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Perdoceo Education Corporation Reports Second Quarter and Year to Date 2021 Results
SCHAUMBURG, Ill.--(BUSINESS WIRE)-- Perdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for quarter and year to date
About this update from Perdoceo Education Corporation
[{"type":"text","content":"\n \n\n SCHAUMBURG, Ill.--(BUSINESS WIRE)--\nPerdoceo Education Corporation (NASDAQ: PRDO) today reported operating and financial results for quarter and year to date ended June 30, 2021.\n\nSecond Quarter 2021 Results as Compared to Prior Year Quarter\n\n\nRevenue decreased 0.3 percent to $175.5 million. Revenue declined at AIU, partially offset by growth at CTU.\n\n\nOperating income decreased 3.8 percent to $36.0 million while adjusted operating income increased 1.8 percent to $42.3 million.*\n\n\nEarnings per diluted share was $0.37 as compared to $0.40 while adjusted earnings per diluted share was $0.41 for each period.*\n\n\nTotal student enrollments at June 30, 2021 increased by 7.5 percent, with CTU experiencing a 14.2 percent increase that was partially offset by a 1.8 percent decrease within AIU. Total student enrollments at CTU were positively impacted by the academic calendar redesign.\n\n\nEnded the quarter with $480.7 million in cash, cash equivalents, restricted cash and available-for-sale-short-term investments.\n\n\nYear to Date 2021 Results as Compared to Prior Year to Date\n\n\nRevenue increased 3.5 percent to $359.2 million with both CTU and AIU contributing to the growth.\n\n\nOperating income increased 2.6 percent to $76.6 million while adjusted operating income increased 6.8 percent to $87.2 million.*\n\n\nEarnings per diluted share was $0.80 for both the current and prior year to date periods while adjusted earnings per diluted share was $0.85 as compared to $0.81.*\n\n\n*See GAAP (U.S. generally accepted accounting principles) to non-GAAP reconciliation attached to this press release\n\n“Student experiences, retention and academic outcomes remain the focus of our operations as we and our students adjust to the evolving pandemic environment and its economic and social impacts,” said Todd Nelson, President and Chief Executive Officer. “We continue to optimize our operations to serve and educate students as efficiently and effectively as possible. Our balance sheet remains a source of strength that enables us to continue investing in our existing operations while also reviewing opportunities to acquire academic programs that will expand the breadth of our program offerings.”\n\nBUSINESS ACQUISITION \n\nOn August 2, 2021, Perdoceo Education Corporation (the \"Company\") acquired substantially all of the asse...