K12 Inc, an education company that sells online schooling and curricula for pre-K through to high school students, has reported net income of $24.5 million for its 2020 fiscal year, ending 30 June. This compares to net income of $37.2 million reported for 2019.
Revenue for the year of $1.04 billion, up from $1.016 billion reported for fiscal year 2019.
The Herndon, Virginia-based company reported results for the fourth quarter of 2020 ending 30 June. Net income for the period was 4.9 million, up from 3.3 million reported for Q4 2019. Revenue for the quarter was £268.9 million, up from £256.3 million reported for the fourth quarter of 2019.
K12’s chairman and chief executive Nate Davis said: “While the coronavirus pandemic has disrupted the dreams and goals of many students, the academic experience for students in K12-powered programmes has continued on schedule. The schools we support did not experience disruption, and we are thankful to have graduated more than 8,000 students this year. As we approach the new school year, we’re preparing for increased student enrolments by hiring more teachers and expanding our learning platform. Managed public school enrolments are already 150,000 as of August 7th, and we are entering what has historically been the busiest part of our enrolment season. We are therefore positioned to deliver double-digit growth in both revenue and adjusted operating income in the coming year. This is only an early estimate and not formal guidance.”
Date published: 12 August 2020