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28 February, 2024 17:36 IST
K12 first-quarter loss widens
Source: IRIS | 28 Oct, 2015, 07.00AM

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K12 Inc (LRN) saw its loss widen to $12.79 million, or $0.34 a share for the quarter ended Sep. 30, 2015. In the previous year period, the company reported a loss of $6.78 million, or $0.18 a share.

Revenue during the quarter dropped 6.54 percent to $221.23 million from $236.71 million in the previous year period. Gross margin for the quarter contracted 80 basis points over the previous year period to 37.17 percent. Operating margin for the quarter stood at negative 9.25 percent as compared to a negative 5.56 percent for the previous year period.

Operating loss for the quarter was $20.46 million, compared with an operating loss of $13.16 million in the previous year period.



Operating cash flow remains negative
K12 Inc has spent $23.94 million cash to meet operating activities during the quarter as against cash outgo of $27.41 million in the last year period.

The company has spent $14.19 million cash to meet investing activities during the quarter as against cash outgo of $25.11 million in the last year period.

The company has spent $6.85 million cash to carry out financing activities during the quarter as against cash outgo of $33.30 million in the last year period.

Cash and cash equivalents stood at $150.86 million as on Sep. 30, 2015, up 38.16 percent or $41.67 million from $109.20 million on Sep. 30, 2014.

Working capital increases
K12 Inc has recorded an increase in the working capital over the last year. It stood at $338.68 million as at Sep. 30, 2015, up 8.67 percent or $27.02 million from $311.67 million on Sep. 30, 2014. Current ratio was at 3.26 as on Sep. 30, 2015, up from 2.98 on Sep. 30, 2014.

Cash conversion cycle (CCC) has decreased to 85 days for the quarter from 87 days for the last year period. Days sales outstanding were almost stable at 93 days for the quarter, when compared with the last year period.

Days inventory outstanding was almost stable at 15 days for the quarter, when compared with the last year period. At the same time, days payable outstanding went up to 24 days for the quarter from 23 for the same period last year.


Debt comes down
K12 Inc has recorded a decline in total debt over the last one year. It stood at $
27.30 million as on Sep. 30, 2015, down 22.66 percent or $8 million from $35.31 million on Sep. 30, 2014. Total debt was 3.70 percent of total assets as on Sep. 30, 2015, compared with 4.83 percent on Sep. 30, 2014. Debt to equity ratio was at 0.05 as on Sep. 30, 2015, down from 0.07 as on Sep. 30, 2014.
 

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