Strayer Education, Inc. Reports Second Quarter 2011 Revenues And Earnings; And Summer Term 2011 Enrollments
Strayer Education, Inc. (Nasdaq: STRA) today announced financial results for the three months ended June 30, 2011. Financial highlights are as follows:
Three Months Ended June 30
- Revenues for the three months ended June 30, 2011 increased 3% to $163.8 million, compared to $159.3 million for the same period in 2010, due to level enrollment and a tuition increase which commenced in January 2011.
- Income from operations was $50.1 million compared to $58.7 million for the same period in 2010, a decrease of 15%. Operating income margin was 30.6% compared to 36.8% for the same period in 2010.
- Net income was $29.6 million compared to $35.7 million for the same period in 2010, a decrease of 17%. Diluted earnings per share was $2.53 compared to $2.60 for the same period in 2010, a decrease of 3%, reflecting a lower share count due to share repurchases. Diluted weighted average shares outstanding decreased to 11,737,000 from 13,704,000 for the same period in 2010.
Six Months Ended June 30
- Revenues for the six months ended June 30, 2011 increased 6% to $335.7 million, compared to $317.2 million for the same period in 2010, due to increased enrollment and a tuition increase which commenced in January 2011.
- Income from operations was $109.4 million compared to $118.6 million for the same period in 2010, a decrease of 8%. Operating income margin was 32.6% compared to 37.4% for the same period in 2010.
- Net income was $65.4 million compared to $72.0 million for the same period in 2010, a decrease of 9%. Diluted earnings per share was $5.34 compared to $5.25 for the same period in 2010, an increase of 2%, reflecting a lower share count due to share repurchases. Diluted weighted average shares outstanding decreased to 12,263,000 from 13,716,000 for the same period in 2010.
Balance Sheet and Cash Flow
At June 30, 2011, the Company had cash and cash equivalents of $50.6 million. The Company generated $87.4 million from operating activities in the first six months of 2011 compared to $87.9 million during the same period in 2010. Capital expenditures were $18.1 million for the six months ended June 30, 2011 compared to $22.6 million for the same period in 2010.Select the service that is right for you!
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