Reduces Outstanding Share Count by Approximately 5 Percent
HERNDON, Va.--(BUSINESS WIRE)--May 16, 2018--
K12 Inc. (NYSE: LRN), a technology-based education company and leading
provider of online curriculum and online school programs for students in
pre-K through high school, today announced that it has purchased 1.83
million shares of K12’s common stock in a private block transaction at a
price of $15.00 per share. This one-time authorization by K12’s Board of
Directors was made at a purchase price of $27.5 million which will be
funded with cash on hand.
“Our business fundamentals and long-term growth prospects make
purchasing these shares an effective use of capital which benefits
shareholders,” said Nate Davis, Chief Executive Officer and Chairman of
the Board. “With strong cash flow and balance sheet our company has
ample resources to invest in opportunities to further expand and
diversify our business to best serve shareholders into the future.”
About K12 Inc.
K12 Inc. (NYSE: LRN) is driving innovation and advancing the quality of
education by delivering state-of-the-art, digital learning platforms and
technology to students and school districts across the globe. K12’s
award winning curriculum serves over 2,000 schools and school districts
and has delivered millions of courses over the past decade. K12 is a
company of educators providing online and blended education solutions to
charter schools, public school districts, private schools, and directly
to families. The K12 program is offered through more than 70 partner
public schools, and through school districts and public and private
schools serving students in all 50 states and more than 100 countries.
More information can be found at K12.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act
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. 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. 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 May 16, 2018, 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180516006508/en/
Source: K12 Inc.
K12 Inc.
Investor and Press Contact:
Mike Kraft,
571-353-7778
VP Finance and Communications
mkraft@k12.com