Nobel Learning Communities (NLCI) 8-K/A Consolidated Statements of Operations

EXHIBIT 99.1

Nobel Learning Communities, Inc.

Consolidated Statements of Operations

For the First Quarter Ended October 2, 2004 and September 30, 2003

(In thousands except earnings per share data)

	For the Quarter Ended
	October 2, 2004			September 30, 2003
Revenues	$	35,583		$	34,767
School operating profit		2,351			2,769
General and administrative		3,263			4,709
Operating loss		(912	)		(1,940	)
Interest expense		708			843
Other (income) expense		(54	)		10
Loss from continuing operations before income tax benefit		(1,566	)		(2,793	)
Income tax benefit		(596	)		(1,039	)
Loss from continuing operations		(970	)		(1,754	)
Loss from discontinued operations, net of tax benefit		(70	)		(812	)
Net loss		(1,040	)		(2,566	)
Preferred stock dividends		180			116
Net loss available to common stockholders’	$	(1,220	)	$	(2,682	)
Weighted average shares - Basic and Diluted		6,642			6,389
Basic and Diluted loss per share:
Loss from continuing operations	$	(0.17	)	$	(0.29	)
Discontinued operations		(0.01	)		(0.13	)
Loss per share	$	(0.18	)	$	(0.42	)
Selected Balance sheet data:	As of October 2, 2004			As of July 3, 2004
Cash and cash equivalents	$	5,588		$	2,716
Property and equipment, net (Including assets held for sale)		28,300			29,162
Goodwill and intangible assets, net		37,108			37,167
Total debt		23,573			25,336
Stockholders’ equity	$	33,877		$	34,275