K12 Is in-Line on Top and Bottom Lines
Education technology and services provider K12 reported fiscal 2014 first-quarter results today before the markets opened, showing that it posted net revenues of $228.4 million, a 3.3% increase from the same period in the previous year, and almost perfectly aligned with the $227.2 million Capital IQ consensus estimate.
While attributable net losses came in at $5 million, or $0.13 per share, slightly worse than the $4.4 million recorded in the same period in 2013, it was in-line with the CapIQ estimates of $0.13 per share.
K12 says its results suffered as a result of some changes made to contract agreements it had while institutional sales were hurt as a result of market pressure on some of its product lines. However, the board of directors authorized a stock buyback of up to $75 million.
The education tech specialist said it anticipates revenues of $218 million to $228 million in the second quarter, also in-line with analyst expectations that K12 will post revenues of $0.33 per share on revenues of $222.9 million.
The article K12 Is in-Line on Top and Bottom Lines originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends K12. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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