Strayer Education is an education service company whose primary asset is Strayer University, a 50,000-student, 92-campus, post-secondary education institution, which offers masters, bachelors and associates degrees in Business Administration, Accounting, Computer Science, Public Administration and Education. Unlike traditional universities, Strayer students are working adults who are returning to school to further their careers.
Our revenue comes from tuition payments and associated fees. Approximately 75% of our revenue comes to us from Federal Title IV loans issued to our students. Our expenses at Strayer Education include the cost of our professors, our admissions and administrative staff, marketing expenses and facilities and supplies costs. We serve students in 23 states through our physical campuses, as well as in all 50 states and over 30 foreign countries through our online courses. Strayer University is accredited by the Middle States Commission on Higher Education.
Now, Karl, how about running them through the operational results?
Karl McDonnellSure. First, on our enrollment results, total enrollment for the winter academic term was down 12% to 50,432 students. Our new students were down 8%, and our continuing students were down 12%. Our continuation rate was down a couple of hundred basis points, mostly attributable to the fact that over the last year we've had a decline in new students, and so we have a mismatch compared to the number of students who are graduating. However, even net of that this quarter, our continuation rate was down slightly. We also believe that the continued economic downturn has an impact as well. Enrollment at our mature campuses decreased 15%, while enrollment at new campuses increased 18%. Global online students fell 17%. Turning to our national accounts, we find 5 new agreements during the quarter, including agreements with the U.S. Department of Health and Human Services and Hewlett-Packard. For the winter term, students from our national accounts increased 11% and on a full year basis, national account students grew 8% in 2011. Lastly, in terms of student mix, graduate students grew slightly in the winter term, while our undergraduate students decreased. As a matter of fact, new graduate students grew significantly for the winter academic term. They were up 30%. As a result, graduate students now comprise 32% of our student population, which on a mix basis, is up about 400 basis points from the prior year. Rob?Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV