acquisition, including a $0.2 million charge for the fourth quarter of 2012 as compared to a $2.4 million charge for the fourth quarter of 2011 and a $0.7 million increase in a web-based education product, partially offset by volume declines in scanners and forms that reduced revenues by $1.4 million. Operating income increased by $117.4 million to an operating loss of $0.6 million from an operating loss of $118.0 million for the fourth quarter of 2011. The increase in operating income was primarily due to non-cash impairment charges of $106.4 million that occurred in the fourth quarter of 2011 primarily related to the annual impairment tests for Scantron's goodwill and indefinite-lived trade name and cost reduction activities. For the year, the company’s net revenues decreased by $2.7 million, or 2.2%, to $119.9 million from $122.6 million in 2011. The decrease in net Revenue was primarily due to volume declines in forms, scanners and services that reduced revenues by $9.6 million. Operating losses decreased by $105.4 million to an operating loss of $26.6 million in 2012 from an operating loss of $132.0 million in 2011. The decrease in the operating loss was primarily due to non-cash impairment charges of $108.3 million primarily related to the annual impairment tests for Scantron's goodwill and indefinite-lived tradename that occurred in 2011, a net benefit for non-cash fair value adjustments related to the MacAndrews Acquisition that increased operating income by $15.0 million, including a $20.6 million decrease in depreciation and amortization, as compared to net charges of $8.8 million in 2011 for non-cash fair value adjustments related to acquisitions. These increases to operating income were partially offset by a $22.8 million non-cash gain for changes in the fair value of contingent consideration arrangements that occurred in 2011.

Scantron Corporation announced unaudited earnings results for the second quarter and six months ended June 30, 2012. For the quarter, the company reported net revenues of $28.7 million against $28.2 million for the same period a year ago. Operating loss was $10 million against $15.4 million for the same period a year ago. For the six months, the company reported net revenues of $58.8 million against $60.8 million for the same period a year ago. Operating loss was $20.8 million against operating income of $23 million for the same period a year ago.

Scantron Corporation announced unaudited earnings results for the third quarter and nine months ended September 30, 2011. Net revenues decreased $0.9 million, or 1.7%, to $52.4 million for the third quarter of 2011 from $53.3 million for the third quarter of 2010. The decrease was primarily driven by a decline in sales of a survey solution to assist financial institutions with implementation of new federal regulations in 2010 that reduced net revenues by $2.3 million, as well as a $1.2 million reduction in net revenues from volume declines in sales of forms. Net revenues for the third quarter of 2011 also included charges of $1.5 million for non-cash fair value acquisition accounting adjustments to deferred revenue related to the GlobalScholar and Spectrum K12 acquisitions. Operating income increased $4.2 million, or 53.2%, to $12.1 million for the third quarter of 2011 from $7.9 million for the third quarter of 2010. The increase in operating income was primarily due to a decrease in the fair value of accrued contingent consideration related to the GlobalScholar acquisition that resulted in a non-cash gain of $19.2 million and cost reductions. Operating income for the third quarters of 2011 and 2010 includes restructuring costs of $1.9 million and $0.6 million, respectively. Net revenues decreased $0.6 million, or 0.4%, to $152.9 million for the nine months ended September 30, 2011 from $153.5 million for the nine months ended September 30, 2010. The decrease in net revenues was primarily due to a decline in sales of a survey solution to assist financial institutions with the implementation of new federal regulations in 2010 that reduced net revenues by $5.1 million, as well as a $2.4 million reduction in net revenues from volume declines in sales of forms. Net revenues for the nine months ended September 30, 2011 also included charges of $6.8 million for non-cash fair value acquisition accounting adjustments to deferred revenues related to the GlobalScholar and Spectrum K12 acquisitions. Operating income for the Scantron segment decreased by $23.6 million to an operating loss of $4.6 million for the nine months ended September 30, 2011 from operating income of $19.0 million for the nine months ended September 30, 2010. The decrease in operating income was primarily due costs associated with GlobalScholar and Spectrum K12 including a $13.2 million increase in amortization expense, volume declines and the impact of the revenue acquisition accounting adjustments. Operating income for the nine months ended September 30, 2011 and 2010 includes restructuring costs of $4.3 million and $7.1 million, respectively.