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Strayer Education, Inc. Reports Second Quarter 2013 Revenues And Earnings; And Summer Term 2013 Enrollments

Strayer Education, Inc. (Nasdaq: STRA) today announced financial results for the three months ended June 30, 2013. Financial highlights are as follows:

Three Months Ended June 30

  • Revenues for the three months ended June 30, 2013 decreased 10% to $132.0 million, compared to $146.3 million for the same period in 2012, principally due to lower enrollment.
  • Income from operations was $26.3 million compared to $36.2 million for the same period in 2012, a decrease of 27%. Operating income margin was 19.9% compared to 24.7% for the same period in 2012.
  • Net income was $15.0 million compared to $21.2 million for the same period in 2012, a decrease of 29%. Diluted earnings per share was $1.42 compared to $1.85 for the same period in 2012, a decrease of 23%. Diluted weighted average shares outstanding decreased 8% to 10,535,000 from 11,483,000 for the same period in 2012, primarily as a result of share repurchases.

Six Months Ended June 30

  • Revenues for the six months ended June 30, 2013 decreased 9% to $269.5 million, compared to $295.8 million for the same period in 2012, principally due to lower enrollment and lower revenue per student.
  • Income from operations was $56.2 million compared to $77.0 million for the same period in 2012, a decrease of 27%. Operating income margin was 20.8% compared to 26.0% for the same period in 2012.
  • Net income was $32.2 million compared to $45.2 million for the same period in 2012, a decrease of 29%. Diluted earnings per share was $3.01 compared to $3.94 for the same period in 2012, a decrease of 24%. Diluted weighted average shares outstanding decreased 7% to 10,693,000 from 11,480,000 for the same period in 2012, primarily as a result of share repurchases.

Balance Sheet and Cash Flow

At June 30, 2013, the Company had cash and cash equivalents of $67.5 million. The Company generated $51.6 million from operating activities in the first six months of 2013 compared to $42.7 million during the same period in 2012. Capital expenditures were $5.0 million for the six months ended June 30, 2013 compared to $9.9 million for the same period in 2012.

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