Bloomberg News

Princeton Review's Chief Financial Officer Resigns

January 19, 2007

Princeton Review Inc., the test- preparation company that's restating earnings since 2004, said Chief Financial Officer Andrew J. Bonanni resigned.

He'll be replaced by Vice President Stephen Melvin until a permanent replacement is found, the New York-based company said today. Bonanni's resignation becomes effective Jan. 26, though he'll stay on for an extra two weeks to aid the transition, the company said on its Web site.

Spokeswoman Jeanne Krier declined to comment further. Bonanni didn't return a call from Bloomberg News.

Princeton Review faces delisting from the Nasdaq stock market after saying in November that third-quarter results would be filed late. The company is restating earnings for every quarter since March 31, 2004, because of a correction in how it accounts for preferred stock.

Shares (REVU:US) of Princeton Review fell 5 cents to $5.27 at 4 p.m. New York time. In the past year, the stock has risen 1.2 percent, compared with a 6.5 percent rise in the Nasdaq Composite Index.

To contact the reporter on this story: Demian McLean in Washington at dmclean8@bloomberg.net.

To contact the editor responsible for this story: Jeff Ward at jward@bloomberg.net.


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