Childcare and early education group Bright Horizons Family Solutions has reported net income of just $359,000 for the second quarter of 2020, down 99% from the $49.3 million reported for the second quarter of 2019.
Revenue for the quarter was $293.8 million, down 44% from $528.1 million reported for Q2 2019.
The Watertown, Massachusetts-based company also reported results for the first six months of 2020. Its net income for the period was $31.1 million, down from $91.4 million reported for the first six months of last year.
Revenue for the six-month period was $800.1 million, up from $1.03 billion reported for the first six months of 2019.
Bright Horizons chief executive Stephen Kramer said: “While this past quarter has been one of the most challenging in the company’s history, I couldn’t be more proud of the Bright Horizons team for rising to the challenges presented by the Covid-19 pandemic. We have made incredible progress during the second quarter, and we are excited to be welcoming families and staff back to our centres. The support of our clients through these challenging times has allowed us to provide creative solutions to meet the needs of their employees, while at the same time demonstrating the financial resiliency of our model.
“This pandemic has refocused the nation’s attention on how crucial childcare is to the country’s economic recovery and stability. Now more than ever, our centres provide vital care and education for young children and are a critical support to working parents juggling work and home life in new ways. At the same time, we continue to provide reliable and effective solutions for our employer partners who rely on us to enable their workforces to be productive. Our experience over the last several months operating our childcare centres during the pandemic has extended our expertise in safe and healthy practices and uniquely positions us to capitalise on the long-term opportunity that lies ahead.
Date published: 6 August 2020