Ser Educacional Records Net Revenue of R$111.6 Million
in the Third Quarter of 2013
Recife, November 14, 2013 - Ser Educacional S.A (BM&FBOVESPA: SEER3), the largest private institution of post-secondary education currently operating in the Northeast and North regions of Brazil, announces its 3Q13 Results.
HIGHLIGHTS
Ser Educacional closed 3Q13 with a student-base of 113.5 thousand, 105.5% up on 3Q12, 69,900 of whom enrolled in undergraduate courses (44.7% more than last year), 8.2 thousand in graduate courses (27.3% higher than in 2012) and 35.5 thousand in vocational courses). The on-campus re-enrollment ratio stood at 89% in 3Q13.
The Company adhered to the PRONATEC program and enrolled more students than any other educational institution in Brazil, underscoring the efficiency and promptness of its execution capabilities, as well as the strength of its brand, leading to the conversion of more than 80% of available places into effective enrollments. From the 35 thousand total enrolled students, approximately 26 thousand attended to the first week of classes. Following the regulation Brazilian Education Ministry (MEC), 5 thousand students were enrolled in order to replace the dropouts, resulting in a net addition of 30.5 thousand.
Also in the third quarter, the Company‘s distance learning program received unanimous approval from the National Education Council and is now only awaiting publication of the authorization order to begin operations.
Net operating revenue totaled R$111.6 million in 3Q13, a 52.3% improvement over the same quarter last year, and R$332.2 million in the first nine months, 58.5% more than in 9M12. The upturn was primarily due to increased student enrollment, driven by the introduction of new undergraduate and graduate courses. This figure does not yet reflect revenue from the PRONATEC program, whose classes only began on October 21
Gross profit amounted to R$67.4 million in the third quarter, 41.2% up year-on-year due to increased enrollment, resulting in a gross margin of 60.4%, versus 65.1% in 3Q12. This reduction being chiefly due to the spin-off of certain properties belonging to the group on June 30, an increase in the number of properties to sustain the Company‘s growth and adjustments to existing leasing contracts, while PRONATEC revenue was not yet recognized. Year-to-date gross profit came to R$207.3 million, with a margin of 62.4%, versus R$135.9 million and a margin of 64.8% in 9M12.
Third-quarter adjusted EBITDA reached R$37.0 million, 44.7% more than in 3Q12, with an adjusted EBITDA margin of 33.2%. In the first nine months, adjusted EBITDA stood at R$123.0 million, 67.4% up year-on-year, with a margin of 37.0%, 2.0 p.p. higher than in 9M12.
The Company posted 3Q13 net income of R$26.0 million, 28.7% more than in 3Q12, with a net margin of 23.3%, down by 4.3 p.p.
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Conference Calls |
| English |
Portuguese |
November 14, 2013
11.30 a.m. (US ET)
2.30 p.m. (Brasília Time)
1.30 p.m. (Recife Time)
Phone: +1 (412) 317-6776
Code: Ser Educacional
Replay: +1 (412) 317-0088
Code: 10036650
Webcast: click here |
November 14, 2013
10.00 a.m. (US ET)
1.00 p.m. (Brasília Time)
12.00 p.m. (Recife Time)
Phone: +55 (11) 2188-0155
Code: Ser Educacional
Replay: +55 (11) 2188-0155
Code: Ser Educacional
Webcast: click here |
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IR Contact:
Jânyo Janguiê Bezerra Diniz
Chief Executive Officer and Investor Relations Office
Phone.: +55 (81) 3413 4622
E-mail: ri@sereducacional.com
Website: www.sereducacional.com/ir
