| Ticker: STRA | 1025 15th Street N.W. | |
| Exchange: NASDAQ-National Market | Washington, District of Columbia 20005 | |
| Industry: Service | (202) 408-2400 |
| Type of Shares: | Common Shares | Filing Date: | 5/17/96 | |
| U.S. Shares: | 3,000,000 | Offer Date: | 7/25/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $9.00 - $11.00 | |
| Primary Shares: | 3,000,000 | Offer Price: | $10.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.70 | |
| Offering Amount: | $30,000,000 | Selling: | $0.40 | |
| Expenses: | $700,000 | Reallowance: | $0.10 | |
| Shares Out After: | 9,000,000 |
| Manager | Tier | Phone |
| Legg Mason Wood Walker, Inc. | Lead Manager | (410) 539-3400 |
| Auditor: Coopers & Lybrand | |||||
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/95 | 3/31/96 | 3/31/95 | 3/31/96 | ||
| Revenue: | $38.20 | $12.42 | $10.64 | Assets: | $29.61 |
| Net Income: | $7.05 | $4.74 | $3.09 | Liabilities: | $11.04 |
| EPS: | $1.08 | $0.38 | Equity: | $18.56 | |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| Strayer is a regional proprietary institution of higher education offering undergraduate and graduate degree programs to more than 7,000 students at eight campuses in Washington, D.C. and Northern Virginia. In early 1996, the College received state approval to operate its first degree-granting campus in Maryland. The College is accredited by the Commission on Higher education of the Middle States Association of Colleges and Schools ("Middle States"), the regional institutional accrediting body recognized by the U.S. Department of Education. The majority of Strayer students are working adults pursuing their first college degree to improve their job skills and advance their careers. Of students enrolled in Strayer programs at the beginning of the 1995 Fall quarter, approximately 57% were over the age of 30 and approximately 62% were engaged in a part-time course of study. The College believes it attracts working adults by offering a business-oriented curriculum, convenient campus locations, flexible class schedules, a wide variety of information technology courses and an experienced teaching faculty. Many employers of Strayer students, including major corporations and governmental agencies, provide full or partial tuition reimbursement for Strayer courses. |
| Use of Proceeds |
| The proceeds from the offering will be used to fund the distribution to the College's current stockholders of undistributed income taxable to them prior to termination of Strayer's S Corporation status to fund the Company's acquisition of ELP (an education loan servicing company), and to provide funds for other corporate purposes. |
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