BOSTON, June 14, 2018 /PRNewswire/ -- Cengage, an education and technology company, achieved a strong finish to its 2018 fiscal year with a 10-percent revenue increase in the fourth quarter. The company returned to growth ahead of the launch of Cengage Unlimited, the first-of-its-kind subscription for higher education course materials.
Cengage continued to gain traction in the US higher education market with core digital unit growth of 22 percent, a clear indicator of the value customers experience from the company's digital products. Core digital products include the flagship digital platform MindTap and the other assessment and homework tools, including SAM, WebAssign and Aplia.
"This was a pivotal year for Cengage. Our performance, particularly in the fourth quarter, underscores that our industry-leading initiatives offering affordable access to high-quality learning materials are working," said Michael Hansen, CEO, Cengage. "This digital momentum means we are well-positioned as we move into the back-to-school season and the launch of Cengage Unlimited."
Commercially available in August, Cengage Unlimited offers students complete access to more than 22,000 digital products across 70 disciplines and 675 courses ? for $119.99 per semester or $179.99 a year. Students using digital platforms have the option of free print rentals, with just $7.99 in shipping.
"The need for more affordable access to course materials, underpinned by deep learning science, is recognized across higher education," said Todd Markson, Chief Strategy Officer, Cengage. "Cengage Unlimited is a compelling solution to address this problem. We are pleased that many of our largest channel partners are fully on board to distribute and market the subscription. With a strong fiscal 2018 and pending launch of Cengage Unlimited, we are poised for a bright future."
Fiscal 2018 Highlights
Cengage reported its Fiscal 2018 Fourth Quarter and Full-Year (Ended March 31, 2018) results on May 17, 2018. To view the presentation or listen to a replay of the call, visit: www.cengage.com/investor.
For more information about Cengage Unlimited, please visit Cengage.com/unlimited.
About Cengage
Cengage is the education and technology company built for learners. As the largest US-based provider of teaching and learning materials for higher education, we offer valuable options at affordable price points. Our industry-leading initiatives include Cengage Unlimited, the first-of-its-kind all-access digital subscription service. We embrace innovation to create learning experiences that build confidence and momentum toward the future students want. Headquartered in Boston, Cengage also serves K-12, library and workforce training markets around the world. Visit us at www.cengage.com or find us on Facebook or Twitter.
Media Contacts:
Lindsay Stanley, Cengage
203-965-8634, [email protected]
Susan Aspey, Cengage
202-695-6012, [email protected]
SOURCE Cengage
These press releases may also interest you
|