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National American University Holdings, Inc. Reports Fiscal 2013 Second Quarter And Six Months Results

Stocks in this article: NAUH

National American University Holdings, Inc. (the “Company”) (NASDAQ: NAUH), which through its wholly owned subsidiary operates National American University (“ NAU”), a regionally accredited, proprietary, multi-campus institution of higher learning, today reported unaudited financial results for its FY 2013 second quarter and six months ended November 30, 2012.

Ronald L. Shape, Ed.D., Chief Executive Officer of the Company, commented, “Because of our efforts and investment in geographic and programmatic expansion over the past two years, we have continued to achieve consistent enrollment growth during a challenging time for our industry. We have remained committed to providing academic quality and achieving positive student outcomes, and were pleased that NAU’s enrollment increased 7.2% from the previous fall term to a record 11,685 students. For the second half of fiscal 2013, we will continue to focus on improving economies of scale by striving to grow enrollments at our current sites. During the fiscal 2013 second quarter, we continued to realize the benefits of our expansion and development initiatives with margin improvement on our educational services expense and SG&A line items, which is in line with the strategic goals we set out for this fiscal year. We anticipate this improvement will continue over the next several quarters as newer locations further contribute to the Company’s top line growth.”

Operating Review

NAU currently owns one property and leases 37 physical properties in the states of Colorado, Indiana, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, Oregon, South Dakota and Texas. Several sites operate as hybrid learning centers in strategic geographic locations. These centers utilize small physical facilities through which the university provides face-to-face support services as students participate in select, traditional classroom courses while completing their remaining coursework online.

Of NAU’s 37 locations, the following sites are pending regulatory approvals:

  • Tigard, OR
  • Indianapolis, IN
  • Roueche Graduate Center in Austin, TX
  • Houston, TX

7.2% Enrollment Increase

Total NAU student enrollment for the fall term of 2012 increased 7.2% to a record 11,685 students, up from 10,898 during the prior fall term. Students enrolled in 102,727 credit hours compared to 95,792 credit hours during the prior fall term. The current average age of NAU’s students continues to be in the mid-30s, with those seeking undergraduate degrees remaining the highest portion of NAU’s student population.

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