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Strayer Education, Inc. Reports Third Quarter 2013 Revenues And Earnings; Fall Term 2013 Enrollments; And Additional Cost Reduction Initiatives

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

Three Months Ended September 30

  • Revenues for the three months ended September 30, 2013 decreased 11% to $110.0 million, compared to $124.3 million for the same period in 2012, principally due to lower enrollment.
  • Income from operations was $6.6 million compared to $7.8 million for the same period in 2012, a decrease of 16%. Operating income margin was 6.0% compared to 6.3% for the same period in 2012.
  • Net income was $3.1 million compared to $4.1 million for the same period in 2012, a decrease of 23%. Diluted earnings per share was $0.30 compared to $0.36 for the same period in 2012, a decrease of 17%. Diluted weighted average shares outstanding decreased 8% to 10,552,000 from 11,487,000 for the same period in 2012, primarily as a result of share repurchases.

Nine Months Ended September 30

  • Revenues for the nine months ended September 30, 2013 decreased 10% to $379.5 million, compared to $420.0 million for the same period in 2012, principally due to lower enrollment.
  • Income from operations was $62.8 million compared to $84.9 million for the same period in 2012, a decrease of 26%. Operating income margin was 16.5% compared to 20.2% for the same period in 2012.
  • Net income was $35.4 million compared to $49.3 million for the same period in 2012, a decrease of 28%. Diluted earnings per share was $3.32 compared to $4.29 for the same period in 2012, a decrease of 23%. Diluted weighted average shares outstanding decreased 7% to 10,646,000 from 11,482,000 for the same period in 2012, primarily as a result of share repurchases.

Balance Sheet and Cash Flow

At September 30, 2013, the Company had cash and cash equivalents of $85.2 million. The Company generated $72.2 million from operating activities in the first nine months of 2013 compared to $57.2 million during the same period in 2012. Capital expenditures were $7.1 million for the nine months ended September 30, 2013 compared to $18.2 million for the same period in 2012.

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