ITT Educational Services Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Reaffirms Earnings Guidance for the Year Ending December 31, 2015
For the six months, the company reported revenue of $444.2 million against $476.0 million a year ago. Operating income was $39.3 million against $19.8 million a year ago. Net income was $11.2 million against $4.0 million a year ago. Earnings per diluted share was $0.47 against |$0.17 a year ago. Capital expenditures, net was $2.5 million against $2.7 million a year ago. Income before provision for income taxes was $18.936 million against $6.715 million a year ago. Net cash flows from operating activities was $32.027 million against $58.481 million a year ago.
Assuming the new student enrollment estimates are realized and there are no material changes in the student retention metrics for the remainder of 2015 as compared to 2014, the company reiterate previous projections for earnings before interest taxes, depreciation and amortization EBITDA for the 12 month ending December 31, 2015, to be inn the range of $90 million to $110 million.