Tuesday, May 4, 2010

“WCU's online master's program named 'best buy'” plus 3 more

“WCU's online master's program named 'best buy'” plus 3 more

WCU's online master's program named 'best buy'

Posted: 04 May 2010 05:18 AM PDT

CULLOWHEE — Western Carolina University's online master's degree program in project management has again earned the top national ranking in quality and affordability from the distance education information clearinghouse GetEducated.com.

WCU is listed first among a group of 34 "best buys," based on reviews of 56 regionally accredited business schools that offer management and administration master's degrees through distance education.

In-state students who enroll in the program pay about $5,692 to complete it compared to the average cost for obtaining the degree, $12,705, according to GetEducated.com.

WCU's project management degree also topped the distance education organization's Best Buy list in 2008.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Grand Canyon Education, Inc. Reports First Quarter 2010 Results

Posted: 04 May 2010 01:11 PM PDT

{"s" : "lope","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}

PHOENIX, May 4, 2010 (GLOBE NEWSWIRE) -- Grand Canyon Education, Inc. (Nasdaq:LOPE - News), a regionally accredited provider of online and campus-based post-secondary education services, today announced financial results for the quarter ended March 31, 2010.

"We are pleased with our solid financial results for the first quarter. We believe the financial results reflect our commitment to continuous improvement in the areas of curriculum development, instructional strategies and innovative education delivery," said Brian Mueller, Chief Executive Officer of Grand Canyon Education, Inc. "We are excited about the future as we continue to match the needs of the changing economy to relevant programs that both traditional and non-traditional students continue to seek out and benefit from."

Grand Canyon Education, Inc. Reports First Quarter 2010 Results

For the three months ended March 31, 2010:

  • Net revenues increased 61.1% to $89.3 million for the first quarter of 2010, compared to $55.5 million for the first quarter of 2009.
  • At March 31, 2010 our enrollment was approximately 38,900, an increase of 36.8% from our enrollment of approximately 28,400 at March 31, 2009.
  • Operating income for the first quarter of 2010 was $19.6 million, an increase of 117.5% as compared to $9.0 million for the same period in 2009. The operating margin for the first quarter 2010 was 21.9%, compared to 16.2% for the same period in 2009.
  • Adjusted EBITDA increased 105.0% to $23.4 million for the first quarter of 2010, compared to $11.4 million for the same period in 2009.
  • The tax rate in the first quarter of 2010 was 40.6% compared to 40.0% in the first quarter of 2009.
  • Net income increased 126.2% to $11.5 million for the first quarter of 2010, compared to $5.1 million for the same period in 2009.
  • Diluted net income per share was $0.25 for the first quarter of 2010, compared to $0.11 for the same period in 2009.

Balance Sheet and Cash Flow

As of March 31, 2010, the Company had unrestricted cash, cash equivalents and marketable securities of $97.9 million compared to $63.1 million as of December 31, 2009 and restricted cash, cash equivalents and investments at March 31, 2010 and December 31, 2009 of $6.2 million and $3.2 million, respectively. The Company generated $49.1 million in cash from operating activities in the first quarter of 2010 compared to $36.6 million in the same period of 2009. Cash used in investing activities was $14.0 million and $3.3 million for the quarters ended March 31, 2010 and 2009, respectively. In 2010, cash used in investing activities primarily consisted of purchases of computer equipment, and software costs to complete our transition from Datatel to CampusVue and Great Plains, other internal use software projects, furniture and equipment to support our increasing employee base and headcount and ground campus building projects such as a new dorm and recreational center to support our increasing traditional ground student enrollment. In 2009, capital expenditures primarily consisted of computer equipment, leasehold improvements, and office furniture and fixtures to support our increasing employee headcounts. Cash provided by financing activities was $0.3 million in first quarter 2010 as compared to cash used in financing activities of $0.1 million for the quarter ended March 31, 2009.

Second Quarter 2010 Outlook

For the second quarter ending June 30, 2010, enrollment is expected to grow by between 32% and36%, to between 36,500 and 37,500 students at June 30, 2010 from 27,600 at June 30, 2009, and net revenues by between 47% and 49% to between $92.5 million and $94.0 million from $62.9 million in the second quarter of 2009. Diluted earnings per share is expected to be between $0.23 and $0.24 per share.

2010 Annual Outlook

For fiscal year 2010 we expect net revenues to be between $397 million and $405 million for the year ended December 31, 2010, and enrollment to be between 47,000 and 49,000 at December 31, 2010. The annual tax rate is anticipated to be approximately 40.6%. Diluted earnings per share is expected to be between $1.21 and $1.27 per share.

Forward-Looking Statements

This news release contains "forward-looking statements" which include information relating to future events, future financial performance, strategies expectations, competitive environment, regulation, and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new programs; expectations that regulatory developments or other matters will not have a material adverse effect on our financial position, results of operations, or liquidity; statements concerning projections, predictions, expectations, estimates, or forecasts as to our business, financial and operational results, and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time those statements are made or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause such differences include, but are not limited to: our failure to comply with the extensive regulatory framework applicable to our industry, including Title IV of the Higher Education Act and the regulations thereunder, state laws and regulatory requirements, and accrediting commission requirements; the results of the ongoing investigation by the Department of Education's Office of Inspector General and the pending qui tam action regarding the manner in which we have compensated our enrollment personnel, and possible remedial actions or other liability resulting therefrom; the ability of our students to obtain federal Title IV funds, state financial aid, and private financing; risks associated with changes in applicable federal and state laws and regulations and accrediting commission standards; our ability to hire and train new, and develop and train existing, enrollment counselors; the pace of growth of our enrollment; our ability to convert prospective students to enrolled students and to retain active students; our success in updating and expanding the content of existing programs and developing new programs in a cost-effective manner or on a timely basis; industry competition, including competition for qualified executives and other personnel; risks associated with the competitive environment for marketing our programs; failure on our part to keep up with advances in technology that could enhance the online experience for our students; our ability to manage future growth effectively; general adverse economic conditions or other developments that affect job prospects in our core disciplines; and other factors discussed in reports on file with the Securities and Exchange Commission.

Forward-looking statements speak only as of the date the statements are made. You should not put undue reliance on any forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Conference Call

Grand Canyon Education, Inc. will discuss its first quarter 2010 results and 2010 outlook during a conference call scheduled for today, May 4, 2010 at 5:00 p.m. Eastern time (ET). To participate in the live call, investors should dial 877-815-5362 (domestic and Canada) or 706-679-7806 (international), passcode 67084793 at 4:50 p.m. (ET). The Webcast will be available on the Grand Canyon Education, Inc. Web site at www.gcu.edu.

A replay of the call will be available approximately two hours following the conclusion of the call through May 3, 2011, at 800-642-1687 (domestic) or 706-645-9291 (international), passcode 67084793. It will also be archived at www.gcu.edu in the investor relations section for 60 days.

About Grand Canyon Education, Inc.

Grand Canyon Education, Inc. is a regionally accredited provider of online postsecondary education services focused on offering graduate and undergraduate degree programs in its core disciplines of education, business, and healthcare. In addition to its online programs, it offers programs at its traditional campus in Phoenix, Arizona and onsite at the facilities of employers. Approximately 38,900 students were enrolled as of March 31, 2010. For more information about Grand Canyon Education, Inc., please visit http://www.gcu.edu.

The Grand Canyon Education, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6443

____________

* Grand Canyon Education, Inc. is regionally accredited by The Higher Learning Commission of the North Central Association of Colleges and Schools (NCA), http://www.ncahlc.org. Grand Canyon University, 3300 W. Camelback Road, Phoenix, AZ 85017, www.gcu.edu.

GRAND CANYON EDUCATION, INC.

Adjusted EBITDA

Adjusted EBITDA is defined as net income plus interest expense net of interest income, plus income tax expense, and plus depreciation and amortization (EBITDA), as adjusted for (i) royalty payments incurred pursuant to an agreement with our former owner that has been terminated as of April 15, 2008; (ii) contributions made to Arizona school tuition organizations in lieu of the payment of state income taxes; (iii) estimated litigation loss; (iv) exit costs; (v) and share-based compensation. All of the adjustments made in our calculation of Adjusted EBITDA are adjustments to items that management does not consider to be reflective of our core operating performance. Management considers our core operating performance to be that which can be affected by our managers in any particular period through their management of the resources that affect our underlying revenue and profit generating operations during that period. Although we believe that equity-plan related compensation will be a key element of our employee relations and long-term incentives, we intend to exclude it as an expense when evaluating our core operating performance in any particular period. Accordingly, we have included share-based compensation expenses, along with royalty expenses to our former owner, and any other expenses and income that we do not consider reflective of our core operating performance, as an adjustment when calculating Adjusted EBITDA.

Our management uses Adjusted EBITDA:

  • in developing our internal budgets and strategic plan;
  • as a measurement of operating performance;
  • as a factor in evaluating the performance of our management for compensation purposes: and
  • in presentations to the members of our board of directors to enable our board to have the same measurement basis of operating performance as are used by management to compare our current operating results with corresponding prior periods and with the results of other companies in our industry.

Adjusted EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, investors should use Adjusted EBITDA in addition to, and not as an alternative for, net income, operating income, or any other performance measure presented in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of our liquidity.

The following table provides a reconciliation of net income to Adjusted EBITDA, which is a non-GAAP measure for the periods indicated:
GRAND CANYON EDUCATION, INC.
Balance Sheets
(In thousands, except share data) March 31,
2010 		December 31,
2009
(Unaudited)
ASSETS:

Current assets

Cash and cash equivalents $ 97,883 $ 62,571
Restricted cash, cash equivalents and investments (of which $170 is unrestricted
at December 31, 2009)		 6,203 3,403
Accounts receivable, net of allowance for doubtful accounts of $7,848 and $7,553 at
March 31, 2010 and December 31, 2009, respectively		 13,890 13,802
Deferred income taxes 7,146 6,685
Other current assets 4,269 3,785
Total current assets 129,391 90,246
Property and equipment, net 75,127 67,370
Investments -- 360
Prepaid royalties 7,128 7,311
Goodwill 2,941 2,941
Deferred income taxes 5,633 5,956
Other assets 1,749 554
Total assets $ 221,969 $ 174,738
LIABILITIES AND STOCKHOLDERS' EQUITY:

Current liabilities

Accounts payable $ 9,317 $ 8,762
Accrued liabilities 23,127 18,103
Accrued estimated litigation loss 5,200 5,200
Accrued exit costs 353 832
Income taxes payable 8,253 2,261
Deferred revenue and student deposits 45,283 23,204
Due to related parties 2,574 1,174
Current portion of capital lease obligations 725 751
Current portion of notes payable 2,121 2,105
Total current liabilities 96,953 62,392
Capital lease obligations, less current portion 692 868
Notes payable, less current portion and other 25,188 25,450
Total liabilities 122,833 88,710
Commitments and contingencies

Stockholders' equity

Preferred stock, $0.01 par value, 10,000,000 shares authorized; 0 shares issued and
outstanding at March 31, 2010 and December 31, 2009		 -- --
Common stock, $0.01 par value, 100,000,000 shares authorized; 45,702,415 and
45,657,946 shares issued and outstanding at March 31, 2010 and
December 31, 2009, respectively		 457 457
Additional paid-in capital 71,898 70,100
Accumulated other comprehensive loss (314) (144)
Accumulated earnings 27,095 15,615
Total stockholders' equity 99,136 86,028
Total liabilities and stockholders' equity $ 221,969 $ 174,738


GRAND CANYON EDUCATION, INC.
Statements of Cash Flows
(Unaudited)
Three Months Ended March 31,
(In thousands) 2010 2009
Restated
Cash flows provided by operating activities:
Net income $ 11,480 $ 5,075
Adjustments to reconcile net income to net cash provided by operating activities:

Share-based compensation 1,037 764
Excess tax benefits from share-based compensation (492) (9)
Amortization of debt issuance costs 16 --
Provision for bad debts 4,774 3,295
Depreciation and amortization 2,661 1,632
Exit costs (479) --
Deferred income taxes (27) (79)
Other (39) (14)
Changes in assets and liabilities:

Accounts receivable (4,862) (4,362)
Prepaid expenses and other (1,655) 185
Due to/from related parties 1,400 1,210
Accounts payable 1,912 2,435
Accrued liabilities 5,024 1,920
Income taxes payable 6,251 3,381
Deferred revenue and student deposits 22,079 21,142
Net cash provided by operating activities 49,080 36,575
Cash flows used in investing activities:

Capital expenditures (11,591) (4,500)
Change in restricted cash and cash equivalents (2,931) 1,187
Purchases of investments -- (11)
Proceeds from sale or maturity of investments 487 --
Net cash used in investing activities (14,035) (3,324)
Cash flows provided by (used in) financing activities:

Principal payments on notes payable and capital lease obligations (727) (384)
Excess tax benefits from share-based compensation 492 9
Net proceeds from exercise of stock options 502 247
Net cash provided by (used in) financing activities 267 (128)
Net increase in cash and cash equivalents 35,312 33,123
Cash and cash equivalents, beginning of period 62,571 35,152
Cash and cash equivalents, end of period $ 97,883 $ 68,275
Supplemental disclosure of cash flow information

Cash paid for interest $ 195 $ 673
Cash paid for income taxes $ 1,598 $ 138
Supplemental disclosure of non-cash investing and financing activities

Purchase of equipment through capital lease obligations $ -- $ 2,116
Purchases of property and equipment included in accounts payable $ (1,357) $ 658
Tax benefit of Spirit warrant intangible $ 259 $ 4,107

The following is a summary of our student enrollment at March 31, 2010 and March 31, 2009 (which included less than 200 students pursuing non-degree certificates) by degree type and by instructional delivery method:

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

Bridgepoint Education's Ashford University Introduces New Bachelor of Arts in Supply Chain Management and Bachelor of ...

Posted: 04 May 2010 02:00 AM PDT

{"s" : "bpi","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""}

SAN DIEGO, May 4 /PRNewswire-FirstCall/ -- Bridgepoint Education, Inc. (NYSE:BPI - News), a provider of post-secondary education services focused on providing higher access to higher education, announced today that Ashford University has introduced a new Bachelor of Arts degree in Supply Chain Management and a new Bachelor of Arts degree in Project Management. The latest additions to Ashford's degree offerings were designed to give students a broad understanding of business as a whole, while building expertise in two in-demand focus areas.

According to the Bureau of Labor Statistics, the projected demand for supply chain/logistics managers will increase much faster than the national job average due to the complex nature of managing supplies, inventory, costs and resources. Ashford's Supply Chain Management program will prepare students to pursue positions such as Inventory Planning Analyst, Production Scheduler, Materials Planner, Production Planner, Operations Manager, Transportation Manager, Purchasing Manager, Materials Manager, Warehouse Operations Manager and Logistics Manager.

"Ashford University's B.A. in Supply Chain Management combines the optimum blend of theory and professional practice for anyone seeking a career in the distribution of products, services and materials," said Dr. Michael Reilly, program director of the Ashford University College of Business and Professional Studies. "It's designed for anyone with an interest in supply chain management, transportation management or warehouse management."

A Bachelor of Arts degree in Project Management from Ashford will prepare students for hundreds of potential career opportunities in a rapidly expanding field. Some potential career paths for graduates include Project Manager, Project Leader, Corporate Projects Manager, Project Analyst, Cost Estimator, Quality Assurance Specialist, Construction Scheduler and Business Analyst.

"Ashford University's B.A. in Project Management prepares future project managers with team leadership skills and the key quantitative and qualitative analytical skills that are so important to the successful completion of any project," said Dr. Charles Minnick, dean of the Ashford University College of Business and Professional Studies. "While our Project Management degree program combines business theory and professional practice, it also prepares students to work with the people carrying out the project tasks. This combination is essential to organizational and project success."

The Project Management Institute estimates that the number of project-oriented jobs will grow by 8.2 million by the year 2016. Project managers are responsible for overseeing all elements of projects, from leading workers to maintaining workflow. They need to be highly trained problem solvers, logical thinkers and sophisticated analysts. The curriculum for the Ashford Project Management degree focuses on these crucial skills.

Ashford University's Bachelor of Arts in Supply Chain Management and Bachelor of Arts in Project Management are currently available online only. They do not include any additional professional licensures or certifications.

About Ashford University

Founded in 1918, Ashford University is accredited by the Higher Learning Commission of the North Central Association of Colleges and Schools (www.ncahlc.org).  The University offers graduate and undergraduate degree programs online and at its Clinton, Iowa, campus.  The University is known for its high quality yet highly affordable online and on-campus programs.  For more information, please visit www.ashford.edu or call Shari Rodriguez, director of Public Relations, at 858.513.9240 x2513.

About Bridgepoint Education

Bridgepoint Education's postsecondary education services focus on offering associate's, bachelor's, master's and doctoral programs in such disciplines as business, education, psychology, social sciences and health sciences.  Bridgepoint Education's regionally accredited academic institutions – Ashford University and University of the Rockies – deliver their programs online as well as at traditional campuses located in Clinton, Iowa, and Colorado Springs, Colorado.  For more information about Bridgepoint Education, visit www.bridgepointeducation.com or call Shari Rodriguez, director of Public Relations at 858.668.2580.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.

KSU Dean Recognized For Contributions To Education

Posted: 04 May 2010 05:48 AM PDT

MANHATTAN, Kansas - The Friends of the Great Plains Interactive Distance Education Alliance is recognizing Sue Maes, dean of the Division of Continuing Education at Kansas State University, for her expertise in building new academic programs and fostering institutional collaboration.

Maes received the Friends of the Great Plains Interactive Distance Education Alliance Award April 18. The honor recognizes her as an unwavering proponent of online learning and for her belief that technology closes the gaps between institutions across the country and around the world.

The award was created in 2006 to honor individuals who have made a significant contribution to the development and/or operation of the Great Plains Interactive Distance Education Alliance, also known as the Great Plains IDEA.

The alliance is an award-winning multistate alliance of human sciences colleges. It was founded in 1994, with assistance from Maes, as a marketplace for sharing distance education courses and programs at the graduate and undergraduate level. From that, AG*IDEA, an affiliate alliance, also was created. Both alliances are comprised of 30 national universities that have either joined or have signed an intent to join.

Maes is widely recognized as a leading authority in best online practices for interinstitutional and/or multistate collaborative program development and delivery.

"I believe the formation of the Great Plains Interactive Distance Education Alliance is one of the most significant innovations in higher education in perhaps the last decade," Maes said. "The Great Plains IDEA has fostered a spirit of academic collaboration among peer higher education institutions. Beyond the spirit, the alliance has found a way to build, price and sustain new degree programs that alone would have been impossible for any one single institution to launch.

"I am deeply grateful to be honored for my early leadership in the building of the Great Plains IDEA," she said.

-----------------------------------------------
3) Source: Karen Pence, 785-532-5500, ktpence@k-state.edu News release prepared by: Beth Bohn, 785-532-2535, bbohn@k-state.edu

FAMILY AND CONSUMER SCIENCES HONOR SOCIETY PHI UPSILON OMICRON INITIATES NEW MEMBERS AT K-STATE

MANHATTAN -- A national honor society in family and consumer sciences has new members at Kansas State University.

K-State's Alpha Chi chapter of Phi Upsilon Omicron initiated new members April 25. Phi Upsilon Omicron is the oldest national family and consumer sciences honor society. It recognizes and encourages excellence in scholarship, leadership and service. It also encourages lifelong learning and commitment to advance family and consumer sciences and related areas.

K-State's chapter, established in 1960, is one of 57 collegiate chapters of the honor society, which has more than 90,625 members in the U.S. and around the world. The honor society was founded in 1909 and is a member of the Association of College Honor Societies.

New members of Phi Upsilon Omicron at K-State include:

Amie Rodda, junior in family studies and human services, Abilene; Annelise Masters, junior in communication sciences and disorders, Burlington; Joshua Nicholson, senior in dietetics, Hoisington; Kasey Kile, graduate student in early childhood education, Kinsley; Kaitlin Jones, junior in interior design, Leoti; Mollie Wallace, sophomore in human ecology, Overland Park; Amy Hodgdon, junior in family studies and human services, Shawnee; Alicia Ewing, sophomore in family studies and human services, Wamego.

From Wichita: Alicia Jones, sophomore in family studies and human services; Megan Lazzo, senior in family studies and human services; and Andrea Schrage, graduate student in public health.

From out of state: Sherelle "Nikki" Ramsey, graduate student in family studies, Statesville, N.C.

Five Filters featured article: The Art of Looking Prime Ministerial - The 2010 UK General Election. Available tools: PDF Newspaper, Full Text RSS, Term Extraction.
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)