Strayer Education, Inc. Reports Third Quarter 2011 Revenues And Earnings; And Fall Term 2011 Enrollments

Strayer Education, Inc. (Nasdaq: STRA) today announced financial results for the three months ended September 30, 2011. Financial highlights are as follows:

Three Months Ended September 30

• Revenues for the three months ended September 30, 2011 decreased 8% to $135.9 million, compared to $147.6 million for the same period in 2010, due to lower enrollment partly offset by a 5% tuition increase which commenced in January 2011.
• Income from operations was $24.4 million compared to $38.2 million for the same period in 2010, a decrease of 36%. Operating income margin was 18.0% compared to 25.9% for the same period in 2010.
• Net income was $13.9 million compared to $23.3 million for the same period in 2010, a decrease of 40%. Diluted earnings per share was $1.20 compared to $1.72 for the same period in 2010, a decrease of 30%. Diluted weighted average shares outstanding decreased 14% to 11,647,000 from 13,557,000 for the same period in 2010.

Nine Months Ended September 30

• Revenues for the nine months ended September 30, 2011 increased 1% to $471.6 million, compared to $464.8 million for the same period in 2010, due to a 5% tuition increase which commenced in January 2011 offset by lower average enrollments.
• Income from operations was $133.8 million compared to $156.9 million for the same period in 2010, a decrease of 15%. Operating income margin was 28.4% compared to 33.8% for the same period in 2010.
• Net income was $79.4 million compared to $95.4 million for the same period in 2010, a decrease of 17%. Diluted earnings per share was $6.58 compared to $6.98 for the same period in 2010, a decrease of 6%. Diluted weighted average shares outstanding decreased 12% to 12,055,000 from 13,663,000 for the same period in 2010.

Balance Sheet and Cash Flow

At September 30, 2011, the Company had cash and cash equivalents of $57.1 million. The Company generated $122.7 million from operating activities in the first nine months of 2011 compared to $141.4 million during the same period in 2010. Capital expenditures were $24.9 million for the nine months ended September 30, 2011 compared to $32.1 million for the same period in 2010.

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