Strayer Education, Inc. Reports Fourth Quarter And Full Year 2012 Revenues And Earnings; And Winter Term 2013 Enrollments; And CEO Succession Plans

Strayer Education, Inc. (Nasdaq: STRA) today announced financial results for the three months and year ended December 31, 2012. Financial highlights are as follows:

Three Months Ended December 31
  • Revenues for the three months ended December 31, 2012 decreased 9% to $141.9 million, compared to $155.8 million for the same period in 2011, principally due to lower enrollment, and lower revenue per student.
  • Income from operations was $28.7 million compared to $45.4 million for the same period in 2011, a decrease of 37%. Operating income margin was 20.2% compared to 29.1% in 2011.
  • Net income was $16.6 million compared to $26.7 million for the same period in 2011, a decrease of 38%. Diluted earnings per share was $1.47 compared to $2.30 for the same period in 2011, a decrease of 36%. Diluted weighted average shares outstanding decreased 2% to 11,314,000 from 11,592,000 for the same period in 2011.

Year Ended December 31
  • Revenues for the year ended December 31, 2012 decreased 10% to $562.0 million, compared to $627.4 million for the same period in 2011, principally due to lower enrollment.
  • Income from operations was $113.6 million compared to $179.1 million for the same period in 2011, a decrease of 37%. Operating income margin was 20.2% compared to 28.6% in 2011.
  • Net income was $65.9 million compared to $106.0 million in 2011, a decrease of 38%. Diluted earnings per share was $5.76 compared to $8.88 in 2011, a decrease of 35%. Diluted weighted average shares outstanding decreased 4% to 11,440,000 from 11,943,000 in 2011.

Balance Sheet and Cash Flow

At December 31, 2012, the Company had cash and cash equivalents of $47.5 million. The Company generated $82.1 million in cash from operating activities in 2012 compared to $154.4 million during the same period in 2011. Capital expenditures in 2012 were $24.7 million compared to $30.0 million for the same period in 2011.

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