EDMC in the footsteps of COCO? check it out! Earnings came out at 10;00 this morning.
Education Management Corporation Reports Fiscal 2001 Second Quarter and Six Month Financial Results
- Quarterly Net Income Increases 26% -
PITTSBURGH, Jan. 30, 2001 (PRIMEZONE) -- Education Management Corporation (Nasdaq:EDMC - news) today reported its financial results for the second quarter ended December 31, 2000.
Net revenues for the second quarter of fiscal 2001 increased by 18.5% to $103.1 million, compared with $87.0 million in the second quarter of fiscal 2000. Net income for the quarter grew 26.1% to $14.5 million, or $.47 per diluted share, as compared to $11.5 million, or $.39 per diluted share, in the corresponding period last year.
For the six months ended December 31, 2000, net revenues rose 18.8% to $175.7 million, compared with $147.9 million, for the applicable six-month period last year. Net income for the first six months of fiscal 2001 increased 26.0% to $15.7 million, or $0.51 per diluted share, as compared to $12.5 million, or $0.42 per diluted share, for the same period last year.
Revenue growth in the second quarter resulted from a 14.3% increase in student enrollment and an average increase in tuition rates of approximately 6% over last year. Total student enrollment at the Company's schools in the second quarter of fiscal 2001 was 27,999 compared to 24,502 last year. |
