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National American University Holdings, Inc. Reports Fiscal 2013 Third Quarter and Nine Months Results


National American University Holdings, Inc. Reports Fiscal 2013 Third Quarter and Nine Months Results

Company to Host Conference Call on April 4, 2013, at 11:00 a.m. EDT

RAPID CITY, SD -- (Marketwired) -- 04/03/13 -- National American University Holdings, Inc. (NASDAQ: NAUH)

Financial and Operational Highlights


 
--  Enrollment by headcount increased 4.8% over the prior-year period to
    11,489 students as of February 28, 2013.
    
    
--  FY 2013 third quarter total revenue increased 7.1% to $32.1 million
    from $29.9 million in the prior-year period with the Company's
    academic segment's revenue increasing 7.1% to $31.8 million from $29.7
    million in the FY 2012 third quarter.
    
    
--  FY 2013 third quarter improvements in operating and net margins
    
    
--  FY 2013 third quarter net income attributable to the Company increased
    208% to $1.6 million from $0.5 million in the prior-year period, and
    FY 2013 third quarter EBITDA increased 74.2% to $4.4 million from $2.5
    million in the prior-year period.
    
    
--  The Board of Directors declared a cash dividend in the amount of $0.04
    per share on all shares of the Company's common stock outstanding and
    of record as of the close of business on March 29, 2013, which will be
    paid on or about April 12, 2013.
    
    
--  Balance sheet at February 28, 2013, included cash and cash equivalents
    and investments of $33.1 million; working capital of $23.8 million; no
    short-term borrowings or long-term debt; and stockholders' equity of
    $52.3 million.

National American University Holdings, Inc. (the "Company") (NASDAQ: NAUH), which through its wholly owned subsidiary operates National American University ("NAU"), a regionally accredited, proprietary, multi-campus institution of higher learning, today reported unaudited financial results for its FY 2013 third quarter and nine months ended February 28, 2013.

Ronald L. Shape, Ed.D., Chief Executive Officer of the Company, commented, "We were pleased to report stable growth on our top and bottom lines during the fiscal 2013 third quarter as we continue to realize greater economies of scale resulting from transitioning our focus from geographic expansion to enrollment growth at t he campus locations we opened over the past few years. In spite of the challenging environment facing our industry, NAU's enrollment during the winter 2012-2013 quarter increased 4.8% to 11,489 students, which was in line with our expectations. During the fiscal 2013 third quarter, we continued to realize greater efficiencies with improved margins driven by our educational services and SG&A line items as we made progress in growing enrollments at our existing campus locations. This led to margin expansion throughout the Company. We anticipate this trend will continue, however, at a more moderate rate as we are in the process of increasing our admissions advisor count, and we have launched the first course at the doctorate level. The increase in admissions advisors will result in additional salary expense as well as marketing expense as we continue to train and educate our existing admissions staff and hire additional advisors to better serve our growing student population."

Operating Review

NAU currently leases 37 physical properties in the states of Colorado, Indiana, Kansas, Minnesota, Missouri, Nebraska, New Mexico, Oklahoma, Oregon, South Dakota and Texas. Several sites operate as hybrid learning centers in strategic geographic locations. These centers utilize small physical facilities through which the university provides face-to-face support services as students participate in select, traditional classroom courses while completing their remaining coursework online.

Of NAU's 37 locations, the following sites are pending regulatory approvals:


 
--  Tigard, OR
--  Roueche Graduate Center in Austin, TX
--  Houston, TX

Completion of Sale of Rapid City Property

The Company today announced that it has closed on the sale of the property located in downtown Rapid City, South Dakota, through a contract for deed. The property was sold for $4 million at a 5% interest rate with a three-year balloon payment. The Company expects to record the sale by removing the asset from its books and recording a $4.0 million note receivable and a $1.67 million deferred gain that will be recognized once the cash for the note receivable is received. The Company will continue to occupy a portion of the facility for its veterinarian tech program through a 10-year lease that becomes effective June 1, 2013.

4.8% Enrollment Increase

Total NAU student enrollment for the winter term of 2013 increased 4.8% to 11,489 students, up from 10,968 during the prior winter term. Students enrolled in 99,694 credit hours compared to 96,745 credit hours during the prior winter term. The current average age of NAU's students continues to be in the mid-30s, with those seeking undergraduate degrees remaining the highest portion of NAU's student population.

The following is a summary of student enrollment at February 28, 2013, and February 29, 2012, by degree level and by instructional delivery method:


 
                                                                            
                                 February 28, 2013      February 29, 2012   
                               ---------------------  --------------------- 
                                 No. of                 No. of              
                                Students  % of Total   Students  % of Total 
                               ---------- ----------  ---------- ---------- 
Graduate                              414        3.6%        392        3.6%
                                                                            
Undergraduate and Diploma          11,075       96.4%     10,576       96.4%
                               ---------- ----------  ---------- ---------- 
                                                                            
Total                              11,489      100.0%     10,968      100.0%
                                                                            
                                 February 28, 2013      February 29, 2012   
                               ---------------------  --------------------- 
                                 No. of                 No. of              
                                Students  % of Total   Students  % of Total 
                               ---------- ----------  ---------- ---------- 
Online                              6,946       60.5%      5,818       53.0%
On-Campus                           2,610       22.7%      3,286       30.0%
Hybrid                              1,933       16.8%      1,864       17.0%
                               ---------- ----------  ---------- ---------- 
                                                                            
Total                              11,489      100.0%     10,968      100.0%
                               ========== ==========  ========== ========== 

Financial Review

The Company, through its wholly owned subsidiary, operates in two business segments: the academic segment, which consists of NAU's undergraduate and graduate education programs and contributes the primary portion of the Company's revenue; and ownership in multiple apartments and condominium complexes from which it derives sales and rental income. The real estate operations generated approximately 0.9% of revenues for the quarter ended February 28, 2013.

Fiscal 2013 Third Quarter Financial Results


 
--  Total revenues for the FY 2013 third quarter increased 7.1% to $32.1
    million from $29.9 million for the same period last year. Primarily as
    a result of NAU's enrollment growth, the academic segment's total
    revenue increased 7.1% to $31.8 million from $29.7 million for the
    prior-year period.
    
    
--  For the FY 2013 third quarter, educational services expense was $7.0
    million, or 22.2% of the academic segment's total revenue, compared to
    $7.0 million, or 23.4%, for the FY 2012 third quarter. The decrease as
    a percentage of total revenue was the result of economies of scale
    being realized with the expansion of NAU's physical footprint.
    
    
    Educational services expense specifically relates to the academic
    segment, and includes salaries and benefits of faculty and academic
    administrators, costs of educational supplies, facility costs, faculty
    reference and support material and related academic costs.
    
    
--  During the FY 2013 third quarter, SG&A expenses were $20.7
    million, or 64.4% of total revenues, compared to $21.0 million, or
    70.3%, in the prior-year period. The decrease was primarily a result
    of aligning marketing expenses with the number of admissions
    advisors.
    
    
--  Income before income taxes and non-controlling interest for the FY
    2013 third quarter increased 127% to $2.7 million from $1.2 million
    for the same period last year.
    
    
--  Net income attributable to the Company for the FY 2013 third quarter
    increased 208% to $1.6 million, or $0.06 per diluted share based on
    25.6 million shares outstanding, from $0.5 million, or $0.02 per
    diluted share based on 26.6 million shares outstanding, in the
    prior-year period. The decrease in number of shares outstanding
    resulted from the Company's repurchasing of 838,058 shares of common
    stock as a part of its 2011-2012 stock repurchase program.
    
    
--  EBITDA for the FY 2013 third quarter increased 74.2% to $4.4 million
    from $2.5 million in the prior-year period. A table reconciling EBITDA
    to net income can be found at the end of this release.

Fiscal 2013 Nine Months Financial Results


 
--  Total revenues for the first nine months of FY 2013 increased 11.9% to
    $96.0 million from $85.8 million for the same period last year.
    Primarily as a result of steady enrollment growth, the academic
    segment's total revenue increased 12.0% to $95.2 million from $85.0
    million for the prior-year period. The Company attributes the
    enrollment growth to its investment in new program development,
    program expansion, and improved enrollment management systems and
    recruiting procedures. The increase in the academic segment's revenues
    was also the result of increased book sales driven by enrollment
    growth and the implementation of a new online bookstore vendor and
    book-selling process, in addition to a Board of Governors-approved
    average tuition increase of 5.4% that became effective September
    2012.
    
    
--  NAU's educational services expense for the first nine months of FY
    2013 was $21.7 million, or 22.8% of the academic segment's total
    revenue, compared to $20.2 million, or 23.8%, in the prior-year
    period. The decrease as a percentage of academic segment revenues was
    the result of economies of scale and efficiencies gained from
    geographic expansion and ensuing enrollment growth.
    
    
--  During the first nine months of FY 2013, SG&A expenses were $61.5
    million, or 64.0% of total revenues, compared to $57.2 million, or
    66.7%, in the prior-year period. During the period, the Company also
    incurred $0.7 million in increased expenses for unplanned
    health-related insurance claims.
    
    
--  Income before income taxes and non-controlling interest for the first
    nine months of FY 2013 increased 14.1% to $7.1 million from $6.2
    million for the same period last year.
    
    
--  Net income attributable to the Company during the first nine months of
    FY 2013 was $4.3 million, or $0.17 per diluted share based on 25.6
    million shares outstanding, compared to $3.5 million, or $0.13 per
    diluted share based on 26.9 million shares outstanding, in the
    prior-year period.
    
    
--  The Company's EBITDA for the first nine months of FY 2013 increased
    25.8% to $12.0 million from $9.5 million in the prior-year period. A
    table reconciling EBITDA to net income can be found at the end of this
    release.

Balance Sheet Highlights


 
                                                                            
(in millions except for percentages)      2/28/2013   5/31/2012   % Change  
---------------------------------------- ----------- ----------- ---------- 
Cash and Cash Equivalents                $      22.2 $      15.7       41.8%
Available for Sale Investments                  10.9        14.9      -26.9%
Working Capital                                 23.8        24.6       -3.4%
Total Long-term Debt                               0           0        N/A 
Stockholders' Equity                            52.3        50.7        3.0%

Quarterly Dividend

The Board of Directors declared a cash dividend in the amount of $0.04 per share on all shares of the Company's common stock outstanding and of record as of the close of business on March 29, 2013, which will be paid on or about April 12, 2013.

Conference Call Information

Management will discuss these results in a conference call (with accompanying presentation) on April 4, 2013, at 11:00 a.m. EDT.

The dial-in numbers are: (877) 407-9078 (U.S.) (201) 493-6745 (International)

Accompanying Slide Presentation and Webcast

The Company will also have an accompanying slide presentation available in PDF format at the "Investor Relations" section of the NAU website at http://www.national.edu/InvestorRelations. The presentation will be made available 30 minutes prior to the conference call. In addition, the call will be simultaneously webcast over the Internet via the "Investor Relations" section of the NAU website or by clicking on the conference call link: http://national.equisolvewebcast.com.

About National American University Holdings, Inc.

National American University Holdings, Inc., through its wholly owned subsidiary, operates National American University ("NAU"), a regionally accredited, proprietary, multi-campus institution of higher learning offering associate, bachelor's, and master's degree programs in technical and professional disciplines. Accredited by The Higher Learning Commission and a member of the North Central Association of Colleges and Schools, NAU has been providing technical and professional career education since 1941. NAU opened its first campus in Rapid City, South Dakota, and has since grown to multiple locations throughout the central United States. In 1998, NAU began offering online courses. Today, NAU offers degree programs in traditional, online, and hy brid formats, which provide students increased flexibility to take courses at times and places convenient to their busy lifestyles.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's business. Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current beliefs and expectations and involve a number of assumptions. These forward-looking statements include outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition. Specifically, forward-looking statements may include statements relating to the future financial performance of the Company; the ability to continue to receive Title IV funds; the growth of the market for the Company's services; expansion plans and opportunities; consolidation in the market for the Company's services generally; and other statements preceded by, followed by or that include the words "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "target" or similar expressions. These forward-looking statements involve a number of known and unknown risks and uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by those forward-looking statements. Other factors that could cause the Company's results to differ materially from those contained in its forward-looking statements are included under, among others, the heading "Risk Factors" in the Company's Annual Report on Form 10-K, filed on August 3, 2012, and in its other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.


 
                                                                            
NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES                
                                                                            
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                   
FOR THE THREE MONTHS AND NINE MONTHS ENDED FEBURARY 28, 2013 AND FEBRUARY   
 29, 2012                                                                   
(In thousands except per share data)                                        
                                                                            
                         Three Months Ended           Nine Months Ended     
                     --------------------------  -------------------------- 
                     February 28,  February 29,  February 28,  February 29, 
                         2013          2012          2013          2012     
                     ------------  ------------  ------------  ------------ 
                                                                            
REVENUE:                                                                    
  Academic revenue   $     29,546  $     28,367  $     87,541  $     80,670 
  Auxiliary revenue         2,229         1,311         7,649         4,313 
  Rental income -                                                           
   apartments                 280           264           824           801 
                     ------------  ------------  ------------  ------------ 
                                                                            
    Total revenue          32,055        29,942        96,014        85,784 
                     ------------  ------------  ------------  ------------ 
                                                                            
OPERATING EXPENSES:                                                         
  Cost of                                                                   
   educational                                                              
   services                 7,045         6,952        21,695        20,222 
  Selling, general                                                          
   and                                                                      
   administrative          20,658        21,040        61,465        57,202 
  Auxiliary expense         1,443           598         5,035         2,119 
  (Gain) loss on                                                            
   disposition of                                                           
   property                     3             5            63          (126)
                     ------------  ------------  ------------  ------------ 
                                                                            
    Total operating                                                         
     expenses              29,149        28,595        88,258        79,417 
                     ------------  ------------  ------------  ------------ 
                                                                            
OPERATING INCOME            2,906         1,347         7,756         6,367 
                     ------------  ------------  ------------  ------------ 
                                                                            
OTHER INCOME                                                                
 (EXPENSE):                                                                 
  Interest income              25            31            89           105 
  Interest expense           (287)         (235)         (792)         (316)
  Other income - net           21            31            76            91 
                     ------------  ------------  ------------  ------------ 
                                                                            
    Total other                                                             
     expense                 (241)         (173)         (627)         (120)
                     ------------  ------------  ------------  ------------ 
                                                                            
INCOME BEFORE INCOME                                                        
 TAXES                      2,665         1,174         7,129         6,247 
                                                                            
INCOME TAX EXPENSE         (1,048)         (668)       (2,798)       (2,677)
                     ------------  ------------  ------------  ------------ 
                                                                            
NET INCOME                  1,617           506         4,331         3,570 
                                                                            
NET (INCOME) LOSS                                                           
 ATTRIBUTABLE TO                         
                                   
 NON-CONTROLLING                                                            
 INTEREST                     (18)           13           (31)          (85)
                     ------------  ------------  ------------  ------------ 
                                                                            
NET INCOME                                                                  
 ATTRIBUTABLE TO                                                            
 NATIONAL AMERICAN                                                          
 UNIVERSITY                                                                 
 HOLDINGS, INC. AND                                                         
 SUBSIDIARIES               1,599           519         4,300         3,485 
                                                                            
OTHER COMPREHENSIVE                                                         
 INCOME (LOSS) -                                                            
  Unrealized losses                                                         
   on investments              (9)          (21)          (44)          (54)
  Reclassification                                                          
   to earnings of                                                           
   realized losses             11             0            21             0 
                     ------------  ------------  ------------  ------------ 
OTHER COMPREHENSIVE                                                         
 (LOSS) GAIN, NET OF                                                        
 TAX                            2           (21)          (23)          (54)
                     ------------  ------------  ------------  ------------ 
                                                                            
COMPREHENSIVE INCOME                                                        
 ATTRIBUTABLE TO                                                            
 NATIONAL AMERICAN                                                          
 UNIVERSITY                                                                 
 HOLDINGS, INC.      $      1,601  $        498  $      4,277  $      3,431 
                     ------------  ------------  ------------  ------------ 
                                                                            
Basic net earnings                                                          
 attributable to                                                            
 National American                                                          
 University                                                                 
 Holdings, Inc.      $       0.06  $       0.02  $       0.17  $       0.13 
Diluted net earnings                                                        
 attributable to                                                            
 National American                                                          
 University                                                                 
 Holdings, Inc.      $       0.06  $       0.02  $       0.17  $       0.13 
Basic weighted                                                              
 average shares                                                             
 outstanding           25,582,842    26,592,196    25,578,043    26,728,988 
Diluted weighted                                                            
 average shares                                                             
 outstanding           25,592,903    26,643,880    25,582,767    26,912,008 
                                                                            
                                                                            
NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES                
                                                                            
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET                              
AS OF FEBRUARY 28, 2013 AND CONDENSED                                       
CONSOLIDATED BALANCE SHEET AS OF MAY 31, 2012                               
(In thousands except share data)                                            
                                                                            
                                                 February 28,     May 31,   
                                                     2013          2012     
                                                 ------------  ------------ 
ASSETS                                                                      
                                                                            
CURRENT ASSETS:                                                             
  Cash and cash equivalents                      $     22,205  $     15,658 
  Available for sale investments                       10,904        14,917 
  Student receivables - net of allowance of $618                            
   and $759 at February 28, 2013 and May 31,                                
   2012, respectively                                   2,730         2,804 
  Other receivables                                     1,034           366 
  Bookstore inventory                                       0             6 
  Income tax receivable                                     0           974 
  Deferred income taxes                                 1,210         1,914 
  Prepaid and other current assets                        563           613 
                                                 ------------  ------------ 
    Total current assets                               38,646        37,252 
                                                 ------------  ------------ 
                                                                            
Total property and equipment - net                     45,111        40,496 
                                                 ------------  ------------ 
                                                                            
OTHER ASSETS:                                                               
  Condominium inventory                                 1,970         2,667 
  Land held for future development                        312           312 
  Course development - net of accumulated                                   
   amortization of $1,978 and $1,715 at February                            
   28, 2013 and May 31, 2012, respectively              1,143         1,241 
  Other                                                 1,240         1,130 
                                                 ------------  ------------ 
                                                        4,665         5,350 
                                                 ------------  ------------ 
                                                                            
TOTAL                                            $     88,422  $     83,098 
                                                 ------------  ------------ 
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
                                                                            
CURRENT LIABILITIES:                                                        
  Current portion of capital lease payable       $         59  $         40 
  Accounts payable                                      4,208         4,175 
  Dividends payable                                     1,026           840 
  Student accounts payable                              1,056           659 
  Income tax payable                                        4             0 
  Deferred income                                         386           236 
  Accrued and other liabilities                         8,148         6,717 
                                                 ------------  ------------ 
    Total current liabilities                          14,887        12,667 
                                                 ------------  ------------ 
                                                                            
DEFERRED INCOME TAXES                                   5,098         5,098 
                                                 ------------  ------------ 
                                                                            
OTHER LONG-TERM LIABILITIES                             5,768         4,161 
                                                 ------------  ------------ 
                                                                            
CAPITAL LEASE PAYABLE, NET OF CURRENT PORTION          10,413        10,460 
                                                 ------------  ------------ 
                                                                            
COMMITMENTS AND CONTINGENCIES                                               
                                                                            
STOCKHOLDERS' EQUITY:                                                       
  Common stock, $0.0001 par value (50,000,000                               
   authorized; 28,083,431 issued and 25,592,056                             
   outstanding as of February 28, 2013;                                     
   28,057,891 issued and 25,574,124 outstanding                             
   as of May 31, 2012                                       3             3 
  Additional paid-in capital                           57,542        57,203 
  Retained earnings                                    12,467        11,239 
  Treasury stock, at cost (2,491,375 shares at                              
   February 28, 2013 and 2,483,767 at May 31,                               
   2012)                                              (17,620)      (17,589)
  Accumulated other comprehensive income, net of                            
   taxes - unrealized gain on available for sale                            
   securities                                               2            25 
                                                 ------------  ------------ 
Total National American University Holdings,                                
 Inc. stockholders' equity                             52,394        50,881 
                                                 ------------  ------------ 
Net income attributable to non-controlling                                  
 interest                                                (138)         (169)
Total equity                                           52,256        50,712 
                                                 ------------  ------------ 
                                                                            
TOTAL                                            $     88,422  $     83,098 
                                                 ============  ============ 

The following table provides a reconciliation of net income attributable to the Company to EBITDA:


 
                                                                            
                                  Three Months Ended     Nine Months Ended  
                                  February   February   February   February 
                                    28,        29,        28,        29,    
                                 ---------  ---------  ---------  --------- 
                                    2013       2012       2013       2012   
                                 ---------  ---------  ---------  --------- 
                                           (dollars in thousands)           
Net Income attributable to the                                              
 Company                         $   1,599  $     519  $   4,300  $   3,485 
Income (Loss) attributable to                                               
 non-controlling interest               18        (13)        31         85 
Interest Income                        (25)       (31)       (89)      (105)
Interest Expense                       287        235        792        316 
Income Taxes                         1,048        668      2,798      2,677 
Depreciation and Amortization        1,436      1,126      4,165      3,075 
                                 ---------  ---------  ---------  --------- 
                                                                            
EBITDA                           $   4,363  $   2,504  $  11,997  $   9,533 

EBITDA consists of income attributable to the Company, less income from non-controlling interest, plus loss from non-controlling interest, minus interest income, plus interest expense (which is not related to any debt but to the accounting required for the capital lease), plus income taxes, plus depreciation and amortization. The Company uses EBITDA as a measure of operating performance. However, EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing its operating performance, investors should use EBITDA in addition to, and not as an alternative for, income as determined in accordance with GAAP. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies and is therefore limited as a comparative measure. Furthermore, as an analytical tool, EBITDA has additional limitations, including that (a) it is not intended to be a measure of free cash flow, as it does not consider certain cash requirements such as tax payments; (b) it does not reflect changes in, or cash requirements for, its working capital needs; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements, or future requirements for capital expenditures or contractual commitments. To compensate for these limitations, the Company evaluates its profitability by considering the economic effect of the excluded expense items independently as well as in connection with its analysis of cash flows from operations and through the use of other financial measures.

The Company believes EBITDA is useful to an investor in evaluating its operating performance because it is widely used to measure a company's operating performance without regard to certain non-cash expenses (such as depreciation and amortization) and expenses that are not reflective of its core operating results over time. The Company believes EBITDA presents a meaningful measure of corporate performance exclusive of its capital structure, the method by which assets were acquired and non-cash charges, and provides us with additional useful information to measure its performance on a consistent basis, particularly with respect to changes in performance from period to period.

Contact Information: National American University Holdings, Inc. Dr. Ronald Shape 605-721-5220 rshape@national.edu

Investor Relations Counsel The Equity Group Inc. Carolyne Yu 212-836-9610 cyu@equityny.com

Adam Prior 212-836-9606 aprior@equityny.com

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