Check out EDMC
, could move like COCO
askresearch.com
Tuesday January 30, 7:32 am Eastern Time
Press Release
SOURCE: Education Managment Corporation
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.
At the start of the current winter quarter (third quarter of fiscal 2001), total enrollment at EDMC's schools climbed 13.8% to 27,260, up from 23,956 as of the comparable point last year. At the 17 schools operated for two or more years, enrollment grew 8.9% in the winter quarter to 25,229 students, as compared to 23,170 students at the start of the same period last year. Total enrollment in bachelor's degree programs was 8,407, a 66.5% increase from the corresponding period last year.
The Company's quarterly revenues and income fluctuate with student enrollment patterns. Student enrollment typically increases in the fall (fiscal year second quarter), when the largest number of new high school graduates traditionally begin post-secondary education. The Company's quarterly costs and expenses, however, do not fluctuate as significantly as revenues.
Robert Knutson, EDMC's Chairman and Chief Executive Officer, commented, ``The second quarter results validate our strategy of extending the reach of our outcomes-oriented education programs, which has provided an attractive return to both our students and shareholders.'' Robert Gioella, President and Chief Operating Officer added, ``We are pleased with the progress made at The Art Institute of California, our recent acquisition in San Diego, and by the new Art Institutes in the Washington, D.C. area and in Orange County California, both opened this fiscal year in July.''
EDMC is among the largest providers of proprietary post-secondary education in the United States, based on student enrollment and revenue. EDMC's 23 education institutions offer bachelor's and associate's degree programs and non-degree programs in the areas of design, media arts, culinary arts, fashion and paralegal studies. The Company has provided career-oriented education programs for over 35 years, and its Art Institutes have more than 125,000 graduates. For more information about the Art Institutes and The Art Institute Online, visit their Web sites at www.artinstitutes.edu and www.aionline.edu.
Fred |
