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Capella Education Company Reports Third Quarter 2012 Results

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 Sept. 30, 2012.

“We are pleased to report year-over-year new enrollment growth within a continued challenging overall market environment,” said Kevin Gilligan, chairman and chief executive officer. “This performance is further indication that our business fundamentals are stabilizing. We continue to focus on innovation to further differentiate Capella’s value proposition by improving the affordability of education and more tightly aligning our programs with the needs of employers.”

For the three months ended Sept. 30, 2012:
  • Revenues were $99.3 million, compared to $102.3 million in the third quarter of 2011, a decrease of 2.9 percent.
  • Capella University total active enrollment decreased 2.1 percent to 34,989 and new enrollment increased by 10.5 percent from third quarter 2011.
  • Operating income was $8.3 million, compared to $14.9 million for the same period in 2011. Operating margin was 8.3 percent, compared to 14.5 percent for the third quarter 2011.
  • Net income attributable to Capella Education Company for the third quarter of 2012 was $5.1 million, compared to $9.9 million for the same period in 2011.
  • Diluted net income per share was $0.39, compared to $0.66 for the same period in 2011.

For the nine-month period ended Sept. 30, 2012:
  • Revenues decreased by 1.6 percent to $314.9 million, compared to $320.1 million for the same period in 2011.
  • Operating income for the nine-month period ended Sept. 30, 2012 was $44.3 million, or 14.1 percent of revenue, compared to $61.2 million, or 19.1 percent of revenue during the same period in 2011.
  • Net income was $27.8 million or $2.07 per diluted share outstanding, compared to $40.1 million or $2.56 per share for the same period in 2011.

Balance Sheet and Cash Flow

As of Sept. 30, 2012, the Company had cash, cash equivalents, and marketable securities of $117.4 million, compared to $127.0 million at Dec. 31, 2011, and no debt for the same periods.

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