HERNDON, Va.--(BUSINESS WIRE)--Oct. 8, 2013--
K12 Inc. (NYSE: LRN) announced today that it plans to host a conference
call to discuss full fiscal year 2014 guidance at 4:30 p.m. Eastern Time
(ET) on Thursday, October 10, 2013.
The Company is reporting Q1 FY 2014 average student enrollments1
Q1 average student enrollments are equal to the official count date
number, which is the first Wednesday of October in a year. in managed
public schools of 128,550, an increase of 5.7% over Q1 FY 2013, which is
below management’s expectations. The Company expects full fiscal year
revenues in the range of $905 million to $925 million and full year
operating income in the range of $53 million to $57 million.
Demand for our products and services remains strong, as evidenced by an
11% increase in enrollment applications as compared to last year.
However, we believe the increase in Managed Public School enrollments
fell short of internal expectations due to several factors, which
include, among others:
-
The Company’s inability to convert the increased volume of student
applications into enrollments at a level achieved during previous
years due to performance in its enrollment centers and, to a lesser
extent;
-
The delayed start of the open enrollment period for certain schools.
The Company will provide more detailed guidance after the market closes
on Thursday, October 10, 2013, prior to the call. A live webcast of the
call will be available at www.k12.com
through the investor relations link. To participate in the live call,
investors and analysts should dial (877) 546-5021 (domestic) or (857)
244-7553 (international) at 4:15 p.m. (ET). The participant pass code is
55392404.
A replay of the call will be available starting on October 10, 2013 at
8:30 p.m. ET through November 10, 201311:59 p.m. ET, at (888) 286-8010
(domestic) or (617) 801-6888 (international) pass code 31476225. The
replay will also be archived at www.k12.com
in the investor relations section for 60 days.
About K12 Inc.
K12 Inc. (NYSE: LRN)
is leading the transformation to individualized learning as the nation's
foremost provider of technology-powered online solutions for students in
pre-kindergarten through high school. K12 has worked with over 2,000
school districts and has delivered more than four million courses over
the past decade. K12 provides curricula, academic services, and learning
solutions to public schools and districts, traditional classrooms,
blended school programs, and families. K12's curriculum is rooted in
decades of research combined with 21st-century technology by cognitive
scientists, interactive designers and teachers. K12's portfolio of more
than 550 unique courses and titles—the most extensive in the
technology-based education industry—covers every core subject and four
academic levels for high school including Honors and AP. K12 offers
credit recovery courses, career-building electives, remediation support,
six world languages and a deep STEM offering. The K12program
is offered through K12partner public schools in more than
two-thirds of the states and the District of Columbia, and through
private schools serving students in all 50 states and more than 100
countries. More information can be found at K12.com.
Special Note on Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. We
have tried, whenever possible, to identify these forward-looking
statements using words such as “anticipates,” “believes,” “estimates,”
“continues,” “likely,” “may,” “opportunity,” “potential,” “projects,”
“will,” “expects,” “plans,” “intends” and similar expressions to
identify forward looking statements, whether in the negative or the
affirmative. These statements reflect our current beliefs and are based
upon information currently available to us regarding student enrollments
and related financial information Accordingly, such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which could cause our actual results, performance or
achievements to differ materially from those expressed in, or implied
by, such statements. These risks, uncertainties, factors and
contingencies include, but are not limited to: our potential inability
to further develop, maintain and enhance our products and brands; the
reduction of per pupil funding amounts at the schools we serve;
reputation harm resulting from poor performance or misconduct by
operators in any school in our industry and in any school in which we
operate; challenges from virtual public school or hybrid school
opponents; failure of the schools we serve to comply with regulations
resulting in a loss of funding or an obligation to repay funds
previously received; 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 enter into new contracts or renew existing contracts
with schools; risks associated with entering into and executing mergers,
acquisitions and joint ventures; failure to successfully integrate
mergers, acquisitions and joint ventures; inability to recruit, train
and retain quality teachers and employees; uncertainty regarding our
ability to protect our proprietary technologies; risks of new, changing
and competitive technologies; increased competition in our industry; and
other risks and uncertainties associated with our business described in
the Company’s filings with the Securities and Exchange Commission. All
information in this release is as of October 8, 2013, 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.
1 Q1 average student enrollments are equal to the official
count date number, which is the first Wednesday of October in a year.
Source: K12 Inc.
K12 Inc.
Investor Contact:
Mike Kraft,
571-353-7778
VP Investor Relations
mkraft@k12.com
or
Press
Contact:
Jeff Kwitowski, 703-483-7281
SVP Corporate
Communications
jkwitowski@k12.com