Ser Educacional Records Net Revenue of R$269.5 Million in 1Q15

Adjusted EBITDA reaches R$104.6 million, 66.6% up on the same period last year.

May 15, 2015, 11:09 ET from Ser Educacional S.A.

RECIFE, Brazil, May 15, 2015 /PRNewswire/ -- Ser Educacional S.A. (BM&FBovespa SEER3, Bloomberg SEER3:BZ and Reuters SEER3.SA), announces today its results for the first quarter of 2015. 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 first quarter of 2014, unless otherwise indicated. The 1Q15 results include the consolidation of the results of Universidade de Guarulhos (UnG) for February and March 2015 as well three months of UNAMA/FIT.

  • By the end of 1Q15, the Company had enrolled 45,600 undergraduate students (including UNAMA/FIT and UnG), 21.8% up on pro-forma intake in 1Q14. UNAMA/FIT did particularly well, enrolling 10,900 students this quarter, versus 3,500 in 1Q14.
  • The on-campus undergraduate student base closed 1Q15 at 135,600, 34% up on the 101,200 in the previous quarter and 59.8% more than the 84,900 in 1Q14.
  • Net revenue totaled R$269.5 million in 1Q15, 74.4% up on 1Q14, primarily due to the increased number of on-campus undergraduate students, which grew by 34.0% over December 2014 and the consolidation of two months of UnG's results, totaling R$28.0 million and UNAMA/FIT of 49.8 million.
  • Adjusted EBITDA came to R$104.6 million, 66.6% higher than in 1Q14. The adjusted EBITDA margin stood at 38.8%, versus 40.6% in the same period last year, chiefly due to the recent consolidation of UNAMA and UnG, whose margins are lower.
  • Net income totaled R$82.8 million in 1Q15, an increase of 41.1% over the same quarter last year, while the net margin ended the period at 30.7% (7.2 percentage points down on 1Q14;

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SOURCE Ser Educacional S.A.