RTTNews | Aug 5, 2020 11:23PM EDT

23:22 Wednesday, August 5, 2020 (RTTNews.com) - Bright Horizons Family Solutions Inc. (BFAM) reported that its second-quarter net income dropped to $0.4 million or $0.01 per share from last year's $49.3 million or $0.83 per share, due to the decrease in income from operations, partially offset by a lower effective tax rate.

Adjusted earnings per share was $0.44 compared to $0.99 prior year.

Revenue decreased to $293.77 million from $528.06 million in the prior year. The decrease in revenue was related to the temporary closure of about 850 of child care centers in March 2020 as a result of required business/school closures and shelter-in-place mandates due to the COVID-19 pandemic, partially offset by contributions from growth in back-up care services.

BFAM closed Wednesday's regular trading at $112.97, up $1.47 or 1.32 percent. In the after-hours, the stock further gained $22.88 or 20.25 percent.

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