Nobel Learning Communities acquires online K-12 school Laurel Springs for $12 million
Associated Press
09/09/09 7:05 AM PDT
WEST CHESTER, PA. — Nobel Learning Communities Inc., which runs more than 180 preschools, elementary schools and middle schools, said Wednesday that it acquired all outstanding shares of online K-12 school Laurel Springs School for about $12 million.
Nobel Learning said it was buying the Ojai, Calif.-based distance learning company using cash and a credit facility. Laurel Springs generated sales of about $8 million in the last 12 months, and the acquisition is expected to decrease earnings per share for fiscal 2010, Nobel Learning said.
The Laurel Springs acquisition is Nobel Learning's fourth this year.
Nobel on Tuesday said revenue from schools open at least a year were down 3.9 percent in its fiscal fourth quarter as enrollments fell 7 percent. Profit fell 86 percent to $466,000, or 4 cents per share, from $3.3 million, or 31 cents per share. Sales were nearly flat at $56.4 million.
