<SEC-DOCUMENT>0001157523-13-005149.txt : 20131031
<SEC-HEADER>0001157523-13-005149.hdr.sgml : 20131031
<ACCEPTANCE-DATETIME>20131031063108
ACCESSION NUMBER:		0001157523-13-005149
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20131031
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20131031
DATE AS OF CHANGE:		20131031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STRAYER EDUCATION INC
		CENTRAL INDEX KEY:			0001013934
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				521975978
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-21039
		FILM NUMBER:		131180761

	BUSINESS ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
		BUSINESS PHONE:		703-561-1600

	MAIL ADDRESS:	
		STREET 1:		2303 DULLES STATION BOULEVARD
		CITY:			HERNDON
		STATE:			VA
		ZIP:			20171
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50740790.htm
<DESCRIPTION>STRAYER EDUCATION, INC. 8-K
<TEXT>
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    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 18pt"><br style="font-size: 18pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 18pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font>
    </p>
    <p>

    </p>
    <p style="text-align: center; font-size: 10pt">
      <font style="font-size: 12pt"><b>CURRENT REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Pursuant
      to Section&#160;13 or 15(d) of the</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><br><br><font style="font-size: 10pt; font-family: Times New Roman"><b>
      Date of report (Date of earliest event reported): October 31, 2013</b></font><br><br><br><font style="font-size: 24pt"><b>Strayer
      Education, Inc.</b></font><br><font style="font-family: Times New Roman; font-size: 8pt"><b>(Exact
      name of registrant as specified in its charter)</b></font><br>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>MARYLAND</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; width: 32%; text-align: center; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-21039</b>
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; width: 32%; text-align: center; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>52-1975978</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(State or other jurisdiction of<br>incorporation or
            organization)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(Commission File Number)</b></i>
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 32%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><b>(I.R.S. Employer<br>Identification Number)</b></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 40%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2303 Dulles Station Boulevard</b><br><b>Herndon, VA</b>
          </p>
        </td>
        <td style="width: 20%">
          &#160;
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; width: 40%; text-align: center; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>20171</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; width: 40%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Address
            of principal executive offices)</b></font></i>
          </p>
        </td>
        <td style="width: 20%">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; width: 40%; text-align: center">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i><font style="font-size: 10pt; font-family: Times New Roman"><b>(Zip
            Code)</b></font></i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(703) 561-1600</b><br><b> (Registrant&#8217;s telephone number, including
      area code)</b><br><br><b> Not Applicable</b><br><b> (Former name or
      former address, if changed since last report)</b><br>
    </p>
    <p>

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see<i> </i>General Instruction A.2. below):
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p style="text-align: justify">
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="white-space: nowrap">
      <b>Item 2.02. &#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      On October 31, 2013, Strayer Education, Inc. (the &#8220;Company&#8221; or
      &#8220;Strayer&#8221;) issued a press release announcing its financial results for
      the quarter ended September 30, 2013.&#160;&#160;A copy of the press release is
      furnished as Exhibit 99.1 hereto and is hereby incorporated by reference
      into this Item 2.02.
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      The information contained in Exhibit 99.1 is deemed furnished under this
      Item, and shall not be deemed &#8220;filed&#8221; with the Securities and Exchange
      Commission nor incorporated by reference in any registration statement
      filed by the Company under the Securities Act of 1933, as amended.&#160;&#160;
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (a)&#160; Not applicable.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (b)&#160; Not applicable.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (c)&#160; Not applicable.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      (d)&#160; Exhibits.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      The exhibits required by this item are set forth on the Exhibit&#160;Index
      attached hereto.
    </p>
    <p style="white-space: nowrap">

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 12%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b><br><b>Number</b>
          </p>
        </td>
        <td valign="middle" style="padding-left: 0.0px; width: 2%; text-align: left; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 86%; text-align: center">
          <b>Description</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; width: 12%; text-align: left; padding-right: 0.0px">
          99.1
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 86%; text-align: left">
          Press Release, dated October 31, 2013
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURES</b></font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px; font-size: 10pt">

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt">
      <tr>
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        </td>
        <td style="width: 45%">

        </td>
        <td colspan="2" valign="top" style="padding-left: 0.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            STRAYER EDUCATION, INC.
          </p>
        </td>
      </tr>
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        <td style="width: 5%">

        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; width: 45%; text-align: left; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 47%">

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date:
          </p>
        </td>
        <td valign="top" style="white-space: nowrap; padding-left: 0.0px; width: 45%; text-align: left; padding-bottom: 2.0px; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            October 31, 2013
          </p>
        </td>
        <td valign="top" style="padding-left: 0.0px; width: 3%; text-align: left; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; width: 47%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 47%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Mark C. Brown
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 45%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="padding-left: 0.0px; width: 47%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Executive Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">

    </p>
  </body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50740790ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Strayer
      Education, Inc. Reports Third Quarter 2013 Revenues and Earnings; Fall
      Term 2013 Enrollments; and Additional Cost Reduction Initiatives</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>-- Third
      Quarter Diluted EPS $0.30 --</b></font>
    </p>
    <p>
      HERNDON, Va.--(BUSINESS WIRE)--October 31, 2013--Strayer Education, Inc.
      (Nasdaq: STRA) today announced financial results for the three months
      ended September 30, 2013. Financial highlights are as follows:
    </p>
    <p>
      <b>Three Months Ended September 30</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the three months ended September 30, 2013 decreased 11%
        to $110.0 million, compared to $124.3 million for the same period in
        2012, principally due to lower enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $6.6 million compared to $7.8 million for
        the same period in 2012, a decrease of 16%. Operating income margin
        was 6.0% compared to 6.3% for the same period in 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $3.1 million compared to $4.1 million for the same
        period in 2012, a decrease of 23%. Diluted earnings per share was
        $0.30 compared to $0.36 for the same period in 2012, a decrease of
        17%. Diluted weighted average shares outstanding decreased 8% to
        10,552,000 from 11,487,000 for the same period in 2012, primarily as a
        result of share repurchases.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Nine Months Ended September 30</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Revenues for the nine months ended September 30, 2013 decreased 10% to
        $379.5 million, compared to $420.0 million for the same period in
        2012, principally due to lower enrollment.
      </li>
      <li style="margin-bottom: 10.0px">
        Income from operations was $62.8 million compared to $84.9 million for
        the same period in 2012, a decrease of 26%. Operating income margin
        was 16.5% compared to 20.2% for the same period in 2012.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income was $35.4 million compared to $49.3 million for the same
        period in 2012, a decrease of 28%. Diluted earnings per share was
        $3.32 compared to $4.29 for the same period in 2012, a decrease of
        23%. Diluted weighted average shares outstanding decreased 7% to
        10,646,000 from 11,482,000 for the same period in 2012, primarily as a
        result of share repurchases.
      </li>
    </ul>
    <p>
      <b>Balance Sheet and Cash Flow</b>
    </p>
    <p>
      At September 30, 2013, the Company had cash and cash equivalents of
      $85.2 million. The Company generated $72.2 million from operating
      activities in the first nine months of 2013 compared to $57.2 million
      during the same period in 2012. Capital expenditures were $7.1 million
      for the nine months ended September 30, 2013 compared to $18.2 million
      for the same period in 2012.
    </p>
    <p>
      As previously announced, the Company entered into an amended and
      restated revolving credit and term loan agreement on November 8, 2012.
      This credit facility, which is secured by the assets of the Company,
      provides a $100.0 million revolving credit facility and a $125.0 million
      term loan facility with a maturity date of December 31, 2016. At
      September 30, 2013, the Company had $122.7 million outstanding under its
      term loan and no outstanding balance under its revolving credit facility.
    </p>
    <p>
      The Company had $70.0 million of share repurchase authorization
      remaining at September 30, 2013. No shares were repurchased in the third
      quarter of 2013.
    </p>
    <p>
      For the third quarter 2013, bad debt expense as a percentage of revenues
      was 4.5% compared to 4.2% for the same period in 2012. Days sales
      outstanding was 16 days at the end of the third quarter of 2013,
      compared to 18 days at the end of the third quarter of 2012.
    </p>
    <p>
      <b>Student Enrollment</b>
    </p>
    <p>
      Total enrollments at Strayer University for the 2013 fall term decreased
      17% to 43,192 students compared to 51,727 students for the same term in
      2012. Across the Strayer University campus and online system, continuing
      student enrollments decreased 14%, while new student enrollments
      decreased 23%.
    </p>
    <p>
      <b>Cost Reduction Initiatives</b>
    </p>
    <p>
      The Company announced today that Strayer University plans to implement a
      number of cost reduction and other initiatives during the fourth quarter
      of 2013. These initiatives, which will result in a charge of
      approximately $45-55 million in the fourth quarter, are expected to
      reduce headcount by approximately 20% and annual operating expenses by
      an estimated $50 million beginning in 2014. The Company estimates that
      approximately $10 million of the charge will reduce cash flow from
      operating activities in the fourth quarter.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      As part of these initiatives, Strayer University will close
      approximately 20 physical locations predominantly in the Midwest. These
      closures will affect approximately 5% of the University&#8217;s enrollment or
      about 2,300 students in the fall term. Affected students, a majority of
      whom already take 100% of their classes online, will be offered support
      to continue their education online. Subject to regulatory approval,
      these closures are expected to be substantially completed within the
      next six months. Approximately $30-40 million of the charges in the
      fourth quarter will be incurred for these closures, principally for
      lease-related charges and asset write-off costs, with the remaining $15
      million of the fourth quarter charges related to workforce reductions.
    </p>
    <p>
      <b>2014 Tuition</b>
    </p>
    <p>
      In order to further address the issue of college affordability, Strayer
      University&#8217;s Board of Trustees has approved a reduction in tuition for
      new undergraduate students of approximately 20% effective January 1,
      2014. The Company expects the reduction in tuition to negatively affect
      revenue per student in 2014 compared to 2013.
    </p>
    <p>
      <b>Capital Allocation</b>
    </p>
    <p>
      The Company announced today that its Board of Directors amended its
      share repurchase program by extending the deadline for use of the $70
      million remaining under its current authorization to December 31, 2014.
      The Company intends to conduct such purchases, if any, in compliance
      with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
      This share repurchase program may be modified, suspended or terminated
      at any time by the Company without notice.
    </p>
    <p>
      <b>Common Stock and Common Stock Equivalents</b>
    </p>
    <p>
      At September 30, 2013, the Company had 10,852,020 common shares issued
      and outstanding, including 342,329 shares of restricted stock. The
      Company also had 200,000 restricted stock units outstanding, and 100,000
      unvested stock options outstanding.
    </p>
    <p>
      <b>Conference Call with Management</b>
    </p>
    <p>
      Strayer Education, Inc. will host a conference call to discuss its third
      quarter 2013 earnings at 10:00 a.m. (ET) today. To participate on the
      live call, investors should dial (877) 303-9047 10 minutes prior to the
      start time. In addition, the call will be available via live webcast. To
      access the live webcast of the conference call, please go to <u>www.strayereducation.com</u>
      15 minutes prior to the start time of the call to register. Following
      the call, the webcast will be archived and available at <u>www.strayereducation.com</u>.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>About Strayer Education, Inc.</b>
    </p>
    <p>
      Strayer Education, Inc. (Nasdaq: STRA) is an education services holding
      company that owns Strayer University. Strayer&#8217;s mission is to make
      higher education achievable for working adults in today&#8217;s
      economy.&#160;Strayer University is a proprietary institution of higher
      learning that offers undergraduate and graduate degree programs in
      business administration, accounting, information technology, education,
      health services administration, public administration, and criminal
      justice to working adult students. Strayer University also offers an
      executive MBA online and corporate training programs through its Jack
      Welch Management Institute. Strayer University is committed to providing
      an education that prepares working adult students for advancement in
      their careers and professional lives. Founded in 1892, Strayer
      University is based in Washington, D.C. and accredited by the Middle
      States Commission on Higher Education.
    </p>
    <p>
      For more information on Strayer Education, Inc. visit <u>www.strayereducation.com</u>
      and for Strayer University visit <u>www.strayer.edu</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      <i>This press release contains statements that are forward-looking and
      are made pursuant to the &#8220;safe-harbor&#8221; provisions of the Private
      Securities Litigation Reform Act of 1995 (the &#8220;Reform Act&#8221;). Such
      statements may be identified by the use of words such as &#8220;expect,&#8221;
      &#8220;estimate,&#8221; &#8220;assume,&#8221; &#8220;believe,&#8221; &#8220;anticipate,&#8221; &#8220;will,&#8221; &#8220;forecast,&#8221;
      &#8220;plan,&#8221; &#8220;project,&#8221; or similar words. The statements are based on the
      Company&#8217;s current expectations and are subject to a number of
      assumptions, uncertainties and risks. In connection with the safe-harbor
      provisions of the Reform Act, the Company has identified important
      factors that could cause the Company&#8217;s actual results to differ
      materially from those expressed in or implied by such statements. The
      assumptions, uncertainties and risks include the pace of growth of
      student enrollment, our continued compliance with Title IV of the Higher
      Education Act, and the regulations thereunder, as well as regional
      accreditation standards and state regulatory requirements, rulemaking by
      the Department of Education and increased focus by the U. S. Congress on
      for-profit education institutions, competitive factors, risks associated
      with the opening of new campuses, risks associated with the offering of
      new educational programs and adapting to other changes, risks relating
      to the timing of regulatory approvals, our ability to implement our
      growth strategy, risks associated with the ability of our students to
      finance their education in a timely manner, and general economic and
      market conditions.</i> <i>Further information about these and other
      relevant risks and uncertainties may be found in the Company&#8217;s Annual
      Report on Form 10-K for the fiscal year ended December 31, 2012 and in
      its subsequent filings with the Securities and Exchange Commission, all
      of which are incorporated herein by reference and which are available
      from the Commission. We undertake no obligation to update or revise
      forward-looking statements.</i>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; text-align: center">
          For the three months
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="padding-left: 0.0px; text-align: center">
          For the nine months
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          ended September 30,
        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          ended September 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2012
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2013
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2012
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2013
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Revenues
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $124,260
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $110,031
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $420,046
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $379,517
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Costs and expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Instruction and educational support
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          72,997
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          63,673
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          222,413
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          208,405
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Marketing
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,171
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,077
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          53,693
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          57,026
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Admissions advisory
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,487
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,188
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          19,733
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          15,751
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          General and administration
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          13,769
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,472
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          39,345
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          35,538
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Total costs and expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          116,424
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          103,410
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          335,184
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          316,720
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Income from operations
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          7,836
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,621
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          84,862
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          62,797
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Investment income
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Interest expense
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,055
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,391
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,373
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,024
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Income before income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,782
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,231
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          81,493
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          58,774
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,679
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,082
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          32,190
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,392
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 4.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $ 4,103
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $ 3,149
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $ 49,303
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $ 35,382
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Earnings per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $0.36
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $0.30
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $4.31
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $3.34
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $0.36
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $0.30
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $4.29
        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: right">

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $3.32
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Weighted average shares outstanding:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Basic
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,433
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,510
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,428
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,608
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Diluted
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,487
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,552
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          11,482
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          10,646
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS</b>
        </td>
      </tr>
      <tr>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands, except share and per share data)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          December 31,
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          September 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2012
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2013
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Current assets:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          47,517
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          85,220
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Tuition receivable, net of allowances for doubtful accounts of
            $6,596 and $5,819 at December 31, 2012 and September 30, 2013,
            respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          23,262
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          19,686
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          4,454
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          907
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Other current assets
          </p>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          14,422
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          12,503
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          89,655
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          118,316
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          121,520
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          109,958
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,279
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,800
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,800
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other assets
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,538
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,872
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 4.0px">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          227,792
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          240,951
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>LIABILITIES &amp; STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Current liabilities:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          39,124
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          39,058
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          494
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          585
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          281
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          281
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Current portion of term loan
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,125
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,125
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          43,024
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          43,049
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Term loan, less current portion
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          121,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          119,531
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          21,905
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          21,406
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Total liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          186,804
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          183,986
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Commitments and contingencies
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Stockholders&#8217; equity:
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, par value $.01; 20,000,000 shares authorized;
            11,387,299 and 10,852,020 shares issued and outstanding at
            December 31, 2012 and September 30, 2013, respectively
          </p>
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          114
        </td>
        <td>

        </td>
        <td colspan="2" valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          109
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Additional paid-in capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          299
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,289
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          41,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          50,586
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 25.0px; text-align: left; padding-bottom: 2.0px">
          Accumulated other comprehensive income (loss)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (736)
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (19)
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left; padding-bottom: 2.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          40,988
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            56,965
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 40.0px; text-align: left; padding-bottom: 4.0px">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          227,792
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          240,951
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 8pt">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="7">

        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>STRAYER EDUCATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" valign="bottom" style="padding-left: 0.0px; text-align: center">
          <b>(Amounts in thousands)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">

        </td>
        <td colspan="7" valign="bottom" style="padding-left: 0.0px; text-align: center">
          For the nine months ended
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">

        </td>
        <td colspan="7" valign="bottom" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center">
          September 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2012
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px">
          2013
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash flows from operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          49,303
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          35,382
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Adjustments to reconcile net income to net cash provided by
          operating activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Amortization of gain on sale of assets
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (210
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (210
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Amortization of deferred rent
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          173
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (216
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Amortization of deferred financing costs
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          585
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          17,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          18,561
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2,827
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (3,503
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          9,358
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          8,398
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Changes in assets and liabilities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Tuition receivable, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          3,576
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Other current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (1,992
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          1,668
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Other assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (134
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Accounts payable and accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          5,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          188
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Income taxes payable and income taxes receivable
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7,630
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          6,591
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left">
          Unearned tuition
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (14,201
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          769
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 20.0px; text-align: left; padding-bottom: 2.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          746
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          374
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Net cash provided by operating activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          57,246
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          72,161
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash flows from investing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Purchases of property and equipment
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (18,165
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7,115
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Net cash used in investing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (18,165
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (7,115
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Cash flows from financing activities:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Repurchase of common stock
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (24,999
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Payments on term loan
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (20,000
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (2,344
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Payments on revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (48,000
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Proceeds from revolving credit facility
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          53,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          --
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left; padding-bottom: 2.0px">
          Common dividends paid
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (35,609
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          --
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left; padding-bottom: 2.0px">
          Net cash used in financing activities
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (50,609
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (27,343
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 30.0px; text-align: left">
          Net (decrease) increase in cash and cash equivalents
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          (11,528
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          37,703
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 2.0px">
          Cash and cash equivalents &#8211; beginning of period
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          57,137
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          47,517
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left; padding-bottom: 4.0px">
          Cash and cash equivalents &#8211; end of period
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          45,609
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          85,220
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 0.0px; text-align: left">
          Non-cash transactions:
        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
        <td>

        </td>
        <td colspan="3">

        </td>
      </tr>
      <tr>
        <td valign="bottom" style="padding-left: 10.0px; text-align: left">
          Purchases of property and equipment included in accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          2,132
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px">
          274
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Strayer Education, Inc.<br>Mark C. Brown, Executive Vice
      President and Chief Financial Officer<br>703-247-2514<br>or<br>Dan
      Jackson, Senior Vice President and Treasurer<br>703-713-1862<br><u>daniel.jackson@strayer.edu</u>
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
