National American University Holdings, Inc. (the “Company”) (NASDAQ: NAUH),
which through its wholly owned subsidiary operates National American University (“
”), a regionally accredited, proprietary, multi-campus institution of higher learning, today reported unaudited financial results for its fiscal year 2011 fourth quarter and audited results for its fiscal year ended May 31, 2011.
The Company, through its wholly owned subsidiary, operates in two business segments: academic segment, which consists of NAU’s undergraduate and graduate education programs and contributes the primary portion of the Company’s revenue; and ownership in multiple apartments and condominium complexes from which it derives sales and rental income.
Ronald L. Shape, Ed.D., Chief Executive Officer of the Company, commented, “We reported a solid fourth quarter and a very strong year. We achieved year-over-year enrollment growth of 14% to a record 10,000 students in the fourth quarter, marking another milestone in our Company’s history. While the enrollment percentage has declined from the tremendous growth over the course of 2010, it continues to exceed our historical growth rate. During the year, there were a number of industry headwinds from outside influences that we believe are finally beginning to abate, and throughout it all, we have remained committed to our core values. These include our focus on serving our students, our highly adaptable hybrid learning centers, our academically respected nursing and allied health programs, our growing educational affiliations that provide opportunity for revenue diversification, and our ongoing commitment to high demand, career-oriented programs and flexible options for a growing and changing student base.”
The Company’s wholly owned subsidiary currently owns one property and leases 31 locations for educational sites in the states of Colorado, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, Oregon, South Dakota and Texas. The following sites are pending regulatory approvals:
- Mesquite, TX
- Weldon Spring, MO
- Richardson, TX
- Tigard, OR
- Bellevue, NE (only pending final state approval – has received conditional approval)
NAU has continued to expand its academic and degree programs online. In addition, NAU continues to operate hybrid learning centers, which utilize small physical facilities in strategic geographic areas, allowing its students to meet face-to-face with staff for assistance on their educational choices and related services while completing the majority of the coursework online.