UPDATE 1-K12 posts higher Q2 profit on enrollment growth
* Q2 EPS $0.32 vs. yr-ago $0.12
* Reaffirms 2010 rev view of $380-$390 mln
Feb 5 (Reuters) - Technology-based education company K12 Inc (LRN.N) posted a rise in quarterly profit, helped by a 22 percent rise in enrollments, and reaffirmed its revenue outlook for 2010.
For the second quarter ended Dec. 31, the company posted net income of $9.6 million, or 32 cents a share, compared with $3.5 million, or 12 cents a share, a year earlier.
Revenue rose 20 percent to $93.2 million.
Analysts on average were expecting earnings of 15 cents a share, on revenue of $95.1 million, according to Thomson Reuters I/B/E/S.
The company, which provides virtual education from kindergarden through 12th grade, said it still sees 2010 revenues to range between about $380 million and $390 million and forecast net earnings of about $14.6 million to $17.1 million.
Analysts were expecting earnings of 56 cents a share, on revenue of $384.6 million.
Shares of the company closed at $19.11 Thursday on the New York Stock Exchange. (Reporting by Amulya Nagaraj in Bangalore; Editing by Maju Samuel)
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