Nobel Learning Communities, Inc. reported net income of $1.0 million, or $0.10 per diluted share, for the second quarter of fiscal 2010. This was a decline from the $2.1 million, or $0.20 per diluted share, reported in the second quarter of fiscal 2009.
Revenues for the second fiscal quarter were $58.6 million, up 5% from the same quarter in fiscal 2009. Comparable school revenue fell 4.8% in the second fiscal quarter, an improvement from the 5.8% decline in the first quarter. Nobel Learning Communities, Inc. acquired the Laurel Springs School during the quarter, adding revenue of $6.1 million.
George Bernstein, the CEO of Nobel Learning Communities, Inc. said, “During the quarter, our revenue increased and our overall performance began to stabilize as we saw the first signs of a meaningful improvement in enrollment trends. During the quarter, enrollment trends changed direction consistent with the recent stabilization in the economy and the improvement in the employment picture among age groups with young children who represent the majority of our families.”
Nobel Learning Communities, Inc. owns a chain of 180 nonsectarian private schools in 15 states providing education from preschool through 8th grade.