K12 Inc. Reports First Quarter 2011 EPS of $.07

K12 Inc. LRN today announced its results for the first quarter of fiscal year 2011. Revenues for the first quarter were $134.9 million, an increase of $28.5 million or 26.8 percent, as compared to $106.3 million for the first quarter of FY 2010. Excluding acquisitions, enrollments in K12 public schools for the first quarter were 82,670, an increase of 18.9 percent over the first quarter of FY 2010. In addition, enrollment in private schools including the K12 International Academy increased to 2,280 full time equivalents (FTEs), a growth rate of 165.6 percent. In addition, enrollments in the Aventa, iQ and Keystone acquired during the period were 14,661 FTEs. Net income - K12 Inc. was $2.2 million as compared to $7.1 million in the first quarter of FY 2010, a decrease of 69.0 percent. Diluted net income attributable to common stockholders per share was $0.07 as compared to $0.24 in the first quarter of FY 2010, a decrease of 70.8 percent.