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Capella Education Company Reports First Quarter 2012 Results

Capella Education Company (NASDAQ: CPLA), a provider of online post-secondary education, primarily through its wholly owned subsidiary Capella University, today announced financial results for the three months ended March 31, 2012.

“While our first quarter financial results were in-line with expectations, these operating results and our near-term outlook reflect that we continue to operate in a very challenging market environment,” said Kevin Gilligan, chairman and chief executive officer. “Our focus remains on building Capella for long-term sustainable growth through our shift to a brand-driven marketing strategy and investments in innovation to drive differentiation and learner success. Early positive indications give us confidence in this strategy.”

For the three months ended March 31, 2012:
  • Revenues were $109.4 million, compared to $111.4 million in the first quarter of 2011, a decrease of 1.8 percent.
  • Operating income was $17.9 million, compared to $22.5 million for the same period in 2011. Operating margin was 16.4 percent, compared to 20.2 percent for the first quarter 2011.
  • Net income attributable to Capella Education Company for the first quarter of 2012 was $11.3 million, compared to $14.6 million for the same period in 2011.
  • Diluted net income per share was $0.82, compared to $0.90 for the same period in 2011.
  • Capella University total active enrollment decreased 5.9 percent to 37,553 and new enrollment decreased by 4.9 percent from first quarter 2011.

Balance Sheet and Cash Flow

As of March 31, 2012, the Company had cash, cash equivalents, and marketable securities of $128.5 million, compared to $127.0 million at Dec. 31, 2011, and no debt for the same periods.

Cash flow from operations for the three months ended March 31, 2012 was $19.9 million compared to $23.5 million in the same period a year ago, a decrease of 15.3 percent.

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