Reaffirms Previously Provided Guidance Excluding Expected Goodwill Impairment Charge
LOS ANGELES, March 22, 2018 (GLOBE NEWSWIRE) -- YogaWorks, Inc. (the “Company”), one of the largest providers of high quality yoga instruction in the U.S., today announced that it will postpone the release of its financial results for the fourth quarter and full year ended December 31, 2017, which were previously scheduled to be released after market today, until Monday, April 2, 2018. The postponement is due to a delay in finalizing a goodwill impairment charge related to the book value of the Company relative to the Company’s current market capitalization.
The Company today also reaffirmed its fourth quarter and full year 2017 guidance, excluding the expected goodwill impairment charge, provided on its third quarter call on November 14, 2017.
About YogaWorks, Inc.
YogaWorks, Inc. is one of the largest providers of high quality yoga instruction in the U.S, with 66 studios in nine markets including Los Angeles, Orange County, Northern California, New York City, Boston, Baltimore, the Washington D.C. area, Houston and Atlanta. YogaWorks strives to make yoga accessible to everybody and offers a wide range of class styles for people of all ages and abilities. Through its studios, the Company offers yoga classes, integrated fitness classes, workshops, teacher training programs and yoga-related retail merchandise. In addition to its studio locations, YogaWorks offers online instruction through its MyYogaWorks web platform, which provides subscribers with a highly curated catalog of over 1,000 yoga and meditation classes.
This press release may include forward-looking statements that reflect the Company’s current views about future events and financial performance. All statements other than statements of historical facts included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Words such as “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events are forward-looking statements.
These forward-looking statements are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Investors should not place undue reliance on any of the Company’s forward-looking statements because they are subject to a variety of risks and uncertainties. Factors that could cause results to differ from those reflected in the forward-looking statements are set forth in the Company’s prior press releases and public filings with the Securities and Exchange Commission, which are available via the Company’s website at www.yogaworks.com. The forward-looking statements in this press release speak only as of the date of this release and, except as required by law, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Jean Fontana, ICR, Inc.
Alecia Pulman/Brittany Fraser, ICR, Inc.