K12 Inc. Reports First Quarter Fiscal 2013 Results, Reaffirms Fiscal Year 2013 Guidance And Provides Second Quarter Fiscal 2013 Outlook

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, 2012.

Summary Financial Results for Q1 Fiscal 2013
  • Revenues for first quarter FY 2013 grew to $221.1 million, an increase of $27.8 million, or 14.4 percent, over the prior year.
  • EBITDA for Q1 FY 2013 (see GAAP reconciliation below) was $24.3 million, an increase of $3.0 million, or 14.1 percent, as compared to $21.3 million for the prior year.
  • Operating income was $8.7 million, an increase of $0.4 million, or 4.8 percent, as compared to $8.3 million for the prior year.
  • Net income to common and Series A stockholders was $4.4 million as compared to $4.6 million in the prior year, a decrease of 4.3 percent.
  • Diluted earnings per share were $0.11 as compared to $0.12 in the prior year.

K12 Continues to Lead Technology-Driven Transformation to Individualized Education

Ron Packard, Chief Executive Officer of K12 Inc., commented: “K12 continues to lead the technology-driven transformation of education to individualized, child-driven learning. This quarter was in line with our expectations and puts us on track to make our annual guidance. Our core virtual Managed Public School business remains strong and is growing at a healthy rate.”

Continued Mr. Packard, “We are working hard and making substantial investments to recruit and train the force of 21 st century teachers and develop the products, processes and operational infrastructure to meet the needs of a growing and increasingly diverse student base, as our average student enrollments in Managed Public Schools grew to 121,665 in the first quarter of fiscal 2013 from 106,665 in the same period in the prior year, an increase of over 14 percent.”

“Looking ahead to the balance of fiscal 2013, we are pleased to re-confirm our annual guidance on the basis of this solid quarter,” Mr. Packard concluded.

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