UPDATE 1-K12 quarterly profit misses; sees FY11 rev above Street
* Q2 EPS $0.23 vs est $0.24
* Sees FY11 revenue of $515-$520 million
Feb 9 (Reuters) - Technology-based education company K12 Inc (LRN.N) posted a quarterly profit that missed Street expectations by a cent, mainly hurt by a rise in expenses, but forecast fiscal 2011 revenue above market estimates.
The company, which provides virtual education from kindergarten through 12th grade, sees fiscal 2011 revenue of $515-$520 million, compared with analysts' estimate of $504.6 million.
Selling, administrative, and other operating expenses rose 41 percent to $35.2 million, mainly due to recent buyouts.
In November, the company agreed to acquire American Education, a provider of research-based core curriculum instructional software. [ID:nASA00YF7]
October-December net income fell to $7.8 million, or 23 cents a share, from $9.6 million, or 32 cents, a year earlier. Revenue rose 38 percent to $129 million.
Analysts on average expected earnings of 24 cents on revenue of $124.2 million, according to Thomson Reuters I/B/E/S.
Shares of the Herndon, Virginia-based company closed at $28.36 on Tuesday on the New York Stock Exchange. They have gained about a percent since the company reported its first-quarter results. (Reporting by Megha Mandavia in Bangalore; Editing by Sriraj Kalluvila) ((email@example.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; firstname.lastname@example.org))