K12 Inc, an education company that sells online schooling and curricula for pre-K through to high school students, has reported net income of $12.7 million for the first quarter of its 2021 fiscal year, ending 30 September 2020. This compares to a net loss of $9.7 million reported for Q1 2020.
Revenue for the quarter was $371 million, up 44.3% from $257.1 million reported for the first quarter of fiscal year 2020, which the Herndon, Virginia-based company stated was driven by an increase in enrolments.
K12 Inc is forecasting revenue for the full fiscal year 2021 in the range of $1.445 billion to $1.470 billion and adjusted operating income of between $120 million and $130 million.
Shares in K12 Inc jumped nearly 11% in pre-market trading.
K12’s chairman and chief executive Nate Davis said: “With so much uncertainty in our lives right now, I feel fortunate. Our business is stable. It’s growing, is well positioned for the future. As you know the pandemic is helping to drive a shift to more online learning, where our great results are not just because of the Covid-19 crisis. Independent of the pandemic, as we’ve said in the past, there is an evolving view of online learning as a quality option for many families. This trend started before the pandemic, and will continue after the pandemic.”
Date published: 27 October 2020