"In fiscal 2013, we continue to anticipate a number of challenges," Massimino said. "These include the loss of federal funding for students who lack a high school diploma or GED, or 'Ability-to-Benefit' (ATB) students. To help offset the loss of ATB students, we plan to introduce several new diploma programs across our ground schools and offer GED preparation programs to the general public at most of our U.S. campuses. As previously reported, we expect these programs to begin to have a positive impact on our financial results in the second half of fiscal 2013. In addition, we expect continued enrollment increases at our new campuses and solid enrollment growth in our online learning programs throughout the fiscal year."Comparing the fourth quarter of fiscal 2012 with the same quarter of the prior year:
- Net revenue was $394.8 million versus $408.2 million, a decrease of 3.3%.
- Total student population at June 30, 2012 was 91,460 versus 90,507 at June 30, 2011, an increase of 1.1%.
- Total new students were 25,839 versus 23,835, an increase of 8.4%.
- Operating income was $16.4 million, or 4.2% of revenue, which includes a $1.0 million impairment, facility closing and severance charge, compared with operating income of $11.3 million, or 2.8% of revenue, which includes $11.7 million in impairment and severance charges.
- Net loss was ($6.5) million, which includes a $0.6 million impairment, facility closing and severance charge, and a loss from discontinued operations of $14.8 million, compared with net income of $3.4 million, which includes a $7.0 million impairment and severance charge, and a loss from discontinued operations of $3.6 million.
- Diluted earnings per share from continuing operations was $0.10 in Q4 12, compared with $0.08 in Q4 11. Excluding the impairment, facility closing and severance charges and the related tax effect, diluted earnings per share from continuing operations were $0.10 in Q4 12 and $0.17 in Q4 11.