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Nobel learning communities have posted improved third quarter results

July 23,2011 by: admin

Nobel Learning Communities is one of the biggest operators of private preschools, middle and elementary schools, and the K-12 online distance learning. They have posted their financial results for their third quarter that ended on 2nd April, 2011.

There was an increase in the net income as well as earning per share which had increased by 100% during the third quarter and gone to $2.3 million or $0.22 per diluted share, while it was $1.2 million or $0.11 per diluted share during the same period of the fiscal year 2010. The revenues have grown during the third quarter by 5% to $63.2 million as compared to $60.2 million during the same period of the fiscal year 2010. Adjusted EBITDA was at $6.7 million during the third quarter of fiscal 2011 and it was a 22% increase compared to $5.5 million a year ago. The adjusted EBITDA had gone up to $18.0 million on the trailing 12 month basis.

CEO and President of Nobel Learning Communities Inc. George Bernstein stated that the growth in enrollment was the best in over three years and that had led to the comparable growth in the school revenue during the second consecutive quarter where there was an increase in revenue of more than 4%. At the moment when growth in employment has started gaining traction, he feels that they are now being rewarded with an increase in enrollments as they had made investments in schools, teachers, administrators, and curriculum at the time of recession. They had also laid a lot of emphasis on improving their quality of education. They have continued to improve the efficiency as well as productivity levels in their system of education and in the way it is being delivered. This has in turn helped them in being able to expand their margins, increase the leverage in their operations, and to strengthen their balance sheets. Within a period of the last three months, they have managed to generate over $13 million in cash just out of their operations and the last year it was $18 million in adjusted EBITDA. This helped in providing them with resources to increase their brand value even more.

The comparable school revenue increased by 4.1% during the quarter, while it was 3.1% increase during the second quarter of this fiscal year, the school gross profit was $10.3 million for the third quarter of this year. This is up by 23% as it was $8.4 million during the third quarter of 2010.

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