K12's Quarterly Revenue up 43% on Strong Enrollment Growth
HERNDON, Va.--(BUSINESS WIRE)--Feb. 9, 2009--
K12 Inc. (NYSE:LRN), a leading provider of proprietary, technology-based
curriculum and education services created for online delivery to
students in kindergarten through 12th grade, today announced its results
for the second quarter of fiscal year 2009.
Revenues for the second quarter of fiscal year 2009 (FY 2009) grew to
$77.6 million, an increase of 42.7 percent over the second quarter in
the prior year, primarily due to strong enrollment growth. EBITDA
increased 68.1 percent to $10.5 million for the second quarter of FY
2009 over the same quarter in the prior year. Net income for the quarter
was $3.5 million as compared to net income of $1.4 million in the same
period in the prior year. Operating income improved to $6.0 million, an
increase of 80.0 percent compared with the second quarter of fiscal year
2008 (FY 2008). Ron Packard, Chief Executive Officer of K12 Inc. stated,
“We are obviously pleased by these results. The demand for our
world-class curriculum and services continues to be quite strong.”
For the three months ended December 31, 2008 (Second Quarter of
Fiscal Year 2009)
-
Revenues for the second quarter were $77.6 million, an increase of
$23.2 million or 42.7 percent, as compared to revenues of $54.4
million for the second quarter of FY 2008. Average enrollments for the
second quarter were 55,076, an increase of 35.4 percent over the
second quarter of FY 2008.
-
Operating income for the second quarter was $6.0 million, an increase
of $2.7 million or 80.0 percent, as compared to operating income of
$3.3 million for the second quarter of FY 2008. Operating margins
increased to 7.7 percent of revenue, representing a gross increase of
1.5 percentage points, as compared to 6.2 percent for the second
quarter of FY 2008.
-
Income tax expense for the second quarter was $2.4 million,
representing an effective tax rate of 41.1% compared to an income tax
expense of $1.6 million for the second quarter of FY 2008,
representing an effective tax rate of 53.0%.
-
Net income for the second quarter was $3.5 million as compared to net
income of $1.4 million for the second quarter of FY 2008.
-
Diluted net income per share for the second quarter of FY 2009 was
$0.12. On a pro forma basis, excluding the impact of preferred stock
dividends and accretion, diluted net income per share for the second
quarter of FY 2008 was $0.06.
-
EBITDA for the second quarter was $10.5 million, an increase of $4.2
million or 68.1 percent, as compared to EBITDA of $6.3 million for the
second quarter of FY 2008. EBITDA as a percentage of revenue improved
to 13.6 percent, representing a gross increase of 2.1 percentage
points, as compared to 11.5 percent for the second quarter of FY 2008.
For the six months ended December 31, 2008 (First Half of Fiscal Year
2009)
-
Revenues for the first half of FY 2009 were $166.2 million, an
increase of $52.5 million or 46.2 percent, as compared to revenues of
$113.7 million for the second quarter of FY 2008. Average enrollments
for the first half of FY 2009 were 55,366, an increase of 37.1 percent
over the first half of FY 2008.
-
Operating income for the first half of FY 2009 was $15.2 million, an
increase of $5.8 million or 62.4 percent, as compared to operating
income of $9.4 million for the first half of FY 2008. Operating
margins increased to 9.1 percent of revenue, representing a gross
increase of 0.9 percentage points, as compared to 8.2 percent for the
first half of FY 2008.
-
Income tax expense for the first half of FY 2009 was $6.2 million,
representing an effective tax rate of 40.9%. Income tax benefit for
the first half of FY 2008 was $5.6 million, due to a $9.7 million
reversal of the valuation allowance on net deferred tax assets. Had
that reversal not occurred, the Company would have recorded an income
tax expense of $4.1 million, representing an effective tax rate of
47.1%.
-
Net income for the first half of FY 2009 was $9.4 million as compared
to net income of $14.2 million for the first half of FY 2008. Net
income for the first half of FY 2008, excluding the $9.7 million tax
benefit, would have been $4.5 million.
-
Diluted net income per share for the first half of FY 2009 was $0.32.
On a pro forma basis, excluding the income tax benefit of $9.7
million, diluted net income per share for the first half of FY 2008
would have been $0.20.
-
EBITDA for the first half of FY 2009 was $24.2 million, an increase of
$9.7 million or 66.3 percent, as compared to EBITDA of $14.5 million
for the first half of FY 2008. EBITDA as a percentage of revenue
improved to 14.5 percent, representing a gross increase of 1.7
percentage points, as compared to 12.8 percent for the first half of
FY 2008.
Cash and Capital Expenditures
-
As of December 31, 2008, the Company had cash and cash equivalents of
$50.4 million and net operating loss carryforwards of $63.8 million.
-
Capital expenditures for the six months ended December 31, 2008 were
$14.8 million, primarily due to $7.0 million for investments in
capitalized curriculum and $7.7 million in property and equipment. In
addition, the Company financed purchases of $13.1 million of computers
and software, primarily for use by students, through capital leases.
FY 2009 Outlook
The Company is reconfirming the guidance issued on November 14, 2008 and
is forecasting for full fiscal year 2009 revenues of approximately $310
million to $320 million, operating income of approximately $19 million
to $22 million and EBITDA of approximately $38 million to $42 million.
In addition, the Company is forecasting for fiscal year 2009:
-
Net Income of approximately $11.0 million to $12.7 million
-
Depreciation and amortization of approximately $19 million to $20
million
-
Non-cash stock compensation expense of approximately $2.7 million to
$3.0 million
-
Interest expense, net of interest income of approximately $0.4 million
to $0.7 million
-
Estimated tax rate of approximately 43% to 44%
-
Fully diluted shares outstanding of approximately 30 million to 31
million
-
Capital expenditures of approximately $38 million to $42 million,
including purchases of student computers
Forward Statements
This press release contains forward-looking statements within the
meaning of federal securities regulations. These forward-looking
statements are identified by their use of terms and phrases such as
“anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “will,” “continue” and other similar terms
and phrases, including references to assumptions and forecasts of future
results. Forward-looking statements are not guarantees of future
performance and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially from
those anticipated at the time the forward-looking statements are made.
These risks include, but are not limited to: the reduction of per pupil
funding amounts at the schools we serve; reputation harm resulting from
poor performance or misconduct of other virtual school operators;
challenges from virtual public school opponents; failure of the schools
we serve to comply with regulations resulting in a loss of funding;
discrepancies in interpretation of legislation by regulatory agencies
that may lead to payment or funding disputes; termination of our
contracts with schools due to a loss of authorizing charter; failure to
renew existing contracts with schools; increased competition; and other
risks and uncertainties associated with our business described in the
Company’s filings with the Securities and Exchange Commission. Although
the Company believes the expectations reflected in such forward-looking
statements are based upon reasonable assumptions, it can give no
assurance that the expectations will be attained or that any deviation
will not be material. All information in this release is as of February
9, 2009, and the Company undertakes no obligation to update any
forward-looking statement to conform the statement to actual results or
changes in the Company’s expectations.
Conference Call
The Company will discuss the second quarter 2009 financial results and
its outlook for fiscal year 2009 during a conference call scheduled for
February 9, 2009 at 4:30 p.m. eastern time (ET).
The conference call will be webcast and available on the K12
web site at www.K12.com
through the investor relations link. Please access the web site at least
15 minutes prior to the start of the call to register and download and
install any necessary software.
To participate in the live call, investors should dial 800-291-5365
(domestic) or 617-614-3922 (international) at 4:20 p.m. (ET). The
participant passcode is 70724295.
A replay of the call will be available starting on February 9, 2009,
through February 16, 2009, at 888-286-8010 (domestic) or 617-801-6888
(international) passcode 54479155. It will also be archived at www.k12.com
in the investor relations section for 60 days.
K12 INC.
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
|
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
June 30,
|
|
|
|
2008
|
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current assets
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
50,372
|
|
|
$
|
71,682
|
|
Accounts receivable, net of allowance of $1,121 and $1,458 at
December 31, 2008 and June 30, 2008, respectively
|
|
|
83,053
|
|
|
|
30,630
|
|
Inventories, net
|
|
|
12,357
|
|
|
|
20,672
|
|
Current portion of deferred tax asset
|
|
|
10,351
|
|
|
|
8,344
|
|
Prepaid expenses and other current assets
|
|
|
3,946
|
|
|
|
3,648
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
160,079
|
|
|
|
134,976
|
|
Property and equipment, net
|
|
|
38,041
|
|
|
|
24,536
|
|
Capitalized curriculum development costs, net
|
|
|
26,592
|
|
|
|
21,366
|
|
Deferred tax asset, net of current portion
|
|
|
8,702
|
|
|
|
12,749
|
|
Goodwill
|
|
|
1,825
|
|
|
|
1,754
|
|
Other assets, net
|
|
|
6,063
|
|
|
|
1,943
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
|
241,302
|
|
|
$
|
197,324
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
Current liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
8,170
|
|
|
$
|
14,388
|
|
Accrued liabilities
|
|
|
7,594
|
|
|
|
4,684
|
|
Accrued compensation and benefits
|
|
|
4,653
|
|
|
|
10,049
|
|
Deferred revenue
|
|
|
18,124
|
|
|
|
3,114
|
|
Current portion of capital lease obligations
|
|
|
10,150
|
|
|
|
6,107
|
|
Current portion of notes payable
|
|
|
922
|
|
|
|
413
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
49,613
|
|
|
|
38,755
|
|
Deferred rent, net of current portion
|
|
|
1,671
|
|
|
|
1,640
|
|
Capital lease obligations, net of current portion
|
|
|
11,620
|
|
|
|
6,445
|
|
Notes payable, net of current portion
|
|
|
2,528
|
|
|
|
196
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
65,432
|
|
|
|
47,036
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
Minority interest
|
|
|
4,446
|
|
|
|
-
|
|
Stockholders’ equity
|
|
|
|
|
|
|
|
|
Common stock, par value $0.0001; 100,000,000 shares authorized;
28,822,198 and 27,944,826 shares issued and outstanding at December
31, 2008 and June 30, 2008, respectively
|
|
|
3
|
|
|
|
3
|
|
Additional paid-in capital
|
|
|
335,323
|
|
|
|
323,621
|
|
Accumulated deficit
|
|
|
(163,902
|
)
|
|
|
(173,336
|
)
|
|
|
|
|
|
|
|
|
|
Total stockholders’ equity
|
|
|
171,424
|
|
|
|
150,288
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ equity
|
|
$
|
241,302
|
|
|
$
|
197,324
|
|
K12 INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
(in thousands, except share and per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Six Months Ended December 31,
|
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
77,618
|
|
|
$
|
54,391
|
|
|
$
|
166,243
|
|
|
$
|
113,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instructional costs and services
|
|
|
50,312
|
|
|
|
31,980
|
|
|
|
104,733
|
|
|
|
66,758
|
|
Selling, administrative, and other operating expenses
|
|
|
18,887
|
|
|
|
16,609
|
|
|
|
41,722
|
|
|
|
32,649
|
|
Product development expenses
|
|
|
2,405
|
|
|
|
2,460
|
|
|
|
4,600
|
|
|
|
4,987
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and expenses
|
|
|
71,604
|
|
|
|
51,049
|
|
|
|
151,055
|
|
|
|
104,394
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
|
6,014
|
|
|
|
3,342
|
|
|
|
15,188
|
|
|
|
9,350
|
|
Interest expense, net
|
|
|
(264
|
)
|
|
|
(389
|
)
|
|
|
(157
|
)
|
|
|
(693
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income tax (expense) benefit and minority interest
|
|
|
5,750
|
|
|
|
2,953
|
|
|
|
15,031
|
|
|
|
8,657
|
|
Income tax (expense) benefit
|
|
|
(2,365
|
)
|
|
|
(1,565
|
)
|
|
|
(6,151
|
)
|
|
|
5,553
|
|
Income before minority interest
|
|
|
3,385
|
|
|
|
1,388
|
|
|
|
8,880
|
|
|
|
14,210
|
|
Minority interest, net of tax
|
|
|
135
|
|
|
|
-
|
|
|
|
554
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
3,520
|
|
|
|
1,388
|
|
|
|
9,434
|
|
|
|
14,210
|
|
Dividends on preferred stock
|
|
|
-
|
|
|
|
(1,395
|
)
|
|
|
-
|
|
|
|
(3,066
|
)
|
Preferred stock accretion
|
|
|
-
|
|
|
|
(5,633
|
)
|
|
|
-
|
|
|
|
(12,193
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders
|
|
$
|
3,520
|
|
|
$
|
(5,640
|
)
|
|
$
|
9,434
|
|
|
$
|
(1,049
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to common stockholders per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.12
|
|
|
$
|
(0.98
|
)
|
|
$
|
0.33
|
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
$
|
0.12
|
|
|
$
|
(0.98
|
)
|
|
$
|
0.32
|
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used in computing per share amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
28,749,126
|
|
|
|
5,777,767
|
|
|
|
28,567,406
|
|
|
|
3,910,676
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
29,682,250
|
|
|
|
5,777,767
|
|
|
|
29,653,263
|
|
|
|
3,910,676
|
|
Non-GAAP Financial Measures
EBITDA
EBITDA consists of net income minus interest income, minus income tax
benefit, minus minority interest benefit, plus interest expense, plus
income tax expense, plus minority interest expense and plus depreciation
and amortization. Interest income consists primarily of interest earned
on short-term investments or cash deposits. Interest expense consists
primarily of interest expense for capital leases, long-term and
short-term borrowings. We use EBITDA as a measure of operating
performance. However, EBITDA is not a recognized measurement under U.S.
generally accepted accounting principles, or GAAP, and when analyzing
our operating performance, investors should use EBITDA in addition to,
and not as an alternative for, net income as determined in accordance
with GAAP. Because not all companies use identical calculations, our
presentation of EBITDA may not be comparable to similarly titled
measures of other companies. Furthermore, EBITDA is not intended to be a
measure of free cash flow for our management’s discretionary use, as it
does not consider certain cash requirements such as tax payments.
We believe EBITDA is useful to an investor in evaluating our operating
performance because it is widely used to measure a company’s operating
performance without regard to items such as depreciation and
amortization, which can vary depending upon accounting methods and the
book value of assets, and to present a meaningful measure of corporate
performance exclusive of our capital structure and the method by which
assets were acquired. Our management uses EBITDA as a measurement of
operating performance, because it assists us in comparing our
performance on a consistent basis, as it removes depreciation,
amortization, interest and taxes. We also use EBITDA in presentations to
the members of our board of directors to enable our board to have the
same measurement basis of operating performance as is used by management
to compare our current operating results with corresponding prior
periods and with the results of other companies in our industry.
The following table provides a reconciliation of net income to EBITDA:
(in
thousands)
|
|
Three Months Ended
|
|
Six Months Ended
|
|
|
December 31,
|
|
|
December 31,
|
|
|
2008
|
|
2007
|
|
2008
|
|
2007
|
Net income
|
|
$
|
3,520
|
|
$
|
1,388
|
|
|
$
|
9,434
|
|
$
|
14,210
|
Interest expense, net
|
|
|
264
|
|
|
389
|
|
|
|
157
|
|
|
693
|
Income tax expense (benefit), net
|
|
|
2,365
|
|
|
1,565
|
|
|
|
6,151
|
|
|
(5,553)
|
Minority interest
|
|
|
(135)
|
|
|
-
|
|
|
|
(554)
|
|
|
-
|
Depreciation and amortization
|
|
|
4,526
|
|
|
2,928
|
|
|
|
8,973
|
|
|
5,180
|
EBITDA
|
|
$
|
10,540
|
|
$
|
6,270
|
|
|
$
|
24,161
|
|
$
|
14,530
|
The following table provides a reconciliation of net income to EBITDA
for the Full Year 2009 Outlook:
(in millions)
|
|
Outlook
|
|
|
Full Year 2009
|
|
|
Low
|
|
High
|
Net income
|
|
$
|
11.0
|
|
$
|
12.7
|
Interest expense, net
|
|
|
0.6
|
|
|
0.6
|
Income tax expense, net
|
|
|
8.0
|
|
|
9.3
|
Minority interest
|
|
|
(0.6)
|
|
|
(0.6)
|
Depreciation and amortization
|
|
|
19.0
|
|
|
20.0
|
EBITDA
|
|
$
|
38.0
|
|
$
|
42.0
|
Pro Forma Net Income per Share
On December 18, 2007, the Company completed an initial public offering
in which it sold 4,450,000 shares of common stock. Concurrently with the
completion of the offering was the automatic conversion of outstanding
preferred shares into 19,879,675 common shares. Also concurrent with the
IPO, the Company paid dividends of $6.4 million on its Series C
preferred stock. The Company has provided pro forma net income per basic
and diluted share for the three and six months ended December 31, 2008
and 2007 in this release, in addition to providing financial results in
accordance with GAAP. The pro forma net income per basic and diluted
share reflects the following for all periods presented: (i) weighted
average effect of the IPO shares, (ii) elimination of preferred stock
dividends, (iii) elimination of preferred stock accretion,
(iv) conversion of the preferred shares to common shares as of the
beginning of the period, and (v) elimination of the income tax benefit
from the reversal of the deferred tax asset valuation allowance. The
Company believes pro forma income per basic and diluted share provides
useful information to investors by reflecting income per share on a more
representative basis with future operations.
The following table provides a reconciliation of pro forma net income
per share to the Company’s actual results under GAAP for the three and
six months ended December 31, 2008 as follows:
(in thousands, except share and per share data)
|
|
Three Months ended
|
|
Six Months ended
|
|
|
December 31, 2008
|
|
December 31, 2008
|
|
|
As Reported
|
|
Adjustments
|
|
Pro forma
|
|
As Reported
|
|
Adjustments
|
|
Pro forma
|
Income before income tax expense and minority interest
|
|
$
|
5,750
|
|
|
$
|
—
|
|
$
|
5,750
|
|
|
$
|
15,031
|
|
|
$
|
—
|
|
$
|
15,031
|
|
Income tax expense, net
|
|
|
(2,365
|
)
|
|
|
—
|
|
|
(2,365
|
)
|
|
|
(6,151
|
)
|
|
|
—
|
|
|
(6,151
|
)
|
Minority Interest
|
|
|
135
|
|
|
|
—
|
|
|
135
|
|
|
|
554
|
|
|
|
—
|
|
|
554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
3,520
|
|
|
|
|
|
3,520
|
|
|
|
9,434
|
|
|
|
|
|
9,434
|
|
Less preferred stock dividends
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
Less preferred stock accretion
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income available to common stockholders
|
|
$
|
3,520
|
|
|
$
|
—
|
|
$
|
3,520
|
|
|
$
|
9,434
|
|
|
$
|
—
|
|
$
|
9,434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.12
|
|
|
|
|
$
|
0.12
|
|
|
$
|
0.33
|
|
|
|
|
$
|
0.33
|
|
Diluted
|
|
$
|
0.12
|
|
|
|
|
$
|
0.12
|
|
|
$
|
0.32
|
|
|
|
|
$
|
0.32
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
28,749,126
|
|
|
|
|
|
28,749,126
|
|
|
|
28,567,406
|
|
|
|
|
|
28,567,406
|
|
Diluted
|
|
|
29,682,250
|
|
|
|
|
|
29,682,250
|
|
|
|
29,653,263
|
|
|
|
|
|
29,653,263
|
|
The following table provides a reconciliation of pro forma net income
per share to the Company’s actual results under GAAP for the three and
six months ended December 31, 2007 as follows:
(in thousands, except share and per share data)
|
|
Three Months ended
|
|
Six Months ended
|
|
|
December 31, 2007
|
|
December 31, 2007
|
|
|
As Reported
|
|
Adjustments
|
|
Pro forma
|
|
As Reported
|
|
Adjustments
|
|
Pro forma
|
Income before income tax expense and minority interest
|
|
$
|
2,953
|
|
|
$
|
—
|
|
$
|
2,953
|
|
|
$
|
8,657
|
|
|
$
|
—
|
|
|
$
|
8,657
|
|
Income tax (expense) benefit, net
|
|
|
(1,565
|
)
|
|
|
—
|
|
|
(1,565
|
)
|
|
|
5,553
|
|
|
|
(9,695
|
)
|
|
|
(4,142
|
)
|
Minority Interest
|
|
|
—
|
|
|
|
—
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
1,388
|
|
|
|
|
|
1,388
|
|
|
|
14,210
|
|
|
|
|
|
4,515
|
|
Less preferred stock dividends
|
|
|
1,395
|
|
|
|
1,395
|
|
|
—
|
|
|
|
3,066
|
|
|
|
3,066
|
|
|
|
—
|
|
Less preferred stock accretion
|
|
|
5,633
|
|
|
|
5,633
|
|
|
—
|
|
|
|
12,193
|
|
|
|
12,193
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income available to common stockholders
|
|
$
|
(5,640
|
)
|
|
$
|
7,028
|
|
$
|
1,388
|
|
|
$
|
(1,049
|
)
|
|
$
|
5,564
|
|
|
$
|
4,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
(0.98
|
)
|
|
|
|
$
|
0.06
|
|
|
$
|
(0.27
|
)
|
|
|
|
$
|
0.20
|
|
Diluted
|
|
$
|
(0.98
|
)
|
|
|
|
$
|
0.06
|
|
|
$
|
(0.27
|
)
|
|
|
|
$
|
0.20
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
5,777,767
|
|
|
|
17,070,590
|
|
|
22,848,357
|
|
|
|
3,910,676
|
|
|
|
18,475,133
|
|
|
|
22,385,809
|
|
Diluted
|
|
|
5,777,767
|
|
|
|
18,421,168
|
|
|
24,198,935
|
|
|
|
3,910,676
|
|
|
|
18,845,789
|
|
|
|
22,765,465
|
|
About K12
K12 Inc. (NYSE: LRN) is a leading provider of proprietary,
technology-based curriculum and online education programs to students in
grades K-12. K12 provides its curriculum and academic
services to online schools, traditional classrooms, blended school
programs, and directly to families. Over 50,000 students in 21 states
are enrolled in online public schools using the K12 program.
K12 Inc. also operates the K12International Academy, an
accredited, diploma-granting online private school serving students
worldwide.
K12’s mission is to provide any child the curriculum and
tools to maximize success in life, regardless of geographic, financial,
or demographic circumstances. K12 Inc. is accredited through the
Commission on International and Trans-Regional Accreditation (CITA). It
is the largest national K-12 online school provider to be recognized by
CITA. More information can be found at www.K12.com.
K12® is a registered trademark and the K12 logo,
xPotential and Unleash the xPotential are trademarks of K12 Inc.
Source: K12 Inc.
K12 Inc.
Investor Contact:
Keith Haas
SVP,
Finance and Investor Relations
703-483-7077
khaas@k12.com
or
Press
Contact:
Jeff Kwitowski
VP, Public Relations
703-483-7281
jkwitowski@k12.com