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 EnrollmentEnrollment 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%.
|Summer 2011||Summer 2012||% Change|
|Campus Based Students:|
|New Campuses (29 in operation 3 years or less)|
|Total New Campus Based Students||3,165||4,152||31||%|
|Mature Campuses (67 in operation more than 3 years)|
|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||%|
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