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K12 Inc. Reports First Quarter Fiscal 2014 Results

Q1 Consistent with Recent Guidance Board Authorizes $75 Million Stock Buyback

HERNDON, Va., Nov. 7, 2013 (GLOBE NEWSWIRE) -- K12 Inc. (NYSE:LRN), a leading provider of proprietary, technology-based curriculum, software and education services created for individualized learning for students primarily in kindergarten through 12th grade, today announced its results for the first fiscal quarter ended September 30, 2013.

Financial Highlights for the Three Months Ended September 30, 2013 (First Quarter Fiscal Year 2014)
  • Revenues for the first quarter of FY 2014 increased 3.3% to $228.4 million.
  • Revenues in Q1 were reduced by $4.5 million as a result of changes in certain contract agreements. The revenue has been deferred to the remainder of the current fiscal year.
  • Institutional Sales were lower on market pressure for some of our product lines.
  • EBITDA, a non-GAAP measure (see reconciliation below), for the first quarter of FY 2014 was $8.5 million, compared to $24.3 million from the first quarter of FY2013.  
  • Operating loss of $8.5 million compared to operating income of $8.7 million in the first quarter of FY 2013.  
  • EBITDA and the operating loss in Q1 were negatively impacted by deferral of revenue mentioned above along with higher seasonal selling, administrative and operating expenses in anticipation of stronger enrollments.  
  • Net loss attributable to common and Series A stockholders of $5.0 million, compared to net income of $4.4 million from first quarter of FY 2013.  
  • Diluted net loss attributable to common stockholders per share was $0.13, which includes the pro rata effect of the Series A Special shares conversion to common shares on September 3, 2013.

Stock Buyback

The Board of Directors has authorized the repurchase of up to $75 million of the Company's outstanding common stock. Any purchases under this buyback would be dependent upon business and market conditions and other factors. The stock purchases may be made from time to time and may be made through a variety of methods including open market purchases and 10b5-1 plans.

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