CONSOLIDATED CASH FLOWS AND FINANCIAL POSITION
Net cash flows provided by operating activities totaled $32.5 million for the year to date ended September 30, 2012, compared to $209.4 million for the year to date ended September 30, 2011.
Capital expenditures decreased to $29.5 million during the year to date ended September 30, 2012, from $67.4 million during the year to date ended September 30, 2011. Capital expenditures represented 2.6 percent and 4.6 percent of total revenue of continuing and discontinued operations during the years to date ended September 30, 2012 and 2011, respectively.Financial Position As of September 30, 2012 and December 31, 2011, cash and cash equivalents and short-term investments totaled $373.3 million and $441.2 million, respectively. U.S. Credit Agreement The Company’s $185 million U.S. Credit Agreement expired on October 31, 2012. The Company’s discussions surrounding the level and terms of a replacement facility are ongoing. Stock Repurchase Program During the third quarter of 2012, the Company did not repurchase any shares of its common stock. Year to date through September 30, 2012, the Company repurchased 6.1 million shares of its common stock for approximately $56.4 million at an average price of $9.29 per share. As of September 30, 2012, approximately $183.3 million was available under the Company’s authorized stock repurchase program to repurchase outstanding shares of its common stock. Stock repurchases under this program may be made on the open market or in privately negotiated transactions from time to time, depending on various factors, including market conditions and corporate and regulatory requirements. Student Population Total student population by reportable segment as of September 30, 2012 and 2011, was as follows:
|As of September 30,||% Change|
|2012||2011||2012 vs. 2011|
|Art & Design||7,400||10,300||-28||%|
|Total Student Population||81,600||104,400||-22||%|
New Student Starts
New student starts by reportable segment for the quarters ended September 30, 2012 and 2011, were as follows:
|For the Quarters Ended September 30,|
|2012||2011||2012 vs. 2011|
|New Student Starts|
|Health Education (1)||4,820||7,710||-37||%|
|Culinary Arts (1)||3,920||5,480||-28||%|
|Art & Design||1,200||1,870||-36||%|
|Total New Student Starts||23,640||30,600||-23||%|
The third quarter 2012 had one additional new student start as compared to the previous year quarter.
Excluding this timing impact, the change in new student starts for Health Education and Culinary Arts
would have been -53% and -36%, respectively.
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