Strayer Education, Inc. (NASDAQ: STRA) today announced financial results for the three months ended March 31, 2012. Financial highlights are as follows:
Three Months Ended March 31
- Revenues for the three months ended March 31, 2012 decreased 13% to $149.5 million, compared to $172.0 million for the same period in 2011, principally due to lower enrollment partly offset by a 3% tuition increase which commenced in January 2012.
- Income from operations was $40.9 million compared to $59.2 million for the same period in 2011, a decrease of 31%. Operating income margin was 27.3% compared to 34.4% for the same period in 2011.
- Net income was $24.0 million compared to $35.8 million for the same period in 2011, a decrease of 33%. Diluted earnings per share was $2.09 compared to $2.80 for the same period in 2011, a decrease of 25%. Diluted weighted average shares outstanding decreased 10% to 11,477,000 from 12,794,000 for the same period in 2011.
Balance Sheet and Cash Flow
At March 31, 2012, the Company had cash and cash equivalents of $52.7 million. The Company generated $36.5 million from operating activities in the first quarter of 2012, compared to $67.2 million during the same period in 2011. Capital expenditures were $4.1 million for the three months ended March 31, 2012, compared to $11.4 million for the same period in 2011.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. At March 31, 2012, the Company had $92.5 million outstanding under its term loan and no outstanding balance under its revolving credit facility.
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