K12 Inc. posts Q4 + full 2012 results
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 fourth fiscal quarter and full year ended June 30, 2012.
Financial Highlights for the Fourth Quarter of Fiscal Year 2012
- Total revenue increased 32.8 percent year-over-year to $170.4 million.
- EBITDA increased to $17.7 million as compared to $6.3 million in the prior year period.
- Operating income increased to $2.0 million from an operating loss of $6.2 million in the same quarter of the prior year.
- Net income to common and Series A stockholders was $1.8 million as compared to a net loss to common and Series A stockholders of $2.8 million in the same quarter of the prior year.
- Diluted earnings per share increased to $0.05, as compared to diluted loss per share of $(0.08) in the same quarter of the prior year.
Financial Highlights for the Full Fiscal Year 2012
- Total revenue increased 35.6 percent year-over-year to $708.4million.
- EBITDA increased 29.7 percent year-over-year to $87.0 million.
- Operating income increased 19.8 percent year-over-year to $29.0million.
- Net income to common and Series A stockholders increased 36.7 percent year-over-year to $17.5 million.
- Diluted earnings per share increased 22.3 percent year-over-year to $0.45.
Review of Significant Business Activities
Ron Packard, Chief Executive Officer of K12 Inc., stated, “School is now open for the 2012-13 school year and we welcome all of our students, both new and returning. I also want to thank our outstanding staff and teachers in advance for their dedication to making students’ experiences the best they can be.”
“This past fiscal year was a pivotal one for K12 as we integrated our acquisitions and furthered our infrastructure investments, positioning us well. We are pleased with our many accomplishments in fiscal year 2012. As a company, we achieved net income growth of approximately 37 percent, primarily resulting from revenue growth which exceeded 35 percent, with most of this growth being organic. Our virtual public school business remains strong and grew over 31 percent during fiscal year 2012. At the same time, our Institutional Business revenues grew more than 56 percent, while International and Private Pay Business revenues increased in excess of 80 percent. The increasing acceptance of technology-based learning has enabled us to enter Iowa and New Mexico, where we are managing two new full-time virtual public schools, as well as New Jersey, where the Newark Flex Academy recently opened. Enrollment caps were also raised or eliminated in several states.”
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