ITT Educational Services Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Twelve Months Ended December 31, 2012; Provides Earnings Guidance for the Twelve Months Ending December 31, 2013
For the year, the company reported revenue of USD 1,287.209 million compared to USD 1,499.949 million a year ago. Operating income was USD 232.789 million compared to USD 507.076 million a year ago. Income before provision for income tax was USD 230.414 million compared to USD 508.153 million a year ago. Net income was USD 140.465 million compared to USD 307.752 million a year ago. Diluted earnings per share were USD 5.85 compared to USD 11.13 a year ago. Net cash flows from operating activities were USD 105.354 million compared to USD 387.832 million a year ago. Facility expenditures and land purchases were USD 1.046 million compared to USD 4.053 million a year ago. Capital expenditures were USD 17.204 million compared to USD 26.847 million a year ago.
The company provided earnings guidance for the twelve months ending December 31, 2013. The company expects cash flows from operations to be in the range of USD 0.075 million to USD 0.090 million, capital expenditure to be in the range of USD 0.025 million to USD 0.015 million. The company expects earnings before interest taxes depreciation and amortization to be in the range of USD 0.165 million to USD 0.190 million a year ago. The company expects diluted earnings per share to be in the range of USD 3.50 to USD 4.00.