SAO PAULO, Aug. 9, 2013 /PRNewswire/ -- Estacio Participacoes S.A. – "Estacio" or "Companhia" (BM&FBovespa: ESTC3; Bloomberg: ESTC3.BZ; Reuters: ESTC3.SA; OTC: ECPCY), one of the largest private institutions of higher education in Brazil in terms of the number of students matriculated, is announcing its results for the second quarter of 2013 (2Q13).
Estacio ended the first half of 2013 with a total of 313,400 students matriculated in undergraduate and graduate programs of study, 20% higher than the same period of the year before, of whom 254,600 are matriculated in on-campus programs, and 58,800 in distance learning programs. Not including acquisitions made in the past twelve months, the student base grew organically by 16%.
At the end of the contracting period of the Student Financing Fund (FIES - Fundo de Financiamento Estudantil) at the end of June, the student base at Estacio using federal government financing was 61,000 students, which represents 26% of the total base of on-campus undergraduate students. Added to this number are the 19,000 students using ProUni (Programa Universidade para Todos – [University for Everyone Program]), also sponsored by the federal government.
Net operating revenues came to R$443.6 million in the 2nd quarter of 2013, and R$857 million for the first six months of the year, an increase of 30% and 27%, respectively, in relation to the same periods of the year before, chiefly due to growth of 20% in the student base, and the positive evolution of the average ticket.
In the second quarter, EBITDA totaled R$66.6 million – 80% greater than that presented in 2Q12 – with an EBITDA margin of 15%, for a margin gain of 4.2 percentage points compared to the same quarter of the year before, particularly as the result of improved management of costs and expenses, and a growth of almost 30% in net revenues. During this six-month period, generation of operating cash flow at Estacio came to R$153.6 million, an increase of 62% in relation to the first six months of the year before.
Net income for Estacio came to R$46.7 million in the 2nd quarter of 2013, and R$113.3 million for the first six months of the year, an impressive increase of more than 209% over the 2nd quarter of 2012, and of 106% over the first six months of the year before, due to the increase in net revenues and efficiency gains in the cost and expense lines, which led to the growth in EBITDA. In addition, profits were also positively impacted by the improvement in the Company's financial result due to a larger cash position.
Flavia de Oliveira
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SOURCE Estacio Participacoes S.A.