swung to a first quarter loss, sending its shares down 9%.
The Baltimore-based company lost $675,000, or 1 cent a share, in the quarter, compared with a profit of $1.9 million, or 4 cents a share, a year ago. Loss from continuing operations was 2 cents a share in the most recent quarter. Adjusted for stock-based compensation expenses, earnings were 1 cent a share. Analysts surveyed by Thomson First Call were expecting the company to post a loss of 4 cents a share.
First-quarter revenue rose 31.6% from a year ago to $235.1 million. Analysts were expecting first-quarter revenue of $230.1 million.
The company expects earnings of 68 cents to 73 cents a share for the second quarter, excluding option expenses of 2 cents to 3 cents a share. Analysts were expecting earnings of 66 cents a share.
For the year 2006, the company reaffirmed its earnings forecast of $2.05 to $2.15 a share, excluding option expenses of 10 cents to 12 cents a share. Analysts expected full-year earnings of $2 a share.
Total student enrollment rose 34% in the first quarter to 225,952 students. The company's campus-based institutions reported a 32% rise in new student enrollment and a 36% increase in total degree enrollment to 197,630 students. Total degree enrollments in its online education grew 24% to 28,322 students, driven by a 27% increase in new student enrollment.
Shares fell $4.93 to $49.32.
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