RECIFE, Brazil, March 31, 2015 /PRNewswire/ -- Ser Educacional (BM&FBOVESPA SEER3), announces today its results for the fourth quarter of 2014. All the information herein is presented in accordance with international financial reporting standards (IFRS) and consolidated in Brazilian Reais (R$). All comparisons refer to the fourth quarter of 2013, unless otherwise indicated. The 4Q14 and 2014 results include the consolidation of the results of the University of Amazonia (UNAMA) for November and December 2014.
- Ser Educacional closed 4Q14 with a student base of 128.5 thousand students, 30.0% higher than in 4Q13. Of this total, 101.2 thousand were enrolled in undergraduate courses (44.0% up on the previous year), 8.3 thousand in graduate courses, 16.9 thousand in vocational courses and 2.0 thousand in distance learning courses. The on-campus undergraduate re-enrollment ratio in 2H14 was 89.0%;
- Net revenue totaled R$203.9 million in 4Q14, 63.7% more than in 4Q13, primarily due to the increased number of undergraduate students, which grew by 44.0% over December/13, and the consolidation of two months of UNAMA's results, totaling R$20.5 million. In 2014, net revenue came to R$705.1 million, an increase of 54.4%;
- In 4Q14, adjusted EBITDA reached R$54.8 million, 74.1% higher than in 4Q13. The adjusted EBITDA margin was 26.9%, a 1.6 p.p. improvement over the 25.2% recorded in the same period last year. Annual adjusted EBITDA stood at R$247.8 million, an increase of 60.4% compared to 2013, while the adjusted EBITDA margin widened by 1.3 p.p., from 33.8% to 35.1%;
- Net income totaled R$43.8 million in 4Q14, an increase of 103.3% over the same quarter last year, while the net margin ended the period at 21.5% (4.2 p.p. higher than 4Q13). Annual net income came to R$213.9 million, 83.9% up on the R$116.3 million reported in 2013, with a net margin of 30.3%, up by 4.9 p.p;
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SOURCE Ser Educacional S.A.