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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 June 30, 2012.
“Leading business indicators are strengthening,” said Kevin Gilligan, chairman and chief executive officer. “While the market environment remains challenging, we have improved our execution as we continue to gain experience in our new marketing and learner success strategies,” continued Gilligan. “Capella has a reputation for quality online academic programs, a track record of regulatory compliance and demonstrated career outcomes for our graduates. This is a strong foundation as we build Capella for long-term sustainable growth.”
For the three months ended June 30, 2012:
Revenues were $106.2 million, compared to $106.4 million in the second quarter of 2011, a decrease of 0.2 percent.
Operating income was $18.1 million, compared to $23.9 million for the same period in 2011. Operating margin was 17.0 percent, compared to 22.5 percent for the second quarter 2011.
Net income attributable to Capella Education Company for the second quarter of 2012 was $11.4 million, compared to $15.5 million for the same period in 2011.
Diluted net income per share was $0.85, compared to $0.99 for the same period in 2011.
Capella University total active enrollment decreased 4.6 percent to 36,336 and new enrollment decreased by 6.0 percent from second quarter 2011.
For the six-month period ended June 30, 2012:
Revenues decreased by 1.0 percent to $215.6 million, compared to $217.8 million for the same period in 2011.
Operating income for the six-month period ended June 30, 2012 was $36.0 million, or 16.7 percent of revenue, compared to $46.4 million, or 21.3 percent of revenue during the same period in 2011.
Net income was $22.7 million or $1.67 per weighted average number of diluted shares outstanding, compared to $30.1 million or $1.89 per share for the same period in 2011.
Balance Sheet and Cash Flow
As of June 30, 2012, the Company had cash, cash equivalents, and marketable securities of $123.7 million, compared to $127.0 million at Dec. 31, 2011, and no debt for the same periods.