DeVry Education Group (DV) has reported a 360.24 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $25.15 million, or $0.39 a share in the quarter, compared with $5.46 million, or $0.08 a share for the same period last year.
Revenue during the quarter went up marginally by 1.92 percent to $449.89 million from $441.41 million in the previous year period. Gross margin for the quarter contracted 20 basis points over the previous year period to 44.28 percent. Total expenses were 92.64 percent of quarterly revenues, down from 98.13 percent for the same period last year. This has led to an improvement of 549 basis points in operating margin to 7.36 percent.
Operating income for the quarter was $33.11 million, compared with $8.25 million in the previous year period.
"We are off to a solid start to fiscal 2017, as evidenced by our improved first quarter results and the notable progress we are making in executing against our four strategic priorities," said Lisa Wardell, president and CEO of DeVry Education Group. "We are benefiting from the actions we’ve taken to reduce costs, while further diversifying our revenue profile across a number of attractive and growing sectors spanning healthcare, international and professional education. These sectors now account for over 90 percent of our operating income.
Operating cash flow declines
DeVry Education Group has generated cash of $97.77 million from operating activities during the quarter, down 16.14 percent or $ 18.81 million, when compared with the last year period.
The company has spent $342.40 million cash to meet investing activities during the quarter as against cash outgo of $25.88 million in the last year period.
Cash flow from financing activities was $124.79 million for the quarter as against cash outgo of $10.67 million in the last year period.
Cash and cash equivalents stood at $189.02 million as on Sep. 30, 2016, down 56.69 percent or $247.44 million from $436.45 million on Sep. 30, 2015.
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