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National American University Holdings, Inc. (the “Company”) (NASDAQ: NAUH), which through its wholly owned subsidiary operates National American University (“
NAU”), a regionally accredited, proprietary, multi-campus institution of higher learning, today reported unaudited financial results for its fiscal year 2012 first quarter ended August 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. The real estate operations generated approximately 1% of the Company’s revenues for the quarter ended August 31, 2011.
Ronald L. Shape, Ed.D., Chief Executive Officer of the Company, commented, “We are pleased with NAU’s double-digit growth in enrollment and revenues during the fiscal 2012 first quarter, despite difficult conditions in our sector. We believe that NAU will continue to benefit from steady expansion and that our enrollment will continue to grow as we open new physical locations and bring new academic programs to existing campuses. While the regulatory approval process for opening geographic locations has lengthened significantly, which has had a negative impact on our short-term enrollment growth, our goal for this year remains to open six to eight new locations. We made improvements at several already existing locations and began the process of building out new hybrid learning centers in Minnesota and Texas during the period. While we incurred additional operating expenses to finance these expansion opportunities without offsetting them with revenue, we feel these investments will generate positive long-term returns for our Company. We are also working with the appropriate governing bodies to obtain the necessary approvals to expand our nursing program into New Mexico and Texas, further building upon our position in a market that we feel has incredible demand. We remain steadfast in our commitment to providing our students with a quality education, along with the necessary support infrastructure that will enable them to succeed in any job market once they graduate from our institution.”