UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): |
October 7, 2011 |
K12 Inc. |
||
(Exact name of registrant as specified in its charter) |
Delaware |
001-33883 |
95-4774688 |
||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
2300 Corporate Park Drive, Herndon, |
20171 |
|
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: | (703) 483-7000 |
Not Applicable |
||
Former name or former address, if changed since last report |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition.
On October 7, 2011, K12 Inc. issued a press release reporting results
for its fourth quarter and full fiscal year 2011. A copy of this release
is attached and incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
Exhibit No. 99.1 - Press Release dated October 7, 2011 of K12 Inc.
Disclaimer
Internet addresses in the release are for information purposes only and
are not intended to be hyperlinks to other K12 Inc. information.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
K12 Inc. |
|
|
October 7, 2011 |
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By: /s/ Ronald J. Packard |
|
Name: |
Ronald J. Packard |
||
Title: |
Chief Executive Officer (Principal Executive Officer) |
Exhibit Index
Exhibit No. |
Description |
|
99.1 |
Press Release of K12 Inc. dated October 7, 2011 |
Exhibit 99.1
K12 Inc. Reports Fourth Quarter and Full Year 2011 Results
Annual Revenues Increase 36 percent to $522 million on Strong Enrollment Growth in Core Business
HERNDON, Va.--(BUSINESS WIRE)--October 7, 2011--K12 Inc. (NYSE: LRN), a leading provider of proprietary, technology-based curriculum, software and education services created for individualized learning for students primarily in kindergarten through 12th grade, today announced its results for the fourth fiscal quarter and full year ended June 30, 2011.
Summary Financial Results For FY 2011
Review of Significant Business Activities
Ron Packard, Chief Executive Officer of K12 Inc., stated, “This fiscal year was a transformational one for K12. We are pleased with the many accomplishments across our business. As a company, we achieved revenue growth of over 35 percent with most of it being organic. We made three acquisitions during the year that, combined, enhance our online public school offering and scale our Institutional Business and Private School distribution channels. In aggregate, acquisitions contributed 10.4 percent to revenue growth in fiscal year 2011. We completed several strategic initiatives this year that contributed 1.8 percent to our growth. Our virtual public school business is strong and growing. The increasing acceptance of online learning has enabled us to open schools in two new states for Fall 2011 and raise or eliminate several enrollment caps. We also now have a meaningful presence in China and have had an outstanding business development year. School is already open for the 2011/2012 school year and we are delighted to serve so many more children.”
Significant accomplishments of Fiscal Year 2011:
Mr. Packard concluded, “Looking ahead to Fiscal 2012, we are encouraged by the robust enrollment season for the 2011 / 2012 school year. We have seen acceleration in the organic enrollment growth rate in virtual schools and a decrease in customer acquisition costs. We are very pleased to open schools in two new states, Louisiana and Tennessee and to launch the George Washington University Online High School.”
Financial Results for the Fiscal Year ended June 30, 2011
Financial Results for the Three Months ended June 30, 2011 (Fourth Quarter Fiscal Year 2011)
Cash, Capital Expenditures and Capital Leases
Fiscal Year 2012 Outlook
Consistent with prior practice, Management will provide its outlook for fiscal year 2012 (FY 2012) when it announces first quarter 2012 results. Since this release is later than in previous years, we anticipate the organic growth rate for the 2011 / 2012 school year will be higher than it was last year and we believe customer acquisition costs will decline on a per customer basis. Additionally, certain costs incurred in FY 2011, particularly ERP implementation expenses, continued into the first quarter of FY 2012. We will provide the exact enrollment numbers as well as the 2012 guidance in our November call.
Special Note on Forward-Looking Statements
This Annual Report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We have tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “continues,” “likely,” “may,” “opportunity,” “potential,” “projects,” “will,” “expects,” “plans,” “intends” and similar expressions to identify forward looking statements, whether in the negative or the affirmative. These statements reflect our current beliefs and are based upon information currently available to us. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from those expressed in, or implied by, such statements. These risks, uncertainties, factors and contingencies include, but are not limited to: our potential inability to further develop, maintain and enhance our products and brands; the reduction of per pupil funding amounts at the schools we serve; reputation harm resulting from poor performance or misconduct by operators in any school in our industry and in any school in which we operate; challenges from virtual public school or hybrid school opponents; failure of the schools we serve to comply with regulations resulting in a loss of funding or an obligation to repay funds previously received; discrepancies in interpretation of legislation by regulatory agencies that may lead to payment or funding disputes; termination of our contracts with schools due to a loss of authorizing charter; failure to enter into new contracts or renew existing contracts with schools; risks associated with entering into and executing mergers, acquisitions and joint ventures; failure to successfully integrate mergers, acquisitions and joint ventures; inability to recruit, train and retain quality teachers and employees; uncertainty regarding our ability to protect our proprietary technologies; risks of new, changing and competitive technologies; increased competition in our industry; and other risks and uncertainties associated with our business described in the Company’s filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of October 7, 2011, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
Conference Call
The Company will discuss its fourth quarter 2011 financial results during a conference call scheduled for Monday, October 10, 2011 at 8:30 a.m. eastern time (ET).
The conference call will be webcast and available on the K12 web site at www.k12.com through the Investor Relations link. Please access the web site at least 15 minutes prior to the start of the call to register and download and install any necessary software.
To participate in the live call, investors and analysts should dial 866.356.3377 (domestic) or 617.597.5392 (international) at 8:20 a.m. (ET). The participant passcode is 37833441.
A replay of the call will be available starting on October 10, 2011, through October 17, 2011, at 888-286-8010 (domestic) or 617-801-6888 (international) passcode 14587907. It will also be archived at www.k12.com in the Investor Relations section for 60 days.
Enrollment Data
The following table sets forth total average enrollment data by distribution channel for each of the periods indicated. Our reported total average enrollments include students in Managed Schools (Virtual Public Schools and Hybrid Schools), students taking K12 or Aventa online programs offered by school districts (Institutional Business), and students in Private Schools. These figures exclude enrollments from our consumer, A+, post-secondary and classroom pilot programs.
4th Quarter | FY Year Ending | |||||||||||||
2011 | 2010 |
Change % |
2011 | 2010 |
Change % |
|||||||||
Total Average Enrollment | ||||||||||||||
K12 Managed Schools | 64,805 | 54,009 | 20.0 | % | 68,189 | 56,962 | 19.7 | % | ||||||
K12 Institutional Business | 13,136 | 9,499 | 38.3 | % | 13,082 | 9,850 | 32.8 | % | ||||||
K12 Private Schools | 1,966 | 1,068 | 84.2 | % | 1,739 | 1,066 | 63.2 | % | ||||||
K12 Total Average Enrollment | 79,906 | 64,575 | 23.7 | % | 83,010 | 67,877 | 22.3 | % | ||||||
Total Acquired Enrollment | 16,307 | - | NM | 15,880 | - | NM | ||||||||
Total Average Enrollment | 96,213 | 64,575 | 49.0 | % | 98,890 | 67,877 | 45.7 | % | ||||||
K12 and Acquired Enrollment | ||||||||||||||
Managed Schools | 67,791 | 54,009 | 25.5 | % | 71,322 | 56,962 | 25.2 | % | ||||||
Institutional Business | 20,522 | 9,499 | 116.0 | % | 19,862 | 9,850 | 101.7 | % | ||||||
Private Schools | 7,900 | 1,068 | 640.0 | % | 7,706 | 1,066 | 623.2 | % | ||||||
Total Average Enrollment | 96,213 | 64,575 | 49.0 | % | 98,890 | 67,877 | 45.7 | % | ||||||
Certain totals may not add due to the effects of rounding.
NM — Not Meaningful
Financial Statements
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
(In thousands, except share and per share data) | ||||||||||||||||
Three Months Ended June 30, | Year Ended June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues | $ | 128,268 | $ | 88,321 | $ | 522,434 | $ | 384,470 | ||||||||
Cost and expenses | ||||||||||||||||
Instructional costs and services | 78,107 | 55,868 | 307,111 | 222,029 | ||||||||||||
Selling, administrative, and other operating expenses | 52,324 | 32,329 | 174,762 | 117,398 | ||||||||||||
Product development expenses | 4,029 | 1,999 | 16,347 | 9,576 | ||||||||||||
Total costs and expenses | 134,460 | 90,196 | 498,220 | 349,003 | ||||||||||||
(Loss) Income from operations | (6,192 | ) | (1,875 | ) | 24,214 | 35,467 | ||||||||||
Interest expense, net | (237 | ) | (289 | ) | (1,207 | ) | (1,331 | ) | ||||||||
(Loss) Income before income tax expense and noncontrolling interest | (6,429 | ) | (2,164 | ) | 23,007 | 34,136 | ||||||||||
Income tax benefit (expense) | 2,968 | 427 | (11,342 | ) | (13,249 | ) | ||||||||||
Net (loss) income - K12, Inc. | (3,461 | ) | (1,737 | ) | 11,665 | 20,887 | ||||||||||
Add net loss attributable to noncontrolling interest |
617 | 412 | 1,127 | 638 | ||||||||||||
Net (loss) income attributable to common stockholders, including Series A stockholders | $ | (2,844 | ) | $ | (1,325 | ) | $ | 12,792 | $ | 21,525 | ||||||
Net (loss) income attributable to common stockholders per share, excluding Series A stockholders: | ||||||||||||||||
Basic | $ | (0.08 | ) | $ | (0.04 | ) | $ | 0.37 | $ | 0.72 | ||||||
Diluted | $ | (0.08 | ) | $ | (0.04 | ) | $ | 0.37 | $ | 0.71 | ||||||
Weighted average shares used in computing per share amounts: | ||||||||||||||||
Basic | 34,460,563 | 30,195,130 | 31,577,758 | 29,791,973 | ||||||||||||
Diluted | 34,460,563 | 30,195,130 | 32,114,761 | 30,248,683 | ||||||||||||
Earnings Per Share Computation | Three Months Ended | Year Ended | |||||||||||||||||
June 30, | June 30, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||
(In thousands, except share and per |
(In thousands, except share and per |
||||||||||||||||||
Net (loss) income - K12 Inc. | $ | (2,844 | ) | $ | (1,325 | ) | $ | 12,792 | $ | 21,525 | |||||||||
Amount allocated to participating Series A stockholders | 210 | — | (1,031 | ) | — | ||||||||||||||
(Loss) income available to common stockholders | $ | (2,634 | ) | $ | (1,325 | ) | $ | 11,761 | $ | 21,525 | |||||||||
Basic earnings per share computation: | |||||||||||||||||||
Weighted average common shares — basic | 34,460,563 | 30,195,130 | 31,577,758 | 29,791,973 | |||||||||||||||
Basic net income per share | $ |
(0.08 |
) | $ |
(0.04 |
) | $ |
|
0.37 | $ |
|
0.72 | |||||||
Diluted earnings per share computation: | |||||||||||||||||||
Weighted average common shares — diluted | 34,460,563 | 30,195,130 | 32,114,761 | 30,248,683 | |||||||||||||||
Diluted net income per share | $ |
(0.08 |
) | $ |
(0.04 |
) | $ |
|
0.37 | $ |
|
0.71 | |||||||
K12 INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
June 30, | |||||||
2011 | 2010 | ||||||
(In thousands, except share | |||||||
and per share data) | |||||||
ASSETS | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 193,099 | $ | 81,751 | |||
Restricted cash and cash equivalents | 1,501 | 3,343 | |||||
Accounts receivable, net of allowance of $1,777 and $1,363 at June 30, 2011 and June 30, 2010, respectively | 96,235 | 71,184 | |||||
Inventories, net | 30,554 | 26,193 | |||||
Current portion of deferred tax asset | 7,175 | 4,672 | |||||
Prepaid expenses | 10,424 | 8,849 | |||||
Other current assets | 9,111 | 7,286 | |||||
Total current assets | 348,099 | 203,278 | |||||
Property and equipment, net | 46,625 | 24,260 | |||||
Capitalized software, net | 24,386 | 16,453 | |||||
Capitalized curriculum development costs, net | 55,619 | 39,860 | |||||
Deferred tax asset, net of current portion | — | 5,912 | |||||
Intangible assets, net | 38,291 | 14,081 | |||||
Goodwill | 55,627 | 1,825 | |||||
Investment in Web International | 10,000 | — | |||||
Deposits and other assets | 3,448 | 2,213 | |||||
Total assets | $ | 582,095 | $ | 307,882 | |||
LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND EQUITY | |||||||
Current liabilities | |||||||
Accounts payable | $ | 21,176 | $ | 12,691 | |||
Accrued liabilities | 14,126 | 8,840 | |||||
Accrued compensation and benefits | 13,086 | 10,563 | |||||
Deferred revenue | 21,907 | 9,593 | |||||
Current portion of capital lease obligations | 11,914 | 10,996 | |||||
Current portion of notes payable | 1,443 | 1,251 | |||||
Total current liabilities | 83,652 | 53,934 | |||||
Deferred rent, net of current portion | 4,698 | 1,782 | |||||
Capital lease obligations, net of current portion | 8,552 | 7,710 | |||||
Notes payable, net of current portion | 2,299 | 655 | |||||
Deferred tax liability | 9,604 | — | |||||
Other long term liabilities | 3,343 | 435 | |||||
Total liabilities | 112,148 | 64,516 | |||||
Commitments and contingencies | — | — | |||||
Redeemable noncontrolling interest | 17,200 | 17,374 | |||||
Equity: | |||||||
K12 Inc. stockholders’ equity | |||||||
Common stock, par value $0.0001; 100,000,000 shares authorized; 35,927,452 and 30,441,412 shares issued and outstanding at June 30, 2011 and June 30, 2010, respectively | 4 | 3 | |||||
Additional paid-in capital | 512,181 | 361,344 | |||||
Series A Special Stock, par value $0.0001; 2,750,000 and 0 shares issued and outstanding at June 30, 2011 and June 30, 2010, respectively | 63,112 | — | |||||
Accumulated Other Comprehensive Income | 28 | — | |||||
Accumulated deficit | (126,704 | ) | (139,496 | ) | |||
Total K12 Inc. stockholders’ equity | 448,621 | 221,851 | |||||
Noncontrolling interest | 4,126 | 4,141 | |||||
Total equity | 452,747 | 225,992 | |||||
Total liabilities, redeemable noncontrolling interest and equity | $ | 582,095 | $ | 307,882 | |||
See accompanying summary of accounting policies and notes to consolidated financial statements in Form 10-K.
K12 INC. | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
Year Ended June 30, | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
(In thousands) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income | $ | 11,665 | $ | 20,887 | $ | 11,729 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization expense | 42,934 | 25,761 | 20,835 | |||||||||
Stock based compensation expense | 9,466 | 5,934 | 2,790 | |||||||||
Excess tax benefit from stock based compensation | (4,954 | ) | (3,935 | ) | (6,998 | ) | ||||||
Deferred income taxes | 10,978 | 11,858 | 9,584 | |||||||||
Provision for (reduction of) doubtful accounts | 1,472 | 308 | (403 | ) | ||||||||
Provision for inventory obsolescence | 1,060 | 1,019 | 149 | |||||||||
Provision for (reduction of) student computer shrinkage and obsolescence | 219 | (178 | ) | 243 | ||||||||
Impairment of capitalized curriculum development cost | — | — | 261 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (15,810 | ) | (18,460 | ) | (21,999 | ) | ||||||
Inventories | (4,621 | ) | 4,840 | (11,529 | ) | |||||||
Prepaid expenses | 363 | 327 | (5,529 | ) | ||||||||
Other current assets | (1,825 | ) | (5,199 | ) | (1,859 | ) | ||||||
Deposits and other assets | (1,037 | ) | 30 | (1,828 | ) | |||||||
Accounts payable | 2,726 | 2,326 | (4,022 | ) | ||||||||
Accrued liabilities | 615 | 1,012 | 3,145 | |||||||||
Accrued compensation and benefits | 1,976 | 2,271 | (1,758 | ) | ||||||||
Deferred revenue | 6,760 | 6,203 | 275 | |||||||||
Cash invested in restricted cash and cash equivalents | 1,842 | (843 | ) | (2,500 | ) | |||||||
Deferred rent | 3,384 | 519 | 59 | |||||||||
Net cash provided by (used in) operating activities | 67,213 | 54,680 | (9,355 | ) | ||||||||
Cash flows from investing activities | ||||||||||||
Purchase of property, and equipment | (29,563 | ) | (10,357 | ) | (13,939 | ) | ||||||
Capitalized curriculum development costs | (18,086 | ) | (13,904 | ) | (13,931 | ) | ||||||
Purchase of AEC, net of cash acquired of $3,841 | (24,543 | ) | — | — | ||||||||
Purchase of IS Berne, net of cash acquired of $1,563 | (839 | ) | — | — | ||||||||
Cash advanced for AEC performance escrow | (6,825 | ) | — | — | ||||||||
Cash returned for AEC performance escrow | 6,825 | — | — | |||||||||
Cash paid for investment in Web | (10,000 | ) | — | — | ||||||||
Purchase of domain name | — | — | (16 | ) | ||||||||
Net cash used in investing activities | (83,031 | ) | (24,261 | ) | (27,886 | ) | ||||||
Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common stock, net | 125,618 | — | — | |||||||||
Repayments on capital lease obligations | (15,135 | ) | (12,945 | ) | (9,133 | ) | ||||||
Repayments on notes payable | (1,969 | ) | (1,029 | ) | (804 | ) | ||||||
Proceeds from notes payable | 1,933 | — | 3,135 | |||||||||
Borrowings from line of credit | 15,000 | — | — | |||||||||
Repayments under the line of credit | (15,000 | ) | — | — | ||||||||
Net proceeds from noncontrolling interest contribution | — | 3,374 | 5,000 | |||||||||
Proceeds from exercise of stock options | 13,364 | 8,544 | 9,824 | |||||||||
Proceeds from exercise of stock warrants | — | 50 | — | |||||||||
Excess tax benefit from stock based compensation | 4,954 | 3,935 | 6,998 | |||||||||
Retirement of restricted stock for income tax withholding | (1,627 | ) | (58 | ) | — | |||||||
Net cash provided by financing activities | 127,138 | 1,871 | 15,020 | |||||||||
Effect of foreign exchange rate changes on cash and cash equivalents | 28 | — | — | |||||||||
Net change in cash and cash equivalents | 111,348 | 32,290 | (22,221 | ) | ||||||||
Cash and cash equivalents, beginning of year | 81,751 | 49,461 | 71,682 | |||||||||
Cash and cash equivalents, end of year | $ | 193,099 | $ | 81,751 | $ | 49,461 |
See accompanying summary of accounting policies and notes to consolidated financial statements in Form 10-K.
Non-GAAP Financial Measures
EBITDA
EBITDA consists of net income (loss), plus net interest expense, plus income tax expense, minus income tax benefit, plus depreciation and amortization and noncontrolling interest charges. Interest expense primarily consists of interest expense for capital leases, long-term and short-term borrowings. We use EBITDA in addition to income from operations and net income as a measure of operating performance. However, EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing our operating performance, investors should use EBITDA in addition to, and not as an alternative for, net income (loss) as determined in accordance with GAAP. Because not all companies use identical calculations, our presentation of EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, EBITDA is not intended to be a measure of free cash flow for our management's discretionary use, as it does not consider certain cash requirements such as capital expenditures, tax payments, interest payments, or other working capital.
We believe EBITDA is useful to an investor in evaluating our operating performance because it is widely used to measure a company's operating performance without regard to items such as depreciation and amortization, which can vary depending upon accounting methods and the book value of assets, and to present a meaningful measure of corporate performance exclusive of our capital structure and the method by which assets were acquired. Our management uses EBITDA:
The following table provides a reconciliation of net income to EBITDA.
($ thousands) |
3 months ended June 30, |
|
Year Ended June 30, |
|||||||||||||
2011 |
2010 |
2011 |
2010 |
|
||||||||||||
Net income-K12 Inc. |
$ |
(2,844 |
) |
$ |
(1,325 |
) |
$ | 12,792 | $ | 21,525 |
|
|||||
Interest expense, net |
237 |
289 |
1,207 | 1,331 |
|
|||||||||||
Income tax (benefit) expense |
(2,968 |
) |
(427 |
) |
11,342 | 13,249 |
|
|||||||||
Depreciation and amortization |
12,471 |
7,396 |
42,934 | 25,761 |
|
|||||||||||
Noncontrolling interest |
(617 |
) |
(412 |
) |
(1,127 | ) | (638 |
) |
||||||||
EBITDA |
$ |
6,279 |
$ |
5,521 |
$ | 67,148 | $ | 61,228 |
|
|||||||
About K12 Inc.
K12 Inc. (NYSE: LRN), a technology-based education company, is the largest provider of online education programs primarily for students in kindergarten through high school in the U.S. These programs deliver individualized education to students through public and private online schools, traditional classrooms, blended school programs, and directly to families through direct purchase. Founded in 2000, K12 has provided over 2 million courses – core subjects, AP®, world languages, credit recovery, and electives – to more than 200,000 students worldwide. Over 90 percent of parents surveyed are satisfied with the K12 program and agree that their children have benefited academically with K12. Students graduating from virtual schools supported by K12 have been accepted to hundreds of higher education institutions including many of the nation’s top-ranked colleges and universities.
K12 also distributes its extensive course catalog directly to school districts, as well as the course catalogs of Aventa LearningTM, acquired in July 2010, and American Education Corporation, a leading provider of instructional and assessment software for kindergarten through adult learners, which was acquired in December 2010.
K12 also owns, operates or provides services to several private schools: the K12 International AcademyTM, is an accredited, diploma-granting online private school; the KeystoneTM School, an accredited school with more than 35 years of distance and online learning success; and the George Washington University Online High School, an online school recently formed with the George Washington University.
K12’s language initiatives are executed through strategic alliances. K12 has partnered with Middlebury College in a new venture called Middlebury Interactive Languages to create and distribute innovative online language courses for pre-college students. K12 has a strategic investment in Web International English, a leader in English language training for students in China.
K12’s educational products are built on a strong research foundation by teams of highly credentialed and experienced academic and functional experts. Together, these teams have created over 60,000 hours of content across 480 course titles, and their specialized expertise is calibrated closely to the wide range of learning needs and environments where K12’s products are used. By leveraging technology appropriately, and using all available instructional modalities (from online courseware to offline print, including manipulatives and interactive media), K12 provides engaging instructional experiences where students can learn at their own pace whether in institutionally structured or individually prompted learning environments.
K12 also owns and distributes curriculum and services to post-secondary institutions through Capital Education and through a joint venture with Blackboard.
K12 is accredited through AdvancED, the world’s largest education community. More information on K12 can be found at: www.K12.com
CONTACT:
K12 Inc.
Investor Contact:
Keith Haas
SVP,
Finance and Investor Relations
703-483-7077
khaas@k12.com
or
Press
Contact:
Jeff Kwitowski
VP, Public Affairs
703-483-7281
jkwitowski@k12.com