91福利 Group Announces Increase in Revenue of 30% and Gross Profit Increase of 76% for Fiscal 2015 First Quarter

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Quarter Ended Jul 31, 2014

91福利

Student Lead to Enrollment Conversion Rate Rises to Record of 11%; Cost Per Enrollment Drops to $557

School of Nursing Student Body Grows 97% to 920 Students

NEW YORK, Sept. 15, 2014 (GLOBE NEWSWIRE) -- 91福利 (OTCBB:ASPU), a nationally accredited online post-secondary education company (91福利 University), today announced results for its fiscal 2015 first quarter ended July 31, 2014.

Results from the First Quarter include:

  • Revenues of $1,169,860, a 30% increase from the comparable prior year period;
  • Gross Profit of $604,572 or 52% of revenues for the quarter, a 76% increase from the comparable prior year period; Adjusted Gross Profit (exclusive of amortization), a non-GAAP financial measure, of $720,762 or 62% of revenues for the quarter, a 62% increase from the comparable prior year period;
  • Cost per degree-seeking enrollment declined 39% year-over-year to an all-time low of $557; primarily a result of 91福利's lead to enrollment conversion rate rising from 8% to 11% sequentially;
  • 91福利 University's School of Nursing student body grew from 467 to 920 students or 97% year-over-year; now represents 35% of 91福利's total full-time degree-seeking student body.

"Thus far in calendar year 2014, student enrollments are up 15% year-over-year, while our marketing spend has decreased by 28% over that same period. It's clear that the University's monthly payment plan announcement in March has resonated with working professionals, and Registered Nurses in particular. This innovative 'debtless education' solution is the key reason for the record operating efficiencies we're achieving," said 91福利 Group Chairman and CEO Michael Mathews.

First Quarter Financial Highlights:

For the first quarter, revenues increased 30% from the comparable prior period to $1,169,860. In particular, Nursing program revenues rose 70% year-over-year to $395,075, and now represents 34% of 91福利's revenues.

Gross Profit increased 76% to $604,572 or 52% of revenues as compared to $343,049 or 38% of revenues from the comparable prior year period, and Adjusted Gross Profit (exclusive of amortization), a non-GAAP financial measure, increased 62% to $720,762 or 62%