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Graham Holdings Company Reports First Quarter Earnings

Division Results

Education

Education division revenue totaled $526.2 million for the first quarter of 2014, essentially flat compared with revenue of $527.8 million for the first quarter of 2013. Kaplan reported first quarter 2014 operating income of $2.5 million, compared to an operating loss of $4.1 million in the first quarter of 2013. Operating results for the first quarter of 2013 include restructuring costs of $9.4 million.

A summary of Kaplan’s operating results for the first quarter of 2014 compared to 2013 is as follows:
   
Three Months Ended
March 31
(in thousands)   2014   2013   % Change
Revenue  
Higher education $ 253,779 $ 271,860 (7 )
Test preparation 67,804 68,943 (2 )
Kaplan international 202,867 184,813 10
Kaplan corporate 2,014 2,604 (23 )
Intersegment elimination (290 )   (405 )
$ 526,174     $ 527,815   0
Operating Income (Loss)
Higher education $ 13,144 $ 5,101
Test preparation (6,628 ) (4,345 ) (53 )
Kaplan international 10,882 6,397 70
Kaplan corporate (12,632 ) (8,822 ) (43 )
Amortization of intangible assets (2,288 ) (2,518 ) 9
Intersegment elimination 44     131  
$ 2,522     $ (4,056 )
 

Kaplan Higher Education (KHE) includes Kaplan’s domestic postsecondary education businesses, made up of fixed-facility colleges and online postsecondary and career programs. KHE also includes the domestic professional training and other continuing education businesses.

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