Adtalem Global Education Announced Fourth Quarter Financial Results

Adtalem Global Education (NYSE: ATGE), a leading global education provider, today reported academic, operating and financial results for its fiscal 2018 fourth quarter and year ended June 30, 2018.

“Fiscal year 2018 was a transformative year for Adtalem and we enter fiscal 2019 focused on our core verticals, committed to empowering our students and the communities they serve and delivering superior academic outcomes,” said Lisa Wardell, president and CEO of Adtalem Global Education. “We continue to streamline and strategically align our portfolio to deliver consistent growth in areas of competitive differentiation for Adtalem, while driving further operating efficiencies across our organization, and balancing our capital allocation by investing in our institutions and providing direct returns to our owners.”

Revenue of $319.8 million increased 1.5 percent compared to the prior year.  Net income was $62.8 million compared to $42.9 million in the prior year; net income from continuing operations excluding special items was $53.0 million compared to $48.1 million in the prior year.  Diluted earnings per share was $1.02 compared to $0.67 in the prior year; diluted earnings per share from continuing operations excluding special items was $0.86 compared to $0.75 in the prior year.  Approximately 531,000 shares of common stock were repurchased during the fourth quarter of fiscal 2018 at an average purchase price of $47.87 for a total of $25.4 million

Financial Data for the last year includes: Revenue of $1,231.2 million increased 1.9 percent compared to the prior year.  Net income was $33.8 million compared to $122.3 million in the prior year; net income from continuing operations excluding special items was $172.9 million compared to $160.4 million in the prior year.  Diluted earnings per share was $0.54 compared to $1.91 in the prior year; diluted earnings per share from continuing operations excluding special items was $2.78 compared to $2.51 in the prior year.  Operating cash flow for fiscal year 2018 was $239.2 million compared to $230.9 million in the prior year.  Cash and cash equivalents were $430.7 million as of June 30, 2018, compared to $240.4 million as of June 30, 2017. Outstanding bank borrowings were $300.0 million and $125.0 million as of June 30, 2018 and June 30, 2017, respectively.

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