K12 4Q results beat analysts' expectations

Print
Email
|

Associated Press

Posted on August 29, 2013 at 2:01 PM

Updated Thursday, Aug 29 at 2:01 PM

HERNDON, Va. (AP) — Online educational provider K12 said Thursday that its fiscal fourth-quarter net income climbed 28 percent, helped by interest income.

The company earned $2.3 million, or 6 cents per share, for the three months ended June 30. That compares with $1.8 million, or 5 cents per share, a year earlier.

Analysts surveyed by FactSet expected earnings of 3 cents per share.

The latest quarter included $1.7 million in interest income, while the prior-year period included an interest expense of $267,000.

Revenue rose 19 percent to $203.1 million from $170.4 million, topping Wall Street's estimate of $201.4 million.

For the year, K12 Inc. earned $28.1 million, or 72 cents per share. A year earlier it earned $17.5 million, or 45 cents per share. Annual revenue climbed 20 percent to $848.2 million from $708.4 million.

Average student enrollments increased 12.7 percent. There was also a rise in the average revenue per student in the managed public schools business.

K12 shares finished at $31.96 on Wednesday after hitting a 52-week high of $32.40 earlier in the day.

Print
Email
|