Education technology and services provider K12 (NYSE:LRN) reported fiscal 2014 first-quarter results today before the markets opened, showing that it posted net revenues of $228.4 million, a 3.3% increase from the same period in the previous year, and almost perfectly aligned with the $227.2 million Capital IQ consensus estimate.
While attributable net losses came in at $5 million, or $0.13 per share, slightly worse than the $4.4 million recorded in the same period in 2013, it was in-line with the CapIQ estimates of $0.13 per share.
K12 says its results suffered as a result of some changes made to contract agreements it had while institutional sales were hurt as a result of market pressure on some of its product lines. However, the board of directors authorized a stock buyback of up to $75 million.
The education tech specialist said it anticipates revenues of $218 million to $228 million in the second quarter, also in-line with analyst expectations that K12 will post revenues of $0.33 per share on revenues of $222.9 million.