Strayer Education, Inc. Reports Fourth Quarter And Full Year 2011 Revenues And Earnings; And Winter Term 2012 Enrollments

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 $80.0 million outstanding at March 31, 2011 under the original revolving credit facility. At December 31, 2011, the Company had $97.5 million outstanding under its term loan and $20.0 million outstanding under its revolving credit facility.

During the fourth quarter of 2011, the Company invested $20.0 million to repurchase approximately 211,300 shares of stock at an average price of $94.64 per share as part of a previously announced stock repurchase authorization. During the year ended December 31, 2011, the Company invested $202.7 million to repurchase approximately 1,581,400 shares of common stock at an average price of $128.15 per share. At December 31, 2011, the Company’s remaining share repurchase authorization was $80.0 million. During the year ended December 31, 2011, the Company declared and paid regular, quarterly dividends totaling $49.1 million ($1.00 per share for each quarterly dividend).

For the fourth quarter of 2011, bad debt expense as a percentage of revenues was 4.4% compared to 4.2% for the same period in 2010. Days sales outstanding was 15 days at the end of the fourth quarter of 2011, compared to 12 days at the end of the fourth quarter of 2010.

Student Enrollment

Total enrollment at Strayer University for the 2012 winter term decreased 12% to 50,432 students compared to 57,608 students for the same term in 2011. Across the Strayer University campus network, continuing student enrollments decreased 13% and new student enrollments decreased 8%. Global online students decreased 17%, while students taking 100% of their classes online (including campus based students) decreased 9%.

Student Enrollment
	Winter		Winter		%
	2011		2012		Change
Campus Based Students:
New Campuses (30 in operation 3 or less years)
Classroom Students	1,910		2,046		7%
Online Students	2,360		2,995		27%
Total New Campus Based Students	4,270		5,041		18%
Mature Campuses (62 in operation more than 3 years)
Classroom Students	22,603		18,203		-19%
Online Students	24,850		22,319		-10%
Total Mature Campus Based Students	47,453		40,522		-15%
Total Campus Based Students	51,723		45,563		-12%
Global Online Students	5,885		4,869		-17%
Total University Enrollment	57,608		50,432		-12%
Total Students Taking 100% of Courses Online	33,095		30,183		-9%

Jack Welch Management Institute

As previously announced, Strayer University acquired the Jack Welch Management Institute, an online leadership education program that offers a differentiated executive MBA degree and executive certificates. The transaction closed in December.

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