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Strayer Education, Inc. Reports Second Quarter 2012 Revenues And Earnings; And Summer Term 2012 Enrollments

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 June 30, 2012, the Company had $85.0 million outstanding under its term loan and $15.0 million outstanding under its revolving credit facility.

During the six months ended June 30, 2012, the Company paid regular, quarterly dividends of $23.7 million ($1.00 per share for each quarterly dividend). The Company had $80.0 million of share repurchase authorization remaining at June 30, 2012. No shares were repurchased in the second quarter of 2012.

For the second quarter 2012, bad debt expense as a percentage of revenues was 4.4% compared to 4.1% for the same period in 2011. Days sales outstanding was 15 days at the end of the second quarter of 2012, compared to 12 days at the end of the second quarter of 2011.

Student Enrollment

Enrollment at Strayer University for the 2012 summer term decreased 7% to 44,236 students compared to 47,790 students for the same term in 2011. Across the Strayer University campus and online system, new student enrollments increased 9%, while continuing student enrollments decreased 11%, reflecting decreased new student enrollment in previous terms. Global online students increased 8%. Students taking 100% of their classes online (including campus based students) decreased 6%.

Student Enrollment


Summer 2011

Summer 2012

% Change
Campus Based Students:
New Campuses (29 in operation 3 years or less)
Classroom Students 1,337 1,860 39 %
Online Students 1,828 2,292 25 %
Total New Campus Based Students 3,165 4,152 31 %
Mature Campuses (67 in operation more than 3 years)
Classroom Students 17,916 15,543 -13 %

Online Students
22,305 19,788 -11 %
Total Mature Campus Based Students 40,221 35,331 -12 %
Total Campus Based Students 43,386 39,483 -9 %
Global Online Students 4,404 4,753 8 %
Total University Enrollment 47,790 44,236 -7 %
Total Students Taking 100% of Courses Online 28,537 26,833 -6 %

New Campus Openings

The Company announced today that it had successfully opened four new campuses for the 2012 summer term. Two of the new campuses are located in Minneapolis, Minnesota, a new market for Strayer University. The other two campuses are in Chicago, Illinois and represent the University’s third and fourth campuses in that market. Subject to regulatory approval, the Company plans to open four new campuses during the remainder of the year for a total of eight new campuses in 2012.

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