Ashworth College Unveils New Bridal Consulting Online Social Community Group
Posted: February 14, 2012 at 1:47 pm
Ashworth College offers online wedding planning destination with tips, techniques, and strategies for personal and career success...for those looking to make a career in the wedding industry, this leading online school is introducing an online resource for those interested in the field of bridal consulting and wedding planning.
Peachtree Corners, GA (PRWEB) February 14, 2012
Valentine’s Day is considered to be the most popular day for couples to get engaged. And the engagement is just the first of many steps towards walking down the aisle. For those looking to make a career in the wedding industry, Ashworth College (http://www.ashworthcollege.edu/), a leading online school, has introduced an online resource for those interested in the field of bridal consulting.
Ashworth created its Bridal Consulting specialty group within its online Community to provide future bridal consultants, wedding planners and anyone else interested in all things bridal the latest industry best practices, career insights, and invaluable information for furthering their professional skills.
Ashworth offers a nationally accredited online Bridal Consulting Diploma program along with related programs such as Gourmet Cooking and Catering and Floral Arranging. Its Bridal Consulting Group currently has over 800 members (as of February 2012) which is part of the larger 100,000 plus online Ashworth Community.
“Because bridal consulting is such a popular program for Ashworth, it’s our goal is to be a trusted resource to those interested in topics relating to such a highly creative and diverse industry,” said Amy Bernard, Director of Interactive Marketing for Ashworth College.
She went on to add “For our students, we wanted to create a comprehensive online learning environment where they can interact with others who have similar interests and goals, faculty, and working professionals in the wedding industry. For prospective students, it also provides a forum to gather information and to ask questions that will benefit their personal well being or to help make informed decisions about their educational needs.”
Ashworth has been educating working adults for the past 25 years. With the launch of the Bridal Consulting Group, Ashworth now provides a state-of-the-art online resource that shares professional content with non-students, as well as social networking opportunities for existing students. Group members and visitors will find:
Job growth through 2018 will result from more and more couples – and their parents – being too busy to plan the wedding they want. They will hire professionals to handle every detail – from the engagement party to the honeymoon getaway. The U.S. Department of Labor projects opportunities for those working in wedding planning and related fields to grow up to 16%.
“I have always wanted to go into business for myself and believe that this is perfect timing for me. I basically planned my own wedding two years ago by myself. With my brother getting married in April and my sister in July of next year, I already have my first two clients lined up. I want to have all the programs completed by then and kick myself into overdrive to get my business going. It's a lot of work but I'm excited and ready to go!” posted Nicole from Dothan, AL.
About Ashworth College
Ashworth College, a leading online school, has built a tradition of excellence spanning 25 years, offering students worldwide more than 115 online college degree programs, online certificates, career training and online high school diploma options that are affordable and fit the busy schedules of working adults. Ashworth also offers military education online as well as specialized programs for corporate partners and homeschoolers.
Headquartered in Norcross, GA, Ashworth is accredited by the Distance Education and Training Council (DETC). The Accrediting Commission of the DETC is listed by the U.S. Department of Education as a nationally recognized accrediting agency. James Madison High School is further accredited by the Southern Association of Colleges and Schools Council on Accreditation and School Improvement (SACS CASI). For more information, visit http://www.ashworthcollege.edu/.
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Richard Orr
Ashworth College
770-729-8400
Email Information
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Ashworth College Unveils New Bridal Consulting Online Social Community Group
Messer to receive Ambassador of the Year honor
Posted: at 1:47 pm
Richland Economic Development executive director Leslie Messer will receive the Montana Ambassador of the Year award during the Montana Ambassadors’ annual meeting and conference March 22-23.
Messer serves on the ambassadors’ board of directors and exemplifies what it means to be a Montana Ambassador through her service to the organization and the state of Montana. Messer works every day with businesses involved in the Bakken development and growth of eastern Montana.
Gov. Brian Schweitzer has announced Harold Hamm CEO of Continental Resources, the largest independent oil producer in the Bakken region, will keynote the Montana Ambassadors annual meeting and conference. The conference theme is Imagine the Possible and will be held at the Billings Crowne Plaza.
Hamm, chairman and CEO of Continental Resources, founded the predecessor company in 1967 as an oilfield service provider, later expanding to focus on the exploration and production of crude oil and natural gas properties in Oklahoma. In 1993, Continental Resources expanded into the Rocky Mountain region, first into the Red River Units of Montana and the Dakotas, and then into the Bakken Shale play in Montana and North Dakota. The company is now the third largest crude oil producer in the Rocky Mountain region, the largest leaseholder and driller in the Bakken Shale and the largest leaseholder in the Anadarko Woodford in Oklahoma, with additional operations in the South and East regions of the United States.
“The Montana Ambassadors play an important role is sharing our success stories, such as our top business climate and high quality of life, to attract new businesses and create jobs. We are also excited to have Harold Hamm, a leader in the energy industry, speak at the annual meeting,” Schweitzer said.
A special energy panel will highlight the second day of the conference and include leaders in wind power development, coal development, merchant electrical transmission line development and oil pipeline development.
The governor will also present five major Montana Ambassador Awards.
The Montana Ambassadors is a volunteer, not-for-profit organization of leaders in business, education, economic development, and local and state government with a common dedication of supporting the governor’s economic development agenda and improving the economy of Montana.
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Messer to receive Ambassador of the Year honor
MMRGlobal Receives Valentines Valued at More Than $100 Million
Posted: at 1:47 pm
LOS ANGELES, CA--(Marketwire -02/14/12)- MMRGlobal, Inc. (OTC.BB: MMRF.OB - News) ("MMR"), a leading provider of Personal Health Records ("PHR"), MyEsafeDepositBox storage solutions and electronic document management and imaging systems for healthcare professionals, announced that the United States Patent and Trademark Office has scheduled the issuance of two U.S. patents today. U.S. Patent No. 8,117,045 is entitled "Method and System for Providing Online Medical Records." U.S. Patent No. 8,117,646 is entitled "Method and System for Providing Online Records." The issuance of these patents further expands the protection on the Company's technology related to online Personal Health Records and document imaging and filing solutions. The patented methods are embodied by the Company's solutions, including the storage, management of, and emergency access to health records and other important documents including dental records, children's health records, and veterinary health records for pets.
According to a report issued by The MichaelBass Group, an investment banking and strategic advisory services firm focused on health IT, the patents owned by MyMedicalRecords, Inc., the Company's wholly owned-subsidiary, are valued at $300 million to as much as $800 million.
"We believe the issuance of these patents could represent significant value to the Company's shareholders just one week in advance of HIMSS 2012, the largest and most important health IT conference and exhibition in the world, where we will showcase our MMRPro and MyMedicalRecords Personal Health Record products and services." said Robert H. Lorsch, MMRGlobal Chairman and CEO. "We believe our portfolio of health IT patents will continue to grow in value, especially given the national mandate that Americans have access to an electronic Personal Health Record by 2014 under the HITECH Act. We are encouraged by the fact that both our health IT and biotech intellectual property rights are already the subject of substantial license agreements."
The Jan 20, 2012 report from MichaelBass, which can be viewed online at http://michaelbass.com/PDF/JAN20MMRF.pdf, cites the market for Personal Health Records at $19 billion and focuses on the patents issued and pending in connection with a "Method and System for Providing Online Medical Records" and a "Method and System for Providing Online Records." The patents cover numerous claims involving the provision of Personal Health Records and other health information and document management systems and technologies. The patents also address the management of paper and other information contained in a Personal Health Record and deal with the fact that while doctors are migrating to Electronic Medical Records, the average physician still receives an average of 1,033 faxes per month of patient information.
The Company's growing portfolio of health IT patents includes those already issued to MMR in Australia and Singapore and others pending in countries around the world. These patents and other pending patent applications will be utilized in the Company's suite of Personal Health Record, professional document management and imaging systems and MyESafeDepositBox (www.myesafevideos.com) products and services. The Company also plans on offering Personal Pet Records through Dancing Paws (www.dancingpaws.com), a company founded by MMR CEO Robert H. Lorsch.
MMRGlobal also owns a significant portfolio of biotech assets which were acquired as a result of its reverse merger with Favrille, Inc., a San Diego biotech company, in January 2009. The Company spent more than $140 million on the development of a portfolio of biotech assets and related patents including the FavId® idiotype vaccine that was the Company's lead product candidate for the treatment of B-cell Non-Hodgkin's Lymphoma and also panels of anti-CD20 antibodies. Over the last several years, MMR has been working to maximize the value of both its health IT and biotech intellectual property portfolios which are already the subject of substantial license agreements.
About MMRGlobal, Inc.
MMRGlobal, Inc., through its wholly-owned operating subsidiary, MyMedicalRecords, Inc. ("MMR"), provides secure and easy-to-use online Personal Health Records ("PHRs") and electronic safe deposit box storage solutions, serving consumers, healthcare professionals, employers, insurance companies, financial institutions, and professional organizations and affinity groups. The MyMedicalRecords PHR enables individuals and families to access their medical records and other important documents, such as birth certificates, passports, insurance policies and wills, anytime from anywhere using the Internet. MyMedicalRecords is built on proprietary, patented technologies to allow documents, images and voicemail messages to be transmitted and stored in the system using a variety of methods, including fax, phone, or file upload without relying on any specific electronic medical record platform to populate a user's account. The Company's professional offering, MMRPro, is designed to give physicians' offices an easy and cost-effective solution to digitizing paper-based medical records and sharing them with patients in real time through an integrated patient portal. MMR is an Independent Software Vendor Partner with Kodak to deliver an integrated turnkey EMR solution for healthcare professionals. Through its merger with Favrille, Inc. in January 2009, the Company acquired intellectual property biotech assets that include anti-CD20 antibodies and data and samples from its FavId®/Specifid™ vaccine clinical trials for the treatment of B-Cell Non-Hodgkin's lymphoma. The MichaelBass Group has been retained by the Company for investment banking services, valuations and M&A transactions. To learn more about MMRGlobal, Inc. and its products, visit http://www.mmrglobal.com.
Forward-Looking Statements
Statements in this press release that are not strictly historical in nature, whether or not such statement relates directly to the Company's future performance, management's expectations, beliefs, intentions, estimates or projections, constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results to be materially different from historical results or from any results expressed or implied by such forward-looking statements. Some can be identified by the use of words (and their derivations) such as "need," "possibility," "offer," "development," "if," "negotiate," "when," "begun," "believe," "achieve," "will," "estimate," "expect," "maintain," "plan," and "continue," or the negative of these words. Factors that could cause or contribute to such differences include, but are not limited to, the prosecution of our patents; licensing, defending, protecting and maximizing the value of our biotechnology and health information technology intellectual property; valuation, guidance and projections provided by The MichaelBass Group; the risk the Company's products are not adopted or viewed favorably by the healthcare community; business prospects, results of operations or financial condition; risks related to the current uncertainty and instability in financial and lending markets, including global economic uncertainties; timing and volume of sales and installations; length of sales cycles and the installation process; market acceptance of new product introductions; ability to establish and maintain strategic relationships; relationships with licensees; competitive product offerings and promotions; changes in government laws and regulations and future changes in tax legislation and initiatives in the healthcare industry; undetected errors in our products; possibility of interruption at our data centers; risks related to third party vendors; risks related to obtaining and integrating third-party licensed technology; acceptance of the Company's marketing and promotional campaigns; risks related to a security breach by third parties; risks associated with recruitment and retention of key personnel; uncertainties associated with doing business internationally across borders and territories; and additional risks discussed in the Company's filings with the Securities and Exchange Commission. Additionally, we are a developing early-stage company and many variables can affect revenues and/or projections, including factors out of our control. The Company is providing this information as of the date of this release and, except as required by law, does not undertake any obligation to update any forward-looking statements contained in this release as a result of new information, future events or otherwise.
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MMRGlobal Receives Valentines Valued at More Than $100 Million
Development Geologist
Posted: at 1:47 pm
Maersk Oil & Gas AS (Maersk Oil) is seeking an experienced Development Geologist to work in our Houston office to support the company's Angola deep-water development activities.
Qualifications:
The successful candidate will have a minimum BSc. degree in Geology, and 5+ years of active work experience as a Reservoir Geologist. Good personal work efficiency, ethics, team-work, inter-personal and communication skills are essential qualifications. The Development Geologist is sought to assist development well planning, optimisation and execution of the development program.
The candidate is expected to have the following technical skills in order to perform satisfactorily in this position:
� Experience in the integration of detailed seismic interpretation, static modelling and dynamic simulation results for well targeting, well planning and optimisation in vertically stacked reservoir systems, and during the execution phase. Petrel expertise is highly preferred
� Knowledge of reservoir modelling techniques and software is required in order to successfully integrate seismic and RE data into development well planning and optimisation
� Knowledge of modern Operations Geology is essential: including LWD, wireline logging and Petrophysics interpretation principals, as well as knowledge of modern well completion strategies
� Experience in the planning and execution of formation evaluation campaigns for operated wells, in collaboration with subsurface (geosciences and Reservoir Engineering), drilling and completions personnel and overseas field operations bases (west African experience is highly preferred)
� Deepwater operations and international experience is highly desirable
The role has the following key responsibilities:
� The successful candidate will liaise and integrate data from the Seismic Interpretation, Geologic Modelling and Reservoir Engineering groups in order to assist development planning activities and execution of the Field Development Plan, reporting to the Chissonga Subsurface Manager
� Significant scope exists for performing seismic and well data interpretation and geologic modelling during both the construction and execution of the Field Development Plan
� Daily liaison with our Operations Geologist in Luanda as an interface between the Houston Subsurface Team and our Luanda Operations groups
� Planning of FE programs and the preparation of geological operations documents in support of our development drilling program. All applicants should possess a valid US work authorization. Maersk Oil is an Equal Opportunity Employer.
All applicants should possess a valid US work authorization.
Maersk Oil is an Equal Opportunity Employer.
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Development Geologist
Episode 1 – Why Online Learning.mp4 – Video
Posted: at 1:46 pm
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Episode 1 - Why Online Learning.mp4 - Video
Teen Cell Phone Use on the Rise in 2011, OnlineSchools.com Infographic Reveals
Posted: at 1:46 pm
A recent report from Nielsen showed that in 2011, teens ages 13-17 used an average of 320MB of data per month on their cell phones –an increase of 256 percent from 2010. OnlineSchools.com has reported on additional key findings from the report in its newest infographic.
Foster City, CA (PRWEB) February 14, 2012
OnlineSchools.com, a digital resource for online education from kindergarten to graduate school, recently launched “Generation Text,” an in-depth look at mobile phone usage among teens. Analysis of Neilsen’s study, “New Mobile Obsession: U.S. Teens Triple Data Usage,” shows that teens exchange an average of 3,417 text messages per month, more than any other age group tracked. Comparing data from 2010 and 2011, the infographic also discusses the average monthly data usage between males and females.
“One of the standout data points from this study was the quantity of mobile messages being exchanged. On average, teens surveyed are sending around seven text messages per hour,” shared Seth Restaino, OnlineSchools.com spokesperson. ”Sadly, what this study does not show is that teen texting has been linked to other unhealthy behaviors, such as texting while driving.”
Teens increased their cell phone use by upwards of 95 percent for activities such as online gaming and mobile radio. More than 20 percent of teens included in the study say that they choose to text over call because it’s faster. Furthermore, as teen cell phone use becomes more popular, it comes as no surprise that they prefer smart phones like Androids and iPhones.
“As a result of the popularity of smart phones with teens, we're seeing an increase in the number of education-related mobile applications that are available. Having access to these new mobile learning tools is helping to inspire teens to give greater consideration to their future educational opportunities and that’s something that OnlineSchools.com is excited to be a part of,” noted Restaino.
For news related to this infographic, such as 11 free iPad apps to help with homeschool and other information related to online schooling and education news, follow @OnlineSchools on Twitter and become a fan on Facebook.
About OnlineSchools.com
Launched in 2011, OnlineSchools.com provides a searchable directory of accredited schools serving current and potential online students at every grade level. The site advocates online learning and supports parents and students as they progress from one educational decision point to the next. OnlineSchools.com is owned and operated by QuinStreet, Inc. (NASDAQ: QNST), one of the largest Internet marketing and media companies in the world. QuinStreet is committed to providing consumers and businesses with the information they need to research, find and select the products, services and brands that meet their needs. The company is a leader in visitor friendly marketing practices. For more information, please visit QuinStreet.com.
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Sara Robbins
QuinStreet, Inc.
775-321-3621
Email Information
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Teen Cell Phone Use on the Rise in 2011, OnlineSchools.com Infographic Reveals
Capella Education Company Reports Fourth Quarter and Full Year 2011 Results
Posted: at 1:46 pm
MINNEAPOLIS--(BUSINESS WIRE)--
Capella Education Company (NASDAQ: CPLA - News), a provider of online post-secondary education, primarily through its wholly owned subsidiary Capella University, today announced financial results for the three months and year ended Dec. 31, 2011.
“2011 was a year marked by a challenging economic environment and increased competition for the high-quality learners Capella serves,” said Kevin Gilligan, chairman and chief executive officer. “We shifted to a brand driven marketing strategy, made difficult decisions to align expenses and stayed focused on delivering a high-quality educational experience to our learners. Capella’s momentum entering 2012 continues in the right direction as we accelerate investments to drive learner success through innovation.”
For the three months ended Dec. 31, 2011:
Revenues were $110.0 million, compared to $114.7 million in the fourth quarter of 2010, a decrease of 4.1 percent. Operating income was $18.9 million, compared to $28.3 million for the same period in 2010. Operating margin was 17.2 percent, compared to 24.7 percent for the fourth quarter 2010. An elimination of 63 non-faculty positions resulted in a $1.3 million charge. The workforce reduction is expected to result in annualized cost savings of about $5.2 million. Net income attributable to Capella Education Company for the fourth quarter of 2011 was $12.1 million, compared to $18.1 million for the same period in 2010. Diluted net income per share was $0.85, compared to $1.09 for the same period in 2010. Capella University total active enrollment decreased 4.5 percent to 37,704 and new enrollment decreased by 9.4 percent from fourth quarter 2010.
For the fiscal year ended Dec. 31, 2011:
Revenues increased by 0.9 percent to $430.0 million, compared to $426.1 million for the same period in 2010. Operating income for 2011 was $80.1 million or 18.6 percent of revenue, compared to $95.0 million or 22.3 percent of revenue during 2010. Excluding the impact from two workforce reductions during fiscal year 2011, the operating margin was 19.4 percent. Net income attributable to Capella Education Company was $52.1 million or $3.40 per weighted average number of diluted shares outstanding, compared to $61.3 million or $3.64 per share for 2010. Capella University average quarterly enrollment growth decreased by 1.5 percent compared to 2010. Total Capella University new enrollment for 2011 decreased 32.0 percent, compared to a 24.4 percent increase in 2010.
Balance Sheet and Cash Flow
As of Dec. 31, 2011, the Company had cash, cash equivalents, and marketable securities of $127.0 million, compared to $193.2 million at Dec. 31, 2010, and no debt for the same periods.
Cash flow from operations for 2011 was $80.3 million compared to $88.4 million in 2010, a decrease of 9.2 percent.
Share Repurchase
The Company repurchased approximately 2.5 million shares of Capella stock for total consideration of $103.4 million in fiscal year 2011. In the fourth quarter 2011, the Company repurchased approximately 775,000 shares of Capella stock for total consideration of $25.2 million. The remaining authorization as of the end of the fourth quarter was $59.6 million.
“Our financial position is solid with a strong balance sheet and significant cash position to continue to invest in long-term sustainable growth,” said Steve Polacek, senior vice president and chief financial officer. “Despite economic pressures in 2011 we maintained our commitment to help our learners achieve their academic and professional goals and to return value to shareholders.”
Outlook
For the first quarter ending March 31, 2012, consolidated revenue, including revenue from Resource Development International Ltd. (RDI), our UK subsidiary, is expected to decline by about 1 to 2 percent compared to first quarter 2011. Capella University total enrollment is expected to decline by about 5 to 6 percent compared to first quarter 2011. New enrollment growth for Capella University is expected to be slightly down for the first quarter of 2012, compared to a new enrollment decline of 36 percent in the first quarter of 2011.
The consolidated operating margin is anticipated to be approximately 15 to 16 percent of total revenue for the first quarter of 2012 compared to 20.2 percent during the first quarter of 2011. The expected decline in operating margin is primarily related to strategic investments in learner success initiatives and higher depreciation expenses, as well as financial results related to Resource Development International which was acquired in July 2011.
“Visibility beyond first quarter remains limited, given the market environment and our new brand and learner success strategies,” said Polacek. “However, we expect 2012 quarterly year-over-year total enrollment percentage declines to be less than first quarter 2012. Our goal is to achieve operating margins in the range of 15 to 17 percent for 2012 as we are investing significantly in innovative ways to support learner success, drive differentiation and strengthen diversification.”
Forward-Looking Statements
Certain information in this news release does not relate to historical financial information, including statements relating to our future prospects and our expectations regarding our revenues, enrollment, and operating performance, and may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The company cautions investors not to place undue reliance on any such forward-looking statements, which are based on information available at the time those statements are made or management's good faith belief as of that time with regard to future events, and should not be read as a guarantee of future performance or results. Such statements are subject to certain risks and uncertainties that could cause the company's actual results in the future to differ materially from its historical results and those presently anticipated or projected. The company undertakes no obligation to update its forward-looking statements to reflect events or circumstances arising after such date.
Among these risks and uncertainties are any failure to materially comply with the extensive regulatory framework applicable to us, including compliance with Title IV of the Higher Education Act and the regulations thereunder; complying with U.S. Department of Education rules, including those regarding incentive compensation, state authorization, and gainful employment; maintaining our business in accordance with regional and specialized accreditation standards and state regulatory and program approval requirements; changes in the administration, funding and availability for Title IV programs; responding to any additional governmental inquiries into our financial aid practices; attracting and retaining high quality, academically prepared learners; updating and expanding the content of existing programs and developing new programs; the review of our business and financial aid practices by governmental authorities, including action by Federal Student Aid on the final audit report of the Office of Inspector General of the U.S. Department of Education arising out of its ongoing compliance audit of Capella University; changes in applicable federal and state laws and regulations and accrediting agency policies, including as a result of ongoing U.S. Department of Education rulemaking and recent Congressional review of our industry; maintaining and expanding existing commercial relationships with employers and developing new such relationships; effectively instituting changes in our marketing and brand management approach and with the use of aggregators; improving our learner cohort retention rate; improving our conversion rates; keeping up with advances in technology important to the online learner experience; our ability to successfully identify and integrate acquisitions; complying with regulations applicable to our international operations; managing operational challenges with acquired entities; our use of business technology to accurately store, process and report relevant data; changes in student enrollment including new enrollments and learner persistence; effectively implementing cost reductions in our business; managing increases in our expenses; and risks associated with the overall competitive environment and general economic conditions.
Other factors that could cause the company's results to differ materially from those contained in its forward-looking statements are included under, among others, the heading "Risk Factors" in our most recent Form 10-K and Form 10-Qs on file with the Securities and Exchange Commission and other documents filed by the company with the Securities and Exchange Commission.
Conference Call
Capella will discuss its fourth quarter 2011 results and outlook during a conference call scheduled today, Feb. 14, 2012, at 9:00 a.m. Eastern time (ET). To participate in the live call, investors should dial 866.385.4179 (domestic) or 702.928.7882 (international) at 8:50 a.m. (ET), conference ID# 39946212. The webcast, including the accompanying presentation, will be available on the Capella Education Company Web site at http://www.capellaeducation.com. A replay of the call will be available starting on Feb. 14, 2012 through Feb. 21, 2012, at 855.859.2056 (domestic) or 404.537.3406 (international), conference ID# 39946212. It will also be archived at http://www.capellaeducation.com in the investor relations section for 60 days.
About Capella Education Company
Founded in 1991, Capella Education Company is a leader in online education, primarily through our wholly owned subsidiary Capella University, a regionally accredited* online university. In addition, Capella Education Company offers online education through Resource Development International Ltd. (RDI), an independent provider of United Kingdom (UK) university distance learning qualifications.
Capella University offers online graduate degree programs in business, counseling, education, health administration, homeland security, human resource management, human services, information technology, nonprofit management and leadership, nursing, psychology, public administration, public health, public safety, and social work, and bachelor's degree programs in business, information technology, nursing, psychology, and public safety. These academic programs are designed to meet the needs of working adults, combining high quality, competency-based curricula with the convenience and flexibility of an online learning format. Currently, Capella University offers 46 graduate and undergraduate degree programs with 143 specializations. More than 37,000 learners were enrolled as of Dec. 31, 2011. For more information about Capella Education Company, please visit http://www.capellaeducation.com. For more information about Capella University, please visit http://www.capella.edu or call 1.888.CAPELLA (227.3552).
Resource Development International Ltd. partners with a number of the top 100 universities in the UK to develop, validate and deliver UK higher education qualifications, predominantly through online courses. For more information, please visit http://www.rdi.co.uk.
Capella Education Company is also an investor in an innovative startup company called Sophia (http://www.sophia.org) - a social teaching and learning platform that integrates education with technology.
*Capella University is accredited by The Higher Learning Commission and is a member of the North Central Association of Colleges and Schools (NCA), http://www.ncahlc.org. Capella University, Capella Tower, 225 South Sixth Street, Ninth Floor, Minneapolis, MN 55402, 1.888.CAPELLA (227.3552), http://www.capella.edu.
CAPELLA EDUCATION COMPANY Consolidated Balance Sheets (In thousands, except par value) As of As of December 31, 2011 December 31, 2010 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 61,977 $ 77,416 Marketable securities 65,067 115,818
Accounts receivable, net of allowance of $5,789 at December 31, 2011 and $3,783 at December 31, 2010
18,239 13,680 Prepaid expenses and other current assets 12,493 8,290 Deferred income taxes 3,452 2,444 Total current assets 161,228 217,648 Property and equipment, net 50,713 44,910 Goodwill 16,980 0 Intangibles, net 6,552 0 Total assets $ 235,473 $ 262,558 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accounts payable $ 8,977 $ 4,599 Accrued liabilities 29,306 29,962 Income taxes payable 2,427 344 Deferred revenue 7,769 5,885 Total current liabilities 48,479 40,790 Deferred rent 4,215 3,466 Other liabilities 6,425 855 Deferred income taxes 12,575 7,838 Total liabilities 71,694 52,949 Redeemable noncontrolling interest 1,180 1,023 Shareholders’ equity: Common stock, $0.01 par value: Authorized shares — 100,000, issued and outstanding shares — 13,882 at December 31, 2011 and 16,306 at December 31, 2010 139 163 Additional paid-in capital 103,900 115,075 Accumulated other comprehensive income 307 758 Retained earnings 58,253 92,590 Total shareholders’ equity 162,599 208,586 Total liabilities and shareholders’ equity $ 235,473 $ 262,558 CAPELLA EDUCATION COMPANY Consolidated Statements of Income (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2011 2010 2011 2010 (Unaudited) (Unaudited) (Unaudited) Revenues $ 109,983 $ 114,723 $ 430,043 $ 426,123 Costs and expenses: Instructional costs and services 44,281 42,035 171,809 164,231 Marketing and promotional 32,220 32,288 132,032 120,427 General and administrative 13,302 12,103 42,933 46,464 Reduction of workforce 1,305 0 3,167 0 Total costs and expenses 91,108 86,426 349,941 331,122 Operating income 18,875 28,297 80,102 95,001 Other income, net 337 508 1,811 2,038 Income before income taxes 19,212 28,805 81,913 97,039 Income tax expense 7,333 10,840 30,370 35,860 Net income 11,879 17,965 51,543 61,179 Net loss attributable to noncontrolling interest 178 91 572 91 Net income attributable to Capella Education Company $ 12,057 $ 18,056 $ 52,115 $ 61,270 Net income attributable to Capella Education Company per common share: Basic $ 0.85 $ 1.10 $ 3.42 $ 3.68 Diluted $ 0.85 $ 1.09 $ 3.40 $ 3.64 Weighted average number of common shares outstanding: Basic 14,212 16,410 15,241 16,648 Diluted 14,264 16,532 15,314 16,848 CAPELLA EDUCATION COMPANY Consolidated Statements of Cash Flows (In thousands) As of December 31, 2011 2010 (Unaudited) Operating activities Net income $ 51,543 $ 61,179 Adjustments to reconcile net income to net cash provided by operating activities: Provision for bad debts 10,565 8,744 Depreciation and amortization 24,165 18,512 Amortization of investment discount/premium 2,049 2,180 Asset impairment 35 19 Gain on disposal of property and equipment (30 ) 0 Stock-based compensation 4,883 3,698 Excess tax benefit from stock-based compensation (248 ) (4,251 ) Deferred income taxes 2,516 1,354 Changes in operating assets and liabilities, net of assets acquired and liabilities assumed: Accounts receivable (13,789 ) (9,733 ) Prepaid expenses and other current assets (3,424 ) (1,635 ) Accounts payable and accrued liabilities (612 ) 4,787 Income tax payable 1,559 5,030 Deferred rent 750 514 Deferred revenue 342 (1,991 ) Net cash provided by operating activities 80,304 88,407 Investing activities Capital expenditures (29,587 ) (25,481 ) Purchases of marketable securities (3,500 ) (60,211 ) Payment for acquisition, net of cash acquired (12,640 ) 0 Sales and maturities of marketable securities 51,442 10,978 Net cash provided by (used in) investing activities 5,715 (74,714 ) Financing activities Excess tax benefit from stock-based compensation 248 4,251 Net proceeds from exercise of stock options 1,634 6,842 Repurchase of common stock (103,375 ) (49,775 ) Net cash used in financing activities (101,493 ) (38,682 ) Effect of foreign exchange rates on cash 35 0 Net decrease in cash and cash equivalents (15,439 ) (24,989 ) Cash and cash equivalents at beginning of year 77,416 102,405 Cash and cash equivalents at end of year $ 61,977 $ 77,416 Supplemental disclosures of cash flow information Income taxes paid $ 26,340 $ 29,563 Noncash transactions: Purchase of equipment included in accounts payable and accrued liabilities $ 348 $ 1,110 Noncontrolling interest contributions $ 0 $ 1,346 CAPELLA UNIVERSITY Other Information December 31, Enrollment by Degree (a): 2011 2010 % Change PhD/Doctoral 11,619 12,058 (3.6 )% Master’s 17,049 18,740 (9.0 )% Bachelor’s 8,489 8,435 0.6 % Other 547 244 124.2 % Total 37,704 39,477 (4.5 )%
(a) Enrollment as of December 31, 2011 and 2010 is the enrollment as of the last day of classes for the quarter ended December 31, 2011 and 2010, respectively.
Non-GAAP Operating Income Margin and Diluted Earnings Per Common Share:
Non-GAAP operating income margin and diluted earnings per common share are non-GAAP financial measures consisting of operating income margin or diluted earnings per common share excluding the impact of the workforce reduction expense recognized in the quarters ended March 31, 2011 and Dec. 31, 2011. The following table provides a reconciliation of operating income margin and diluted earnings per common share, the most directly comparable GAAP to non-GAAP measures.
CAPELLA EDUCATION COMPANY Reconciliation of Non-GAAP Financial Information For the Year Ended December 31, 2011 (unaudited) (in thousands, except per share amounts)
Year Ended
Year Ended
December 31, 2011
Adjustments
December 31, 2011
(GAAP) (Non-GAAP) (Non-GAAP) Revenues $ 430,043 $ 430,043 Costs and expenses: Instructional costs and services 171,809 171,809 Marketing and promotional 132,032 132,032 General and administrative 42,933 42,933 Reduction of workforce 3,167 (3,167 ) 0 Total costs and expenses 349,941 346,774 Operating income 80,102 83,269 Operating income margin 18.6 % 19.4 % Other income, net 1,811 1,811 Income before income taxes 81,913 85,080 Income tax expense 30,370 1,181 31,551 Net income 51,543 53,529 Net loss attributable to noncontrolling interest 572 572 Net income attributable to Capella Education Company $ 52,115 $ 54,101 Net income per common share attributable to Capella Education Company: Basic $ 3.42 $ 0.13 $ 3.55 Diluted $ 3.40 $ 0.13 $ 3.53 Weighted average number of common shares outstanding: Basic 15,241 Diluted 15,314
Link:
Capella Education Company Reports Fourth Quarter and Full Year 2011 Results
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