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The Advisory Board Company Reports Fiscal Year 2010 Second Quarter Results
Date:11/2/2009

justed EBITDA was $14.6 million for the six months ending September 30, 2009, compared to $17.7 million for the same period a year ago.

Robert Musslewhite, Chief Executive Officer of The Advisory Board Company, commented, "Overall, we were pleased with our performance for the quarter. Adjusted earnings were in line with our expectations, and we are encouraged that the period marked our return to positive year-over-year revenue growth. In addition, this quarter's growth in our contract value both illustrates our ability to address our members' most critical issues through programs that deliver tangible value and builds on the stability we have maintained across the year."

Mr. Musslewhite added, "During the quarter we also had two events that resulted in one-time non-cash charges. The write-off of capitalized developed software costs, associated primarily with our Nursing Performance Program, represents the successful culmination of our investment in improving the scalability of our web-based tools programs, as we have migrated members to a more effective platform and retired technology that is no longer in use. In addition, each member of both our senior management and our board of directors agreed to voluntarily cancel a number of older options with strike prices between $51 and $61."

Mr. Musslewhite continued, "I am also pleased to announce today two new program launches. The first, the Clinical Integration Initiative, offers hospitals a comprehensive approach to evaluating and implementing models of clinical integration that meet the key requirements for a sustained collaboration with physicians to impact cost and quality metrics. This is the second program built off of our Crimson platform and meets one of hospitals' most urgent needs: assistance in developing a strategy for physician collaboration in the face of converging internal and market forces that require more integrated clinical models in order to deliver higher-val
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SOURCE The Advisory Board Company
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