Business
Perdoceo Education Corporation Reports Fourth Quarter and Full Year 2019 Results
Full year revenue increased 8.0% as University Group total student enrollments grew by 6.4% SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\nFull year revenue increased 8.0% as University Group total student enrollments grew by 6.4% \n\n SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for the quarter and year ended December 31, 2019.\n\n\n\n\nFOURTH QUARTER 2019 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER\n\n\n\n\n\n\n \n\n\n\nFinancial Results\n\n\n\n•\n\n\n\nRevenue increased by 8.9 percent to $158.5 million as compared to $145.5 million with both universities contributing to this growth\n\n\n\n\n\n•\n\n\n\nOperating income increased 58.6 percent to $32.0 million as compared to $20.2 million\n\n\n\n\n\n•\n\n\n\nAdjusted operating income increased 16.3 percent to $34.6 million as compared to $29.7 million*\n\n\n\n\n\n•\n\n\n\nEarnings per diluted share of $0.38 as compared to earnings per diluted share of $0.20\n\n\n\n\n\n•\n\n\n\nAdjusted earnings per diluted share of $0.33 as compared to $0.30*\n\n\n\n\n\n•\n\n\n\nEnded the quarter with $294.2 million in cash, cash equivalents and available-for-sale short-term investments\n\n\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nEnrollment Metrics\n\n\n\n•\n\n\n\nCTU’s total student enrollments increased 4.4 percent supported by new student enrollment growth of 8.5 percent\n\n\n\n\n\n•\n\n\n\nAIU’s total student enrollments increased 10.2 percent supported by new student enrollment growth of 12.7 percent\n\n\n\n\n\n\n\n\nFULL YEAR 2019 RESULTS AS COMPARED TO THE PRIOR YEAR AND OTHER HIGHLIGHTS \n\n\n\nRevenue increased 8.0 percent to $627.7 million as compared to $581.3 million, supported by total student enrollment growth at both universities\n\n\nOperating income increased 21.3 percent to $86.5 million as compared to $71.3 million\n\n\nAdjusted operating income increased 27.7 percent to $134.3 million as compared to $105.2 million*\n\n\nEarnings per diluted share of $0.97 as compared to earnings per diluted share of $0.77\n\n\nAdjusted earnings per diluted share of $1.37 as compared to $1.05*\n\n\nNew student enrollments increased 14.6 percent contributing to total enrollment growth of 6.4 percent; positively impacting these trends was the academic calendar at AIU\n\n\nOperating and cost efficiencies continue to be re-invested in student support functions, technology initiatives and data analytics\n\n\nThe Company expects...