RAPID CITY, SD -- (Marketwired) -- 04/03/13 -- National American University Holdings, Inc. (NASDAQ: NAUH)
Financial and Operational Highlights
•Enrollment by headcount increased 4.8% over the prior-year period to 11,489 students as of February 28, 2013.
•FY 2013 third quarter total revenue increased 7.1% to $32.1 million from $29.9 million in the prior-year period with the Company's academic segment's revenue increasing 7.1% to $31.8 million from $29.7 million in the FY 2012 third quarter.
•FY 2013 third quarter improvements in operating and net margins
•FY 2013 third quarter net income attributable to the Company increased 208% to $1.6 million from $0.5 million in the prior-year period, and FY 2013 third quarter EBITDA increased 74.2% to $4.4 million from $2.5 million in the prior-year period.
•The Board of Directors declared a cash dividend in the amount of $0.04 per share on all shares of the Company's common stock outstanding and of record as of the close of business on March 29, 2013, which will be paid on or about April 12, 2013.
•Balance sheet at February 28, 2013, included cash and cash equivalents and investments of $33.1 million; working capital of $23.8 million; no short-term borrowings or long-term debt; and stockholders' equity of $52.3 million.
National American University Holdings, Inc. (the "Company") (NASDAQ: NAUH), which through its wholly owned subsidiary operates National American University ("NAU"), a regionally accredited, proprietary, multi-campus institution of higher learning, today reported unaudited financial results for its FY 2013 third quarter and nine months ended February 28, 2013.
Ronald L. Shape, Ed.D., Chief Executive Officer of the Company, commented, "We were pleased to report stable growth on our top and bottom lines during the fiscal 2013 third quarter as we continue to realize greater economies of scale resulting from transitioning our focus from geographic expansion to enrollment growth at the campus locations we opened over the past few years. In spite of the challenging environment facing our industry, NAU's enrollment during the winter 2012-2013 quarter increased 4.8% to 11,489 students, which was in line with our expectations. During the fiscal 2013 third quarter, we continued to realize greater efficiencies with improved margins driven by our educational services and SG&A line items as we made progress in growing enrollments at our existing campus locations. This led to margin expansion throughout the Company. We anticipate this trend will continue, however, at a more moderate rate as we are in the process of increasing our admissions advisor count, and we have launched the first course at the doctorate level. The increase in admissions advisors will result in additional salary expense as well as marketing expense as we continue to train and educate our existing admissions staff and hire additional advisors to better serve our growing student population."
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