BOSTON--(BUSINESS WIRE)--April 22, 2002--Bright Horizons Family Solutions, Inc. (Nasdaq: BFAM) today announced financial results for the quarter ended March 31, 2002.

Net income increased 33% to $3.7 million, or $.29 per diluted share, in the quarter ended March 31, 2002, from $2.8 million, or $0.22 per diluted share, in the first quarter of 2001. Revenues for the quarter ended March 31, 2002 increased 16% to $94.5 million from $81.7 million for the same period in 2001.

"We are very pleased with our first quarter results," commented David Lissy, Chief Executive Officer. "We posted record net income of $3.7 million, a 33% increase over last year's first quarter, despite the lingering weakness in the economy. Strong margin performance at the center level and a 16% increase in revenues over the previous year's quarter fueled the increase in earnings."

"We added ten new centers this quarter," continued Lissy, "including our fourteenth center for JP Morgan Chase, our fourth center for Pfizer and our third center for Bayer. We also added centers for new clients such as the Lamont Doherty Earth Observatory at Columbia University, Blue Cross Blue Shield of Alabama, and the Western Pennsylvania School for the Blind, and we now serve more than 325 clients in 400 centers around the world." The company closed two centers during the quarter.

"I am also very pleased to announce today that we have entered into an agreement to acquire Red Apple Nurseries, a local child care provider in Scotland," added Lissy. "This acquisition, scheduled to close in the second quarter of 2002, will bring four of Scotland's premier child care centers into the Bright Horizons family and will add an important dimension to our ability to serve employers and families throughout the United Kingdom. The combination of Bright Horizons' experience with multinational clients and the local talent on the Red Apple team will be a powerful combination for Scotland's leading employers who seek customized solutions with a culturally attuned approach. Upon completion of the acquisition, Bright Horizons will operate 14 centers in the UK and 3 in Ireland, including our first center for the European Commission in Dublin, which opened in April."

"The importance of early childhood education was recently highlighted by President Bush in his Early Childhood Education Initiative," added Roger Brown, Executive Chairman. "I recently attended a White House conference where President Bush outlined this new initiative for ensuring that every child in the United States enters school ready to learn. This is a goal that Bright Horizons has been actively supporting since our founding over 15 years ago. Through our Language Works! curriculum, we have been using a variety of proven techniques to help children develop literacy and a love of reading. We welcome this initiative as one more catalyst for high quality child care and early education."

Bright Horizons Family Solutions will be hosting an investor conference call today at 4:30 pm EDT. The public is invited to listen to the conference call by dialing 973-628-9554. Replays of the entire call will be available through Friday, May 3, 2002 at 973-341-3080 and entering pin code 3210509. Visit the Bright Horizons Family Solutions Web site at www.brighthorizons.com.

Bright Horizons Family Solutions is the world's leading provider of employer-sponsored child care, early education and work/life consulting services, managing 400 child care and early education centers in the United States, Europe, Canada and the Pacific Rim. Bright Horizons serves more than 325 clients, including 82 FORTUNE 500 companies and 48 of the "100 Best Companies for Working Mothers," as recognized by Working Mother magazine. Bright Horizons is one of FORTUNE magazine's "100 Best Companies to Work for in America."

This press release contains forward-looking statements, which involve a number of risks and uncertainties. Bright Horizons Family Solutions' actual results may vary significantly from the results anticipated in these forward-looking statements as a result of certain factors. These include the ability of the Company to 1) execute contracts relating to new commitments, 2) to enroll families in new as well as existing centers and 3) to open new centers for clients who control construction, and the impact of government tax and fiscal policies on employers considering work-site child care, as well as other factors that are discussed in detail in the Company's filings with the Securities and Exchange Commission, including the "Risk Factors" section in the Company's Annual Report on Form 10-K for the year ended December 31, 2001.

                   Bright Horizons Family Solutions
                    Selected Financial Information
                              (Unaudited)
                 (in thousands except per share data)

                                         Three months ended
                                   3/31/2002           3/31/2001

Revenues                       $94,476     100.0%  $81,736    100.0%

Cost of services                80,307      85.0%   69,518     85.1%
Gross profit                    14,169      15.0%   12,218     14.9%

Selling, general and
 administrative expenses         7,648       8.1%    6,766      8.3%
Amortization                       109       0.1%      582      0.7%


Income from operations           6,412       6.8%    4,870      5.9%

Net interest income (expense)       23       0.0%      (74)     0.0%

Income before income taxes       6,435       6.8%    4,796      5.9%

Income tax provision            (2,717)     -2.9%   (2,007)    -2.5%

Net income                      $3,718       3.9%   $2,789      3.4%



Per share data:
Net income per share - basic     $0.30               $0.23
Weighted average number
 of common shares
 outstanding                    12,298              12,085

Net income per share - diluted   $0.29               $0.22
Weighted average number
 of common and common
 equivalent shares              12,978              12,741