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Strayer Education, Inc. Reports First Quarter 2012 Revenues And Earnings; And Spring Term 2012 Enrollments

During the three months ended March 31, 2012, the Company paid a regular, quarterly cash dividend totaling $11.9 million ($1.00 per share). The Company had $80.0 million of share repurchase authorization remaining at March 31, 2012. No shares were repurchased in the first quarter 2012.

For the first quarter 2012, bad debt expense as a percentage of revenues was 3.8% compared to 3.5% for the same period in 2011. Days sales outstanding was 14 days at the end of the first quarter of 2012 compared to 13 days at the end of the first quarter of 2011.

Student Enrollment

Total enrollments at Strayer University for the 2012 spring term decreased 9% to 50,896 students compared to 55,974 students for the same term in 2011. Across the Strayer University campus and online system, new student enrollments increased 12%, while continuing student enrollments decreased 13%. Global online students decreased 6%. Students taking 100% of their classes online (including campus based students) also decreased 6%.

Student Enrollment
      Spring       Spring       %







Campus Based Students:
New Campuses (27 in operation 3 years or less)
Classroom Students 1,711 2,048 20%
Online Students

2,713 30%
Total New Campus Based Students

4,761 25%
Mature Campuses (65 in operation more than 3 years)
Classroom Students 21,994 18,459 -16%
Online Students

22,530 -9%
Total Mature Campus Based Students

40,989 -12%
Total Campus Based Students 50,499 45,750 -9%
Global Online Students

5,146 -6%
Total University Enrollment 55,974 50,896 -9%
Total Students Taking 100% of Courses Online 32,269 30,389 -6%

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