Total revenues for the year ended June 30, 2011 are expected to increase to between approximately $515 million and $520 million, consistent with prior guidance and representing a significant increase compared to revenues of $384.5 million for the year ended June 30, 2010. The Company’s financial position is strong as evidenced by a cash balance of approximately $190 million at June 30, 2011. Furthermore, the Company had no bank debt other than notes payable and capital lease obligations for computers totaling approximately $25 million. This has also been a strong business development year with regard to the opening of new states and the removal or expansion of enrollment caps in several existing states that will impact future results.
The Company has cancelled its conference call scheduled for September 14, 2011. Management will present at the BMO Back-to-School conference on September 15th, at 1:15 PM ET. A webcast of this presentation will be available at the Investor Relations section of our website, www.k12.com .
Forward Statements
This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “will,” “continue” and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: the reduction of per pupil funding amounts at the schools we serve; reputation harm resulting from poor performance or misconduct of other virtual school operators; challenges from virtual public school opponents; failure of the schools we serve to comply with regulations resulting in a loss of funding; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts with schools due to a loss of authorizing charter; failure to renew existing contracts with schools; increased competition; and other risks and uncertainties associated with our business described in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of September 12, 2011, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
For the rest of the article, go to K12 Inc. Releases Selected Preliminary FY 2011 Financial Data and Announces Delay in Filing Annual Report on Form 10-K
