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

Stocks in this article: STRA

As previously announced, the Company entered into an amended and restated revolving credit and term loan agreement on April 4, 2011. This credit facility, which is secured by the assets of the Company, provides a $100.0 million revolving credit facility and a $100.0 million term loan facility with a maturity date of March 31, 2014. Proceeds from the term loan were used to pay off the $80 million outstanding at March 31, 2011 under the original revolving credit facility. At September 30, 2011, the Company had $100.0 million outstanding under its term loan and $5.0 million outstanding under its revolving credit facility.

During the nine months ended September 30, 2011, the Company invested $182.7 million to repurchase approximately 1,370,000 shares of stock at an average of $133.32 per share, as part of a previously announced stock repurchase authorization. During the nine months ended September 30, 2011, the Company paid regular, quarterly dividends of $37.2 million ($1.00 per share for each quarterly dividend).

For the third quarter 2011, bad debt expense as a percentage of revenues was 3.8% compared to 4.2% for the same period in 2010. Days sales outstanding was 14 days at the end of the third quarter of 2011, compared to 13 days at the end of the third quarter of 2010.

Student Enrollment

Enrollment at Strayer University for the 2011 fall term decreased 11% to 54,233 students compared to 60,711 students for the same term in 2010. Across the Strayer University campus and online system, continuing student enrollments decreased 9%, while new student enrollments decreased 15%. Global online students decreased 15%. Students taking 100% of their classes online (including campus based students) decreased 8%.

     

Student Enrollment

 

Fall

2010

Fall

2011

%

Change

Campus Based Students:
New Campuses (32 in operation 3 years or less)
Classroom Students 2,387 2,704 13 %
Online Students 2,875 3,651 27 %
Total New Campus Based Students 5,262 6,355 21 %
Mature Campuses (60 in operation more than 3 years)
Classroom Students 22,949 19,112 -17 %
Online Students 26,369 23,550 -11 %
Total Mature Campus Based Students 49,318 42,662 -13 %
Total Campus Based Students 54,580 49,017 -10 %
Global Online Students 6,131 5,216 -15 %
Total University Enrollment 60,711 54,233 -11 %
 
Total Students Taking 100% of Courses Online 35,375 32,417 -8 %
 

New Campus Openings

The Company announced today that Strayer University successfully opened three new campuses for the fall academic term. Two campuses are located in Chicago, Illinois, a new market for Strayer University. The third campus is located in Dallas, Texas, its fourth campus in that market.

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