Strayer Education Inc (NASDAQ:STRA) had their quarterly earnings announcement yesterday morning and there were a couple interesting announcements. Someone asked me for a comment on the report. I listened to the call this morning and here are some notes along with my basic comment in reply…
Here are some notes:
- Enrollments for fall term 2013 decreased 17% to 43,192 (last year it was 51,727)
- Continuing student enrollment decreased 14%
- New student enrollment decreased 23%
- Revenues continue to fall—down 11% in Q3 2013
- Earnings are down 23% yoy
- Cash on balance sheet is now $85mn. They didn’t repurchase shares and let cash build throughout the quarter.
- Even with the declining revenue, the business...
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