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Capella Education Company Reports Third Quarter 2013 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, 2013.

“We reported solid third quarter results in what continues to be a challenging market environment,” said Kevin Gilligan, chairman and chief executive officer. “Our return to operating income growth is further indication of our strengthening fundamentals. We remain confident that our strategic focus on learner success, innovation and brand marketing is positioning Capella for long term, sustainable growth.”

For the three months ended Sept. 30, 2013:

  • Revenues were $100.7 million, compared to $99.3 million in the third quarter of 2012, an increase of 1.4 percent.
  • Capella University total enrollment decreased 1.4 percent to 34,503 and new enrollment decreased by 1.3 percent from third quarter 2012.
  • Operating income was $10.5 million, compared to $8.3 million for the same period in 2012. Operating margin was 10.4 percent, compared to 8.3 percent for the third quarter 2012.
  • Net income attributable to Capella Education Company for the third quarter of 2013 was $6.0 million, compared to $5.1 million for the same period in 2012.
  • Net income per diluted share was $0.48, compared to $0.39 for the same period in 2012.

For the nine-month period ended Sept. 30, 2013:

  • Revenues decreased by 1.7 percent to $309.6 million, compared to $314.9 million for the same period in 2012.
  • Operating income for the nine-month period ended Sept. 30, 2013 was $43.2 million, or 13.9 percent of revenue, compared to $44.3 million, or 14.1 percent of revenue during the same period in 2012.
  • Net income attributable to Capella Education Company was $25.2 million, or $2.01 per diluted share, compared to $27.8 million, or $2.07 per diluted share, for the same period in 2012.

Balance Sheet and Cash Flow

As of Sept. 30, 2013, the Company had cash, cash equivalents, and marketable securities of $151.3 million, compared to $115.5 million at Dec. 31, 2012, and no debt for the same periods.

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