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 June 30, 2013.
“We are very pleased with our performance in the second quarter and continue to be encouraged by the progress we are making in a still difficult market environment,”said Kevin Gilligan, chairman and chief executive officer. “The pace of innovation at Capella positions us to drive further differentiation and build a long-term sustainable business model designed to create learner and shareholder value.”
For the three months ended June 30, 2013:
- Revenues were $103.7 million, compared to $106.2 million in the second quarter of 2012, a decrease of 2.3 percent.
- Capella University total active enrollment decreased 0.9 percent to 36,003 and new enrollment, calculated at census date, increased by 12.7 percent from second quarter 2012.
- Operating income was $17.5 million, compared to $18.1 million for the same period in 2012. Operating margin was 16.8 percent, compared to 17.0 percent for the second quarter 2012.
- Net income attributable to Capella Education Company for the second quarter of 2013 was $10.4 million, compared to $11.4 million for the same period in 2012.
- Net income per diluted share was $0.83, compared to $0.85 for the same period in 2012.
For the six-month period ended June 30, 2013:
Balance Sheet and Cash Flow
- Revenues decreased by 3.1 percent to $208.9 million, compared to $215.6 million for the same period in 2012.
- Operating income for the six-month period ended June 30, 2013 was $32.6 million, or 15.6 percent of revenue, compared to $36.0 million, or 16.7 percent of revenue during the same period in 2012.
- Net income attributable to Capella Education Company was $19.2 million, or $1.54 per diluted share, compared to $22.7 million, or $1.67 per diluted share, for the same period in 2012.
As of June 30, 2013, the Company had cash, cash equivalents, and marketable securities of $144.8 million, compared to $115.5 million at Dec. 31, 2012, and no debt for the same periods.