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ITT Educational Services, Inc. Reports 2009 Third Quarter Results, New Student Enrollment Increased 27.2%; EPS Increased 56.3% to $2.00.

Article Excerpt
CARMEL, Ind., Oct. 22 /PRNewswire-FirstCall/ -- ITT Educational Services, Inc. , a leading provider of technology-oriented postsecondary degree programs, today reported that new student enrollment in the third quarter of 2009 increased 27.2% to 27,738 compared to 21,807 in the same period in 2008. Total student enrollment increased 28.7% to 79,208 as of September 30, 2009 compared to 61,556 as of September 30, 2008.

Earnings per share ("EPS") in the third quarter of 2009 increased 56.3% to $2.00 compared to $1.28 in the third quarter of 2008. Revenue in the three months ended September 30, 2009 increased 33.6% to $339.6 million compared to $254.3 million in the three months ended September 30, 2008. Operating margin increased 430 basis points to 36.1% in the third quarter of 2009 compared to 31.8% in the same period in 2008.

The company provided the following information for the three and nine months ended September 30, 2009 and 2008:

Financial and Operating Data for the Three Months Ended September 30th, Unless Otherwise Indicated (Dollars in millions, except per share and per student data) 2009 2008 Increase/ (Decrease) Revenue $339.6 $254.3 33.6% Operating Income $122.7 $80.8 52.0% Operating Margin 36.1% 31.8% 430 basis points Net Income $75.4 $50.2 50.2% Earnings Per Share (diluted) $2.00 $1.28 56.3% New Student Enrollment 27,738 (A) 21,807 27.2% Continuing Students 51,470 (B) 39,749 29.5% Total Student Enrollment as of September 30th...