Huntington Learning Center Posts Record Growth During 2005
ORADELL, NEW JERSEY - (January 11, 2006) - The oldest national provider of franchised supplemental educational services, Huntington Learning Center, added 50 new franchised centers to its national network during 2005. This is the largest number of centers to be added in one single year, and the most since 2004, when 32 centers were added. This is a nearly 30% growth rate in the number of centers in the system. Huntington added its largest number of centers to the state of Texas, which has eight new centers, followed by California, which has six new centers.
Founded in 1977, Huntington Learning Center is a pioneer and leader in the franchise learning center arena. Through learning centers in 38 states, Huntington provides instruction in reading, writing, spelling, phonics, mathematics, study skills and SAT and ACT preparation to tens of thousands of students in kindergarten through 12th grade.
“Our proven business model is tailor-made for individuals who want to make a profound impact on the educational achievement of students in their communities,” said Dr. Raymond Huntington, who co-founded Huntington Learning Center with his wife Eileen Huntington. “Parents and teachers trust us because they recognize that Huntington’s mission is to give every child the best education possible.”
Huntington’s recent growth has been fueled by the rising number of parents and families seeking tutoring for students facing difficulties in meeting increasingly rigorous academic standards. According to consumer research, families see significant value in companies that can demonstrate a measurable, long-term track record of success in enabling students to bridge gaps in skills and knowledge and earn higher test scores. Since 1998, the supplemental education services industry has grown at a compounded annual rate of nearly 12 percent, reaching $6 billion in 2004.
The need for supplemental education services is driven further by the rising number of students enrolled in K-12 public and private schools. According to the U.S. Department of Education, enrollment in elementary and secondary schools rose 20 percent, to more than 53 million students, between 1985 and 2005. The pool of school-age children is expected to grow by an additional two million over the next 10 years.
“Today’s parents and caregivers recognize that they are consumers of education, and they want to be assured that their children are receiving all the support they need to reach their academic potential,” said Huntington Chief Executive Officer J.J. Sorrenti. “One of our key initiatives over the next several years is to respond to the tremendous number of franchise candidates who are attracted to this vast and growing market, and continue raising achievement among K-12 students nationwide.”
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