Board of Directors
The Company announced today that Karl McDonnell, President and Chief Operating Officer, has been elected to its Board of Directors. Robert S. Silberman, Chairman and Chief Executive Officer, commented, “Karl has been a key contributor in building Strayer University. His operational experience, strong leadership and sound judgment will be a great addition to Board deliberations.”
The Company announced today that Dr. Sondra Stallard is retiring as Strayer University President and taking Emeritus status. As President Emerita, in addition to remaining as a member of the Strayer University faculty, Dr. Stallard will also serve as the University’s Director of Accreditation and Regulatory Affairs. Additionally, the Company announced today that Dr. Michael Plater, Strayer University’s current Provost and Chief Academic Officer, will assume the role of Strayer University President. Prior to joining Strayer University, Dr. Plater served as Dean of the College of Arts and Sciences at North Carolina A&T University, and as an Associate Dean for the graduate school at Brown University. Dr. Plater holds a bachelor’s degree from Harvard University, a master’s degree in business administration from the University of Pennsylvania, and a Ph.D. from the College of William and Mary.2011 Business Outlook Based on enrollments announced for the 2011 fall term, the Company estimates fourth quarter 2011 diluted earnings per share will be in the range of $2.24 to $2.26. Based on its fourth quarter 2011 estimates, the Company expects its full year 2011 diluted earnings per share will be in the range of $8.82 to $8.84. 2012 Business Model The Company announced today that Strayer University is implementing a 3% tuition increase effective January 2012, and that the University intends to open eight new campuses in 2012. Based on this investment plan and assuming 11,700,000 diluted weighted average shares outstanding and an effective tax rate of 39.5%, the Company today provided the following information to illustrate its 2012 business model:
|Assumed new student enrollment (vs. 2011)||-10%||0%||10%|
|Total student enrollment (vs. 2011)||-9%||-6%||-3%|
|Operating income margin||21% to 22%||23% to 24%||25% to 26%|
|Diluted earnings per share||$6.00 to $6.20||$6.90 to $7.10||$7.80 to $8.00|
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