Education Management Corp. reported on Wednesday afternoon that its net loss in the fourth quarter was better than the same quarter last year.
The company posted a loss of $2 million, or 2 cents per diluted share, compared to a loss of nearly $1.2 billion, or $9.51 a share, which included a loss to the company's good will and assets.
The company's net revenues totaled $595.2 million, which was 6.9 percent lower than same quarter last year, when the company posted net revenue of $639 million.
The company also reported that total enrollment fell 9.4 percent compared to last year, to 120,920 students. New student enrollment was also down this quarter by 6.3 percent.
"The good news is, what we saw this past quarter -- it's our second quarter in a row -- if you exclude the online enrollment, our new student enrollment turned positive," said Ed West, CEO. "In addition to that, we're seeing improved retention. Once new students turn solidly positive, and you combine that with improved retention, ultimately our student body will start to grow."
Overall this year, the company posted a net revenue of $2.49 billion, a 9.5 percent loss compared to the prior fiscal year.businessnews
Michelle Hackman: firstname.lastname@example.org or 412-263-1969.