K12 Inc. Reports Second Quarter Fiscal 2013 Results, Updates Fiscal Year 2013 Guidance and Provides Third Quarter Fiscal 2013 Outlook
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 second fiscal quarter
ended December 31, 2012.
Summary Financial Results for the Second Quarter of Fiscal Year 2013
Revenues grew to $206.0 million, an increase of $39.5 million, or 23.7
percent, as compared to $166.5 million for the prior year period.
EBITDA (see reconciliation below) was $32.5 million, an increase of
$10.7 million, or 49.1 percent, as compared to $21.8 million for the
prior year period.
Operating income was $16.3 million, an increase of $9.2 million, or
129.6 percent as compared to $7.1 million for the prior year period.
Net income to common and Series A stockholders was $9.5 million, an
increase of $5.3 million, or 126.2 percent, as compared to $4.2 million
in the prior year period.
Diluted earnings per share were $0.24, an increase of $0.13, or 118.2
percent, as compared to $0.11 in the prior year period.
Comments from Management
Nate Davis, Executive Chairman of the Board, commented: “From our new
pre-K learning curriculum to the high school and school districts
curriculum, K12 delivers a full range of individualized learning
techniques to students and educators. Revenue for the quarter grew close
to 24 percent year over year while operating margins grew to 7.9 percent
from 4.3 percent, which in turn is driving increased returns on invested
capital. We will continue to execute with excellence both our academic
mission and operational strategy to reward our stockholders with
Article source: PRNewswire