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Jessica Sabbath// July 31, 2014//
Strayer Education Inc. reported Thursday that its second-quarter revenues dropped 15 percent as its overall student enrollment fell 6 percent.
The Herndon-based company, which operates the proprietary Strayer University, reported second-quarter revenue of $112.7 million, compared with $132 million during the same time last year.
Strayer attributed the drop in revenue to lower enrollment and lower revenue per student. Summer enrollment decreased 6 percent to 36,403 students, compared to 38,627 students in the summer last year. New enrollment increased 2 percent, while continuing enrollment fell 8 percent.
Profit at the company fell 9 percent in the second quarter to $13.7 million, or $1.29 per diluted share, compared to $15 million, or $1.42 per diluted share, the previous year.
The company also announced that CFO Mark Brown will retire March 15 after 13 years with the company. Daniel Jackson, Strayer's current senior vice president and treasurer, will become the next CFO.
