Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
Document Information [Line Items] | ' | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 24,658,261 |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'UTI | ' |
Entity Registrant Name | 'UNIVERSAL TECHNICAL INSTITUTE INC. | ' |
Entity Central Index Key | '0001261654 | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $34,343 | $35,657 |
Restricted cash | 4,811 | 5,748 |
Investments, current | 55,563 | 57,531 |
Receivables, net | 10,470 | 11,406 |
Deferred tax assets, net | 5,564 | 7,452 |
Prepaid expenses and other current assets | 17,065 | 15,553 |
Total current assets | 127,816 | 133,347 |
Investments, less current | 11,996 | 4,188 |
Property and equipment, net | 105,049 | 103,070 |
Goodwill | 20,579 | 20,579 |
Deferred tax assets, net | 9,936 | 8,835 |
Other assets | 9,836 | 9,444 |
Total assets | 285,212 | 279,463 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 38,132 | 39,229 |
Deferred revenue | 50,482 | 46,890 |
Accrued tool sets | 3,937 | 3,971 |
Lease financing obligation, current | 546 | 0 |
Other current liabilities | 2,333 | 2,271 |
Total current liabilities | 95,430 | 92,361 |
Deferred rent liability | 11,207 | 11,932 |
Lease financing obligation, noncurrent | 32,787 | 0 |
Construction liability | 0 | 27,632 |
Other liabilities | 10,104 | 8,768 |
Total liabilities | 149,528 | 140,693 |
Commitments and contingencies (Note 10) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $0.0001 par value, 100,000,000 shares authorized, 30,542,393 shares issued and 24,650,066 shares outstanding at December 31, 2013 and 30,535,847 shares issued and 24,643,520 shares outstanding as of September 30, 2013 | 3 | 3 |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding | 0 | 0 |
Paid-in capital | 173,190 | 171,087 |
Treasury stock, at cost, 5,892,327 shares at December 31 and September 30, 2013 | -89,756 | -89,346 |
Retained earnings | 52,247 | 57,026 |
Total shareholders' equity | 135,684 | 138,770 |
Total liabilities and shareholders' equity | $285,212 | $279,463 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 30,581,588 | 30,535,847 |
Common stock, shares outstanding | 24,658,261 | 24,643,520 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Treasury stock, at cost | 5,923,327 | 5,892,327 |
CONDENSED_CONSOLIDATED_INCOME_
CONDENSED CONSOLIDATED INCOME STATEMENTS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues | $94,702 | $95,075 | $191,731 | $193,516 |
Operating expenses: | ' | ' | ' | ' |
Educational services and facilities | 50,652 | 50,456 | 101,763 | 100,148 |
Selling, general and administrative | 45,554 | 46,558 | 88,469 | 89,301 |
Total operating expenses | 96,206 | 97,014 | 190,232 | 189,449 |
Income (loss) from operations | -1,504 | -1,939 | 1,499 | 4,067 |
Total other income (expense) | ' | ' | ' | ' |
Interest Income (Expense), Net | -491 | 72 | -623 | 119 |
Equity in earnings of unconsolidated affiliate | 127 | 0 | 208 | 0 |
Other income | 104 | 245 | 379 | 364 |
Total other income | -260 | 317 | -36 | 483 |
Income (loss) before income taxes | -1,764 | -1,622 | 1,463 | 4,550 |
Income tax expense (benefit) | -259 | -702 | 1,308 | 1,908 |
Net income (loss) | ($1,505) | ($920) | $155 | $2,642 |
Earnings per share: | ' | ' | ' | ' |
Net income (loss) per share - basic | ($0.06) | ($0.04) | $0.01 | $0.11 |
Net income (loss) per share - diluted | ($0.06) | ($0.04) | $0.01 | $0.11 |
Weighted average number of shares outstanding: | ' | ' | ' | ' |
Basic | 24,661 | 24,396 | 24,653 | 24,581 |
Diluted | 24,661 | 24,396 | 24,888 | 24,651 |
Cash dividends declared per common share | $0.10 | $0.10 | $0.20 | $0.20 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock | Paid-in Capital | Treasury Stock | Retained Earnings |
In Thousands | |||||
Beginning Balance at Sep. 30, 2013 | $138,770 | $3 | $171,087 | ($89,346) | $57,026 |
Beginning Balance (in shares) at Sep. 30, 2013 | ' | 30,536 | ' | 5,892 | ' |
Net income | 155 | ' | ' | ' | 155 |
Issuance of common stock under employee plans, shares | ' | 50 | ' | ' | ' |
Issuance of common stock under employee plans | 0 | 0 | 0 | ' | ' |
Shares withheld for payroll taxes, shares | ' | -4 | ' | ' | ' |
Shares withheld for payroll taxes | -58 | 0 | -58 | ' | ' |
Tax benefit from employee stock plans | -945 | ' | -945 | ' | ' |
Stock-based compensation | 3,106 | ' | 3,106 | ' | ' |
Cash dividend declared | -4,934 | ' | ' | ' | -4,934 |
Treasury Stock, Shares, Acquired | ' | ' | ' | 31 | ' |
Treasury Stock, Value, Acquired, Cost Method | 410 | ' | ' | 410 | ' |
Ending Balance at Mar. 31, 2014 | $135,684 | $3 | $173,190 | ($89,756) | $52,247 |
Ending Balance (in shares) at Mar. 31, 2014 | ' | 30,582 | ' | 5,923 | ' |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $155 | $2,642 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 9,861 | 11,349 |
Amortization of assets subject to financing obligations | 620 | 0 |
Amortization of held-to-maturity investments | 1,235 | 919 |
Bad debt expense | 1,990 | 2,620 |
Stock-based compensation | 3,106 | 3,005 |
Excess tax benefit from stock-based compensation | -7 | 0 |
Deferred income taxes | -158 | 521 |
Equity in earnings of unconsolidated affiliate | -208 | 0 |
Net training equipment credits earned | -601 | -881 |
Loss on disposal of property and equipment | 150 | 62 |
Changes in assets and liabilities: | ' | ' |
Receivables | 174 | 940 |
Prepaid expenses and other current assets | -1,318 | 1,511 |
Other assets | -189 | -707 |
Accounts payable and accrued expenses | -1,147 | -8,112 |
Deferred revenue | 3,592 | -5,839 |
Income tax payable/receivable | -1,307 | -1,291 |
Accrued tool sets and other current liabilities | 242 | 805 |
Deferred rent liability | -725 | -462 |
Other liabilities | 397 | 534 |
Net cash provided by operating activities | 15,862 | 7,616 |
Cash flows from investing activities: | ' | ' |
Purchase of property and equipment | -5,488 | -4,160 |
Proceeds from disposal of property and equipment | 5 | 42 |
Purchase of investments | -33,132 | -44,046 |
Proceeds received upon maturity of investments | 26,057 | 33,362 |
Increase in restricted cash | 944 | 0 |
Net cash used in investing activities | -11,614 | -14,802 |
Cash flows from financing activities: | ' | ' |
Payment of cash dividend | -4,934 | -4,912 |
Repayment of long-term lease financing obligations | -167 | 0 |
Payment of payroll taxes on stock-based compensation through shares withheld | -58 | -62 |
Proceeds from issuance of common stock under employee plans | 0 | 395 |
Excess tax benefit from stock-based compensation | 7 | 0 |
Purchase of treasury stock | -410 | -5,364 |
Net cash used in financing activities | -5,562 | -9,943 |
Net decrease in cash and cash equivalents | 1,314 | 17,129 |
Cash and cash equivalents, beginning of period | 35,657 | 45,665 |
Cash and cash equivalents, end of period | 34,343 | 28,536 |
Supplemental disclosure of cash flow information: | ' | ' |
Taxes paid | 2,772 | ' |
Training equipment obtained in exchange for services | 1,937 | ' |
Change in accrued capital expenditures during the period | 112 | ' |
Construction in progress financed by construction liability during the period | 5,868 | ' |
Construction liability recognized as financing obligation | 33,500 | ' |
Interest Paid | $757 | ' |
Nature_of_the_Business
Nature of the Business | 6 Months Ended |
Mar. 31, 2014 | |
Nature of the Business | ' |
Nature of the Business | |
We are the leading provider of postsecondary education for students seeking careers as professional automotive, diesel, collision repair, motorcycle and marine technicians as measured by total average undergraduate full-time student enrollment and graduates. We offer undergraduate degree and diploma programs at 11 campuses across the United States under the banner of several well-known brands, including Universal Technical Institute, Motorcycle Mechanics Institute and Marine Mechanics Institute and NASCAR Technical Institute. We also offer manufacturer specific training (MSAT) programs, including student paid electives, at our campuses and manufacturer or dealer sponsored training at certain campuses and dedicated training centers. | |
We work closely with leading original equipment manufacturers (OEMs) in the automotive, diesel, motorcycle and marine industries to understand their needs for qualified service professionals. Revenues generated from our schools consist primarily of tuition and fees paid by students. To pay for a substantial portion of their tuition, the majority of students rely on funds received from federal financial aid programs under Title IV Programs of the Higher Education Act of 1965, as amended (HEA), as well as from various veterans benefits programs. For further discussion, see Concentration of Risk and Note 16 “Governmental Regulation and Financial Aid” included in our 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) on December 4, 2013. |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, our condensed consolidated financial statements do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all normal and recurring adjustments considered necessary for a fair statement of the results for the interim periods have been included. Operating results for the three months and six months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending September 30, 2014. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2013 Annual Report on Form 10-K filed with the SEC on December 4, 2013. | |
The unaudited condensed consolidated financial statements include the accounts of Universal Technical Institute, Inc. and our wholly owned subsidiaries. All significant intercompany transactions and balances have been eliminated. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. | |
Historically, we have calculated income tax expense for interim periods based on estimated annual effective tax rates. These rates have been derived, in part, from expected income before taxes for the year. However, authoritative accounting guidance indicates that companies should not apply the estimated annual tax rate to interim financial results if the estimated annual tax rate is not reliably predictable. We are not able to reasonably estimate the annual effective tax rate for the year ending September 30, 2014 because small fluctuations in our earnings before taxes could result in a material change in the estimated annual effective tax rate based on our current projections. Therefore, for the three months and six months ended March 31, 2014, we calculated income taxes for each of the discrete periods using the actual year-to-date results. | |
We have no items which affect comprehensive income other than net income. |
Investments
Investments | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
Investments | |||||||||||||||||
We invest in pre-funded municipal bonds which are generally secured by escrowed-to-maturity U.S. Treasury notes. Municipal bonds represent debt obligations issued by states, cities, counties and other governmental entities, which earn interest that is exempt from federal income taxes. Additionally, we invest in certificates of deposit issued by financial institutions and corporate bonds from large cap industrial and selected financial companies with a minimum credit rating of A. We have the ability and intent to hold our investments until maturity and therefore classify these investments as held-to-maturity and report them at amortized cost. | |||||||||||||||||
Amortized cost and fair value for investments classified as held-to-maturity as of March 31, 2014 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 39,808 | $ | 17 | $ | — | $ | 39,825 | |||||||||
Corporate bonds | 13,624 | 4 | (11 | ) | 13,617 | ||||||||||||
Certificates of deposit | 2,131 | — | — | 2,131 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 6,578 | 6 | (1 | ) | 6,583 | ||||||||||||
Corporate bonds | 3,186 | — | (6 | ) | 3,180 | ||||||||||||
Certificates of deposit | 2,232 | — | — | 2,232 | |||||||||||||
$ | 67,559 | $ | 27 | $ | (18 | ) | $ | 67,568 | |||||||||
Amortized cost and fair value for investments classified as held-to-maturity as of September 30, 2013 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 40,942 | $ | 22 | $ | — | $ | 40,964 | |||||||||
Corporate bonds | 11,684 | 2 | (7 | ) | 11,679 | ||||||||||||
Certificates of deposit | 4,905 | — | — | 4,905 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 3,943 | 4 | — | 3,947 | |||||||||||||
Certificates of deposit | 245 | — | — | 245 | |||||||||||||
$ | 61,719 | $ | 28 | $ | (7 | ) | $ | 61,740 | |||||||||
Investments are exposed to various risks, including interest rate, market and credit risk. As a result, it is possible that changes in the values of these investments may occur and that such changes could affect the amounts reported in the condensed consolidated balance sheets and condensed consolidated statements of income. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers: Level 1, defined as quoted market prices in active markets for identical assets or liabilities; Level 2, defined as inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, model-based valuation techniques for which all significant assumptions are observable in the market or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities and Level 3, defined as unobservable inputs that are not corroborated by market data. | |||||||||||||||||
Assets measured at fair value on a recurring basis consisted of the following: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
31-Mar-14 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 25,320 | $ | 25,320 | $ | — | $ | — | |||||||||
Corporate bonds | 16,797 | 16,797 | — | — | |||||||||||||
Municipal bonds | 46,408 | — | 46,408 | — | |||||||||||||
Certificates of deposit | 4,363 | — | 4,363 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 92,888 | $ | 42,117 | $ | 50,771 | $ | — | |||||||||
Fair Value Measurements Using | |||||||||||||||||
30-Sep-13 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 23,135 | $ | 23,135 | $ | — | $ | — | |||||||||
Corporate bonds | 11,679 | 11,679 | — | — | |||||||||||||
Municipal bonds | 44,911 | — | 44,911 | — | |||||||||||||
Certificates of deposit | 5,150 | — | 5,150 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 84,875 | $ | 34,814 | $ | 50,061 | $ | — | |||||||||
Postemployment_Benefits
Postemployment Benefits | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Postemployment Benefits | ' | ||||||||||||||||||||
Postemployment Benefits | |||||||||||||||||||||
We periodically enter into agreements which provide postemployment benefits to personnel whose employment is terminated. The postemployment benefit liability, which is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets, is generally paid out ratably over the terms of the agreements, which range from 1 month to 24 months, with the final agreement expiring in December 2015. | |||||||||||||||||||||
The postemployment activity for the six months ended March 31, 2014 was as follows: | |||||||||||||||||||||
Liability Balance at | Postemployment | Cash Paid | Other | Liability Balance at | |||||||||||||||||
September 30, 2013 | Benefit Charges | Non-cash (1) | 31-Mar-14 | ||||||||||||||||||
Severance | $ | 1,714 | $ | 712 | $ | (605 | ) | $ | (12 | ) | $ | 1,809 | |||||||||
Other | 2 | 43 | (11 | ) | — | 34 | |||||||||||||||
Total | $ | 1,716 | $ | 755 | $ | (616 | ) | $ | (12 | ) | $ | 1,843 | |||||||||
-1 | Primarily relates to the expiration of benefits not used within the time offered under the separation agreement and non-cash severance. |
Earnings_per_Share
Earnings per Share | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Earnings per Share | ' | ||||||||||||
Earnings per Share | |||||||||||||
Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of shares outstanding for the period. Diluted net income (loss) per share reflects the assumed conversion of all dilutive securities, if any. For the six months ended March 31, 2014 and 2013, 576,837 shares and 1,437,686 shares, respectively, which could be issued under outstanding stock-based grants, were not included in the determination of our diluted shares outstanding as they were anti-dilutive. For the three months ended March 31, 2014 and 2013, diluted loss per share equals basic loss per share as the assumed activity related to outstanding stock-based grants would have an anti-dilutive effect. | |||||||||||||
The calculation of the weighted average number of shares outstanding used in computing basic and diluted net income per share was as follows: | |||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted average number of shares | (In thousands) | ||||||||||||
Basic shares outstanding | 24,661 | 24,396 | 24,653 | 24,581 | |||||||||
Dilutive effect related to employee stock plans | — | — | 235 | 70 | |||||||||
Diluted shares outstanding | 24,661 | 24,396 | 24,888 | 24,651 | |||||||||
Property_and_Equipment_net
Property and Equipment, net | 6 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Property and Equipment, net | ' | ||||||||||
Property and Equipment, net | |||||||||||
Property and equipment, net consisted of the following: | |||||||||||
Depreciable | 31-Mar-14 | September 30, 2013 | |||||||||
Lives (in years) | |||||||||||
Land | — | $ | 1,456 | $ | 1,456 | ||||||
Buildings and building improvements | 35 | 50,306 | 13,741 | ||||||||
Leasehold improvements | 28-Jan | 39,238 | 48,062 | ||||||||
Training equipment | 10-Mar | 84,071 | 82,270 | ||||||||
Office and computer equipment | 10-Mar | 37,471 | 37,206 | ||||||||
Curriculum development | 5 | 18,716 | 18,716 | ||||||||
Software developed for internal use | 5-Mar | 10,645 | 10,895 | ||||||||
Vehicles | 5 | 1,045 | 1,005 | ||||||||
Construction in progress | — | 4,469 | 33,158 | ||||||||
247,417 | 246,509 | ||||||||||
Less accumulated depreciation and amortization | (142,368 | ) | (143,439 | ) | |||||||
$ | 105,049 | $ | 103,070 | ||||||||
The following amounts, which are included in the above table, represent assets financed by financing obligations: | |||||||||||
31-Mar-14 | |||||||||||
Buildings and building improvements | $ | 33,500 | |||||||||
Less accumulated depreciation and amortization | (620 | ) | |||||||||
Assets financed by financing obligation, net | $ | 32,880 | |||||||||
As previously disclosed, we entered into a build-to-suit facility lease agreement and a construction management agreement related to the relocation of our Glendale Heights, Illinois campus to, and the design and construction of a new campus in, Lisle, Illinois. Under these agreements, we retained all construction risk and therefore, for accounting purposes, were considered the owner during the construction period. We recorded approximately $27.6 million in construction in progress and $27.6 million in the related construction liability on our condensed consolidated balance sheet as of September 30, 2013. | |||||||||||
Construction was completed during November 2013 and the facility was placed into service effective December 1, 2013. The investment in the joint venture related to the lease of this facility represents continuing involvement after the construction period was completed. Therefore, we will continue to account for the arrangement as a financing obligation and have an imputed operating lease related to our use of the land. Accordingly, the asset and a corresponding lease financing obligation are included in our condensed consolidated balance sheet. The asset will be depreciated over the initial lease term of 18 years. The financing obligation is amortized through the effective interest method in which a portion of the lease payments is recognized as interest expense, a portion is allocated to the imputed land lease and the remaining portion will decrease the financing obligation. Future minimum lease payments under this lease as of March 31, 2014 are as follows: | |||||||||||
Years ending September 30, | Financing Obligations | Operating Leases | |||||||||
2014 (Remaining) | $ | 1,397 | $ | 146 | |||||||
2015 | 2,845 | 291 | |||||||||
2016 | 2,907 | 291 | |||||||||
2017 | 2,971 | 291 | |||||||||
2018 | 3,037 | 291 | |||||||||
Thereafter | 46,719 | 3,832 | |||||||||
Total future minimum lease obligation | $ | 59,876 | $ | 5,142 | |||||||
Less imputed interest on financing obligation | (26,178 | ) | |||||||||
Less imputed accrued land lease obligation | (365 | ) | |||||||||
Net present value of financing obligation | $ | 33,333 | |||||||||
Amended Leases | |||||||||||
In January 2014, we entered into amended lease agreements for certain buildings on our Orlando, Florida campus which extended the lease terms to August 31, 2022 and modified the scheduled rental payments. Additionally, one of the amendments included a provision which allows us to expand the square footage at one building by approximately 13,500 square feet with an associated tenant improvement allowance of approximately $1.7 million. | |||||||||||
Under the agreement, we have retained all construction risk and are responsible for all budget overruns. Therefore, for accounting purposes, we are considered the owner during the construction period. Additionally, during the construction period, the existing building and the addition are considered one unit of account. Accordingly, when construction begins, we will record the existing building and a corresponding financing obligation on our condensed consolidated balance sheet of approximately $5.6 million and discontinue recognizing rent expense. | |||||||||||
During construction of the addition, we will record construction costs as construction in progress with a corresponding construction liability on our condensed consolidated balance sheet. Although we are owners during the construction period, we do not own the underlying land. Therefore, we will have an imputed operating lease expense related to our use of the land that will be recognized from the time we begin construction through the end of the construction period. During the construction period, the rental payment on the existing building will be allocated to imputed land lease expense and interest expense, which will then be capitalized, and the remaining portion will decrease the financing obligation. | |||||||||||
Upon occupancy of the expanded building under this lease agreement, we believe that we will not have continuing involvement after the construction period is complete, and we anticipate that the lease will be accounted for as an operating lease. As such, we anticipate we will derecognize the existing building, addition, financing obligation and construction liability. Furthermore, we will record prepaid rent related to the rent paid during construction, which will be amortized over the initial lease term. |
Investment_in_unconsolidated_a
Investment in unconsolidated affiliate (Notes) | 6 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Schedule of Investments in unconsolidated affiliate | ' | ||||||||||||||
Investment in unconsolidated affiliate | ' | ||||||||||||||
Investment in Unconsolidated Affiliate | |||||||||||||||
During the year ended September 30, 2012, we invested $4.0 million to acquire an equity interest of approximately 28% in a joint venture (JV) related to the lease of our Lisle, Illinois campus facility. In connection with this investment, we do not possess a controlling financial interest as we do not hold a majority of the equity interest, nor do we have the power to make major decisions without approval from the other equity member. Therefore, we do not qualify as the primary beneficiary. Accordingly, this investment is accounted for under the equity method of accounting and is included in other assets in our condensed consolidated balance sheet. We recognize our proportionate share of the JV’s net income or loss during each accounting period as a change in our investment. For the three months and six months ended March 31, 2014, our equity in earnings was $0.1 million and $0.2 million, respectively. We did not recognize any equity in earnings during the three months or six months ended March 31, 2013. | |||||||||||||||
Investment in unconsolidated affiliate consists of the following: | |||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||
Carrying Value (In thousands) | Ownership Percentage | Carrying Value (In thousands) | Ownership Percentage | ||||||||||||
Investment in unconsolidated affiliate | $ | 4,208 | 27.972 | % | $ | 4,000 | 27.972 | % | |||||||
Accounts_Payable_and_Accrued_E
Accounts Payable and Accrued Expenses | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts Payable and Accrued Expenses | |||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
31-Mar-14 | 30-Sep-13 | ||||||||
Accounts payable | $ | 13,839 | $ | 13,758 | |||||
Accrued compensation and benefits | 16,920 | 16,858 | |||||||
Other accrued expenses | 7,373 | 8,613 | |||||||
$ | 38,132 | $ | 39,229 | ||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||||||
Commitments and Contingencies | |||||||||||||||||||||
Operating Leases | |||||||||||||||||||||
Since 1991, certain of our properties have been leased from entities controlled by John C. White, a member of our Board of Directors. We have leased two of our Phoenix properties under one lease from City Park LLC, a successor in interest of 2844 West Deer Valley LLC and in which the John C. and Cynthia L. White 1989 Family Trust holds a 25% interest, since April 1994. During the three months ended March 31, 2014, City Park LLC sold the properties to an unrelated third party. Our existing lease remains in effect through December 31, 2022. | |||||||||||||||||||||
Executive Employment Agreements | |||||||||||||||||||||
Effective April 8, 2014, we entered into new employment agreements with two of our key executives and into an amended employment agreement with another key executive that provide for certain payments and benefits upon specified terminations of employment as defined within each agreement. Each agreement provides payments and benefits for termination for reasons other than cause and resignation for good reason, without or following a change in control. The new employment agreements also provide for payments for certain terminations following Company non-renewal of the agreement, for payments and benefits upon termination due to death or disability and require future stock unit awards, if any, to provide for continued vesting for 12 months after a qualifying retirement as defined within the agreements. There have been no grants of stock unit awards with retirement provisions. The range of the aggregate commitment upon termination of employment under these agreements and existing equity award agreements is approximately $2.7 million to $9.7 million. | |||||||||||||||||||||
Legal | |||||||||||||||||||||
In the ordinary conduct of our business, we are periodically subject to lawsuits, demands in arbitration, investigations, regulatory proceedings or other claims, including, but not limited to, claims involving current or former students, routine employment matters, business disputes and regulatory demands. When we are aware of a claim or potential claim, we assess the likelihood of any loss or exposure. If it is probable that a loss will result and the amount of the loss can be reasonably estimated, we would accrue a liability for the loss. When a loss is not both probable and estimable, we do not accrue a liability. Where a loss is not probable but is reasonably possible, including if a loss in excess of an accrued liability is reasonably possible, we determine whether it is possible to provide an estimate of the amount of the loss or range of possible losses for the claim. Because we cannot predict with certainty the ultimate resolution of the legal proceedings (including lawsuits, investigations, regulatory proceedings or claims) asserted against us, such current pending legal proceedings to which we are a party may have a material adverse effect on our business, cash flows, results of operations or financial condition. | |||||||||||||||||||||
In September 2012, we received a Civil Investigative Demand (CID) from the Attorney General of the Commonwealth of Massachusetts related to a pending investigation in connection with allegations that we caused false claims to be submitted to the Commonwealth relating to student loans, guarantees and grants provided to students at our Norwood, Massachusetts campus. The CID required us to produce documents and provide written testimony regarding a broad range of our business from September 2006 to the present. We responded timely to the request, as well as to follow-up requests for additional information made in December 2012 and February 2013. At this time, we cannot predict the eventual scope, duration, outcome or associated costs of this request and accordingly we have not recorded any liability in the accompanying condensed consolidated financial statements. | |||||||||||||||||||||
As previously disclosed, in October 2012 and January 2013, the ACCSC requested certain documentation related to a preliminary investigation by the United States Department of Justice (“DOJ”) of certain previously disclosed claims under the False Claims Act (31 U.S.C. § 3729, et seq.) (the “FCA Claims”). Pursuant to applicable law and the United States’ request, we were not able to provide the information requested at that time and notified ACCSC as such. In October 2013, we informed the ACCSC of the declination of intervention and closing of investigation by the DOJ into the FCA Claims, as well as the settlement of such claims with a former employee, and the final agency closing of a related Department of Labor suit. In addition, at the ACCSC’s request, in November 2013, we provided the ACCSC with certain documentation relating to the resolution of these claims. On March 19, 2014, we received notification from the ACCSC that it voted to accept our response and closed their inquiry. | |||||||||||||||||||||
Proprietary Loan Program | |||||||||||||||||||||
In order to provide funding for students who are not able to fully finance the cost of their education under traditional governmental financial aid programs, commercial loan programs or other alternative sources, we established a private loan program with a bank. | |||||||||||||||||||||
Under terms of the proprietary loan program, the bank originates loans for our students who meet our specific credit criteria with the related proceeds used exclusively to fund a portion of their tuition. We then purchase all such loans from the bank at least monthly and assume all of the related credit risk. The loans bear interest at market rates; however, principal and interest payments are not required until six months after the student completes or withdraws from his or her program. After the deferral period, monthly principal and interest payments are required over the related term of the loan. | |||||||||||||||||||||
The bank provides these services in exchange for a fee at a percentage of the principal balance of each loan and related fees. Under the terms of the related agreement, we transfer funds for loan purchases to a deposit account with the bank in advance of the bank funding the loan which secures our related loan purchase obligation. Such funds are classified as restricted cash in our condensed consolidated balance sheet. | |||||||||||||||||||||
In substance, we provide the students who participate in this program with extended payment terms for a portion of their tuition and as a result, we account for the underlying transactions in accordance with our tuition revenue recognition policy. However, due to the nature of the program coupled with the extended payment terms required under the student loan agreements, collectability is not reasonably assured. Accordingly, we recognize tuition and loan origination fees financed by the loan and any related interest income required under the loan when such amounts are collected. All related expenses incurred with the bank or other service providers are expensed as incurred and were approximately $0.4 million and $0.8 million for the three months and six months ended March 31, 2014, respectively, and $0.5 million and $1.1 million for the three months and six months ended March 31, 2013, respectively. Since loan collectability is not reasonably assured, the loans and related deferred tuition revenue are not recognized in our condensed consolidated balance sheets. | |||||||||||||||||||||
The following table summarizes the impact of the proprietary loan program on our tuition revenue and interest income during the period as well as on a cumulative basis at the end of each period in our condensed consolidated income statements. Tuition revenue and interest income excluded represents amounts which would have been recognized during the period had collectability of the related amounts been assured. Amounts collected and recognized represent actual cash receipts during the period and amounts written-off represent amounts which have been turned over to third party collectors. | |||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | Inception | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | to date | |||||||||||||||||
Tuition and interest income excluded | $ | 7,252 | $ | 6,095 | $ | 14,253 | $ | 12,832 | $ | 84,112 | |||||||||||
Amounts collected and recognized | (846 | ) | (568 | ) | (1,546 | ) | (1,018 | ) | (6,568 | ) | |||||||||||
Amounts written off | (2,468 | ) | (1,469 | ) | (4,263 | ) | (2,456 | ) | (25,258 | ) | |||||||||||
Net amount excluded during the period | $ | 3,938 | $ | 4,058 | $ | 8,444 | $ | 9,358 | $ | 52,286 | |||||||||||
At March 31, 2014, we had committed to provide loans to our students for approximately $97.3 million since inception. | |||||||||||||||||||||
The following table summarizes the activity related to the balances outstanding under our proprietary loan program, including loans outstanding, interest and origination fees, which are not reflected in our condensed consolidated balance sheets: | |||||||||||||||||||||
Six Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | 59,767 | $ | 42,880 | |||||||||||||||||
Loans extended | 16,125 | 14,336 | |||||||||||||||||||
Interest accrued | 1,427 | 1,860 | |||||||||||||||||||
Amounts collected and recognized | (1,546 | ) | (1,018 | ) | |||||||||||||||||
Amounts written off | (4,263 | ) | (2,456 | ) | |||||||||||||||||
Balance at end of period | $ | 71,510 | $ | 55,602 | |||||||||||||||||
Common_Shareholders_Equity
Common Shareholders' Equity | 6 Months Ended |
Mar. 31, 2014 | |
Common Shareholders' Equity | ' |
Common Shareholders’ Equity | |
Common Stock | |
Holders of our common stock are entitled to receive dividends when and as declared by our Board of Directors and have the right to one vote per share on all matters requiring shareholder approval. On December 20, 2013 and March 31, 2014, we paid cash dividends of $0.10 per share to common stockholders of record as of December 10, 2013 and March 17, 2014, respectively, totaling approximately $4.9 million. | |
Share Repurchase Program | |
On December 20, 2011, our Board of Directors authorized the repurchase of up to $25.0 million of our common stock in the open market or through privately negotiated transactions. The timing and actual number of shares purchased will depend on a variety of factors such as price, corporate and regulatory requirements and prevailing market conditions. We may terminate or limit the share repurchase program at any time without prior notice. During the three months and six months ended March 31, 2014, we purchased 31,000 shares at an average price per share of $13.17 and a total cost of approximately $0.4 million. As of March 31, 2014, we have purchased 736,000 shares at an average price per share of $10.40 and a total cost of approximately $7.7 million under this program. |
Segment_Information
Segment Information | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Information | ' | ||||||||||||||||
Segment Information | |||||||||||||||||
Our principal business is providing postsecondary education. We also provide manufacturer-specific training and these operations are managed separately from our campus operations. These operations do not currently meet the quantitative criteria for segments and therefore are reflected in the Other category. Corporate expenses are allocated to Postsecondary Education and the Other category based on compensation expense. | |||||||||||||||||
Summary information by reportable segment is as follows: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
Postsecondary education | $ | 91,891 | $ | 93,243 | $ | 188,236 | $ | 189,163 | |||||||||
Other | 2,811 | 1,832 | 3,495 | 4,353 | |||||||||||||
Consolidated | $ | 94,702 | $ | 95,075 | $ | 191,731 | $ | 193,516 | |||||||||
Income (loss) from operations | |||||||||||||||||
Postsecondary education | $ | (921 | ) | $ | (1,333 | ) | $ | 2,674 | $ | 5,323 | |||||||
Other | (583 | ) | (606 | ) | (1,175 | ) | (1,256 | ) | |||||||||
Consolidated | $ | (1,504 | ) | $ | (1,939 | ) | $ | 1,499 | $ | 4,067 | |||||||
Depreciation and amortization | |||||||||||||||||
Postsecondary education | $ | 4,528 | $ | 5,541 | $ | 9,673 | $ | 11,162 | |||||||||
Other | 87 | 86 | 188 | 187 | |||||||||||||
Consolidated | $ | 4,615 | $ | 5,627 | $ | 9,861 | $ | 11,349 | |||||||||
Net income (loss) | |||||||||||||||||
Postsecondary education | $ | (1,250 | ) | $ | (575 | ) | $ | 678 | $ | 3,359 | |||||||
Other | (255 | ) | (345 | ) | (523 | ) | (717 | ) | |||||||||
Consolidated | $ | (1,505 | ) | $ | (920 | ) | $ | 155 | $ | 2,642 | |||||||
31-Mar-14 | September 30, 2013 | ||||||||||||||||
Goodwill | |||||||||||||||||
Postsecondary education | $ | 20,579 | $ | 20,579 | |||||||||||||
Other | — | — | |||||||||||||||
Consolidated | $ | 20,579 | $ | 20,579 | |||||||||||||
Total assets | |||||||||||||||||
Postsecondary education | $ | 278,051 | $ | 272,178 | |||||||||||||
Other | 7,161 | 7,285 | |||||||||||||||
Consolidated | $ | 285,212 | $ | 279,463 | |||||||||||||
Government_Regulation_and_Fina
Government Regulation and Financial Aid | 6 Months Ended |
Mar. 31, 2014 | |
Government Regulation and Financial Aid | ' |
Government Regulation and Financial Aid | |
Gainful Employment | |
In 2013, the Department of Education (ED) established a negotiated rulemaking committee (the committee) to prepare proposed regulations to establish standards for programs that prepare students for gainful employment in a recognized occupation. The negotiation sessions occurred in September, November and December of 2013. The committee did not reach consensus on proposed draft regulatory language by the December 13, 2013 deadline. Without consensus, ED was authorized to write the final rule without the committee shaping its language. On March 25, 2014, ED issued a Notice of Proposed Rulemaking, which has a 60 day public comment period, to establish measures for determining whether certain postsecondary educational programs prepare students for gainful employment in a recognized occupation. ED proposed a set of conditions under which these educational programs remain eligible to participate in Title IV programs. The effective date of these regulations cannot be determined at this time, but it is likely that the rules, if adopted, would be effective on or after July 1, 2015. We cannot predict the form of the final rules that may be adopted following the comment period. | |
Program Integrity and Improvement | |
In February, March and April of 2014, ED conducted negotiated rulemaking sessions covering a variety of topics, the following of which may be impactful to us: the definition of adverse credit as it applies to Federal Direct PLUS loans, clock-to-credit hour conversion regulations and Title IV cash management. | |
Congressional Action and Financial Aid Funding | |
In January 2014, Congress passed an omnibus spending bill to fund the federal government through September 30, 2014, which the President signed on January 17, 2014. The bill includes several elements related to higher education and restores campus-based funding programs to pre-sequester levels. Additionally, it increases the maximum Pell grant for the 2014-15 award year from $5,645 to $5,730 per student. |
Investments_Tables
Investments (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Amortized Cost and Estimated Fair Market Value for Investments Classified as Held-to-Maturity | ' | ||||||||||||||||
Amortized cost and fair value for investments classified as held-to-maturity as of March 31, 2014 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 39,808 | $ | 17 | $ | — | $ | 39,825 | |||||||||
Corporate bonds | 13,624 | 4 | (11 | ) | 13,617 | ||||||||||||
Certificates of deposit | 2,131 | — | — | 2,131 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 6,578 | 6 | (1 | ) | 6,583 | ||||||||||||
Corporate bonds | 3,186 | — | (6 | ) | 3,180 | ||||||||||||
Certificates of deposit | 2,232 | — | — | 2,232 | |||||||||||||
$ | 67,559 | $ | 27 | $ | (18 | ) | $ | 67,568 | |||||||||
Amortized cost and fair value for investments classified as held-to-maturity as of September 30, 2013 were as follows: | |||||||||||||||||
Estimated | |||||||||||||||||
Amortized | Gross Unrealized | Fair Market | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Due in less than 1 year: | |||||||||||||||||
Municipal bonds | $ | 40,942 | $ | 22 | $ | — | $ | 40,964 | |||||||||
Corporate bonds | 11,684 | 2 | (7 | ) | 11,679 | ||||||||||||
Certificates of deposit | 4,905 | — | — | 4,905 | |||||||||||||
Due in 1 - 2 years: | |||||||||||||||||
Municipal bonds | 3,943 | 4 | — | 3,947 | |||||||||||||
Certificates of deposit | 245 | — | — | 245 | |||||||||||||
$ | 61,719 | $ | 28 | $ | (7 | ) | $ | 61,740 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Assets measured at fair value on a recurring basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis consisted of the following: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
31-Mar-14 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 25,320 | $ | 25,320 | $ | — | $ | — | |||||||||
Corporate bonds | 16,797 | 16,797 | — | — | |||||||||||||
Municipal bonds | 46,408 | — | 46,408 | — | |||||||||||||
Certificates of deposit | 4,363 | — | 4,363 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 92,888 | $ | 42,117 | $ | 50,771 | $ | — | |||||||||
Fair Value Measurements Using | |||||||||||||||||
30-Sep-13 | Quoted Prices | Significant | Significant | ||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market funds | $ | 23,135 | $ | 23,135 | $ | — | $ | — | |||||||||
Corporate bonds | 11,679 | 11,679 | — | — | |||||||||||||
Municipal bonds | 44,911 | — | 44,911 | — | |||||||||||||
Certificates of deposit | 5,150 | — | 5,150 | — | |||||||||||||
Total assets at fair value on a recurring basis | $ | 84,875 | $ | 34,814 | $ | 50,061 | $ | — | |||||||||
Postemployment_Benefits_Tables
Postemployment Benefits (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Postemployment Activity | ' | ||||||||||||||||||||
The postemployment activity for the six months ended March 31, 2014 was as follows: | |||||||||||||||||||||
Liability Balance at | Postemployment | Cash Paid | Other | Liability Balance at | |||||||||||||||||
September 30, 2013 | Benefit Charges | Non-cash (1) | 31-Mar-14 | ||||||||||||||||||
Severance | $ | 1,714 | $ | 712 | $ | (605 | ) | $ | (12 | ) | $ | 1,809 | |||||||||
Other | 2 | 43 | (11 | ) | — | 34 | |||||||||||||||
Total | $ | 1,716 | $ | 755 | $ | (616 | ) | $ | (12 | ) | $ | 1,843 | |||||||||
-1 | Primarily relates to the expiration of benefits not used within the time offered under the separation agreement and non-cash severance. |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Summary of Calculation of Weighted Average Number of Shares Outstanding Used in Computing Basic and Diluted Net Income Loss Per Share | ' | ||||||||||||
The calculation of the weighted average number of shares outstanding used in computing basic and diluted net income per share was as follows: | |||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Weighted average number of shares | (In thousands) | ||||||||||||
Basic shares outstanding | 24,661 | 24,396 | 24,653 | 24,581 | |||||||||
Dilutive effect related to employee stock plans | — | — | 235 | 70 | |||||||||
Diluted shares outstanding | 24,661 | 24,396 | 24,888 | 24,651 | |||||||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 6 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Property and Equipment Net | ' | ||||||||||
Property and equipment, net consisted of the following: | |||||||||||
Depreciable | 31-Mar-14 | September 30, 2013 | |||||||||
Lives (in years) | |||||||||||
Land | — | $ | 1,456 | $ | 1,456 | ||||||
Buildings and building improvements | 35 | 50,306 | 13,741 | ||||||||
Leasehold improvements | 28-Jan | 39,238 | 48,062 | ||||||||
Training equipment | 10-Mar | 84,071 | 82,270 | ||||||||
Office and computer equipment | 10-Mar | 37,471 | 37,206 | ||||||||
Curriculum development | 5 | 18,716 | 18,716 | ||||||||
Software developed for internal use | 5-Mar | 10,645 | 10,895 | ||||||||
Vehicles | 5 | 1,045 | 1,005 | ||||||||
Construction in progress | — | 4,469 | 33,158 | ||||||||
247,417 | 246,509 | ||||||||||
Less accumulated depreciation and amortization | (142,368 | ) | (143,439 | ) | |||||||
$ | 105,049 | $ | 103,070 | ||||||||
Schedule of Assets subject to financing obligations | ' | ||||||||||
The following amounts, which are included in the above table, represent assets financed by financing obligations: | |||||||||||
31-Mar-14 | |||||||||||
Buildings and building improvements | $ | 33,500 | |||||||||
Less accumulated depreciation and amortization | (620 | ) | |||||||||
Assets financed by financing obligation, net | $ | 32,880 | |||||||||
Schedule of Future Minimum Lease Payments Under Financing Obligations | ' | ||||||||||
Future minimum lease payments under this lease as of March 31, 2014 are as follows: | |||||||||||
Years ending September 30, | Financing Obligations | Operating Leases | |||||||||
2014 (Remaining) | $ | 1,397 | $ | 146 | |||||||
2015 | 2,845 | 291 | |||||||||
2016 | 2,907 | 291 | |||||||||
2017 | 2,971 | 291 | |||||||||
2018 | 3,037 | 291 | |||||||||
Thereafter | 46,719 | 3,832 | |||||||||
Total future minimum lease obligation | $ | 59,876 | $ | 5,142 | |||||||
Less imputed interest on financing obligation | (26,178 | ) | |||||||||
Less imputed accrued land lease obligation | (365 | ) | |||||||||
Net present value of financing obligation | $ | 33,333 | |||||||||
Investment_in_unconsolidated_a1
Investment in unconsolidated affiliate (Tables) | 6 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Schedule of Investments in unconsolidated affiliate | ' | ||||||||||||||
Investment in unconsolidated affiliate | ' | ||||||||||||||
Investment in unconsolidated affiliate consists of the following: | |||||||||||||||
March 31, 2014 | September 30, 2013 | ||||||||||||||
Carrying Value (In thousands) | Ownership Percentage | Carrying Value (In thousands) | Ownership Percentage | ||||||||||||
Investment in unconsolidated affiliate | $ | 4,208 | 27.972 | % | $ | 4,000 | 27.972 | % | |||||||
Accounts_Payable_and_Accrued_E1
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounts Payable and Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consisted of the following: | |||||||||
31-Mar-14 | 30-Sep-13 | ||||||||
Accounts payable | $ | 13,839 | $ | 13,758 | |||||
Accrued compensation and benefits | 16,920 | 16,858 | |||||||
Other accrued expenses | 7,373 | 8,613 | |||||||
$ | 38,132 | $ | 39,229 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Impact of the Proprietary Loan Program on Our Tuition Revenue and Interest Income During Period as well as on Cumulative Basis | ' | ||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | Inception | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | to date | |||||||||||||||||
Tuition and interest income excluded | $ | 7,252 | $ | 6,095 | $ | 14,253 | $ | 12,832 | $ | 84,112 | |||||||||||
Amounts collected and recognized | (846 | ) | (568 | ) | (1,546 | ) | (1,018 | ) | (6,568 | ) | |||||||||||
Amounts written off | (2,468 | ) | (1,469 | ) | (4,263 | ) | (2,456 | ) | (25,258 | ) | |||||||||||
Net amount excluded during the period | $ | 3,938 | $ | 4,058 | $ | 8,444 | $ | 9,358 | $ | 52,286 | |||||||||||
Activity Related to Balances Outstanding under our Proprietary Loan Program, Including Loans Outstanding, Interest and Origination Fees | ' | ||||||||||||||||||||
The following table summarizes the activity related to the balances outstanding under our proprietary loan program, including loans outstanding, interest and origination fees, which are not reflected in our condensed consolidated balance sheets: | |||||||||||||||||||||
Six Months Ended March 31, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance at beginning of period | $ | 59,767 | $ | 42,880 | |||||||||||||||||
Loans extended | 16,125 | 14,336 | |||||||||||||||||||
Interest accrued | 1,427 | 1,860 | |||||||||||||||||||
Amounts collected and recognized | (1,546 | ) | (1,018 | ) | |||||||||||||||||
Amounts written off | (4,263 | ) | (2,456 | ) | |||||||||||||||||
Balance at end of period | $ | 71,510 | $ | 55,602 | |||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Summary of Information by Reportable Segment | ' | ||||||||||||||||
Summary information by reportable segment is as follows: | |||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | |||||||||||||||||
Postsecondary education | $ | 91,891 | $ | 93,243 | $ | 188,236 | $ | 189,163 | |||||||||
Other | 2,811 | 1,832 | 3,495 | 4,353 | |||||||||||||
Consolidated | $ | 94,702 | $ | 95,075 | $ | 191,731 | $ | 193,516 | |||||||||
Income (loss) from operations | |||||||||||||||||
Postsecondary education | $ | (921 | ) | $ | (1,333 | ) | $ | 2,674 | $ | 5,323 | |||||||
Other | (583 | ) | (606 | ) | (1,175 | ) | (1,256 | ) | |||||||||
Consolidated | $ | (1,504 | ) | $ | (1,939 | ) | $ | 1,499 | $ | 4,067 | |||||||
Depreciation and amortization | |||||||||||||||||
Postsecondary education | $ | 4,528 | $ | 5,541 | $ | 9,673 | $ | 11,162 | |||||||||
Other | 87 | 86 | 188 | 187 | |||||||||||||
Consolidated | $ | 4,615 | $ | 5,627 | $ | 9,861 | $ | 11,349 | |||||||||
Net income (loss) | |||||||||||||||||
Postsecondary education | $ | (1,250 | ) | $ | (575 | ) | $ | 678 | $ | 3,359 | |||||||
Other | (255 | ) | (345 | ) | (523 | ) | (717 | ) | |||||||||
Consolidated | $ | (1,505 | ) | $ | (920 | ) | $ | 155 | $ | 2,642 | |||||||
31-Mar-14 | September 30, 2013 | ||||||||||||||||
Goodwill | |||||||||||||||||
Postsecondary education | $ | 20,579 | $ | 20,579 | |||||||||||||
Other | — | — | |||||||||||||||
Consolidated | $ | 20,579 | $ | 20,579 | |||||||||||||
Total assets | |||||||||||||||||
Postsecondary education | $ | 278,051 | $ | 272,178 | |||||||||||||
Other | 7,161 | 7,285 | |||||||||||||||
Consolidated | $ | 285,212 | $ | 279,463 | |||||||||||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Detail) | Mar. 31, 2014 |
Campus | |
Nature Of Operations [Line Items] | ' |
Number of campuses through which undergraduate degree and diploma programs are offered | 11 |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Held to Maturity Investments (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $67,559 | $61,719 |
Gross Unrealized Gains | 27 | 28 |
Gross Unrealized Losses | -18 | -7 |
Estimated Fair Market Value | 67,568 | 61,740 |
Municipal bonds, due in less than 1 year | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 39,808 | 40,942 |
Gross Unrealized Gains | 17 | 22 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 39,825 | 40,964 |
Corporate bonds, due in less than 1 year | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 13,624 | 11,684 |
Gross Unrealized Gains | 4 | 2 |
Gross Unrealized Losses | -11 | -7 |
Estimated Fair Market Value | 13,617 | 11,679 |
Certificates of deposit, due in less than 1 year | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,131 | 4,905 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | 2,131 | 4,905 |
Municipal bonds, due in 1 - 2 years | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 6,578 | 3,943 |
Gross Unrealized Gains | 6 | 4 |
Gross Unrealized Losses | -1 | 0 |
Estimated Fair Market Value | 6,583 | 3,947 |
Corporate bonds, due in 1-2 years | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 3,186 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -6 | ' |
Estimated Fair Market Value | 3,180 | ' |
Certificates of deposit, due in 1- 2 years | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,232 | 245 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Market Value | $2,232 | $245 |
Assets_Measured_at_Fair_Value_
Assets Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | $92,888 | $84,875 |
Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 25,320 | 23,135 |
Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 16,797 | 11,679 |
Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 46,408 | 44,911 |
Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 4,363 | 5,150 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 42,117 | 34,814 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 25,320 | 23,135 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 16,797 | 11,679 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 50,771 | 50,061 |
Significant Other Observable Inputs (Level 2) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Corporate bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Municipal bonds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | 46,408 | 44,911 |
Significant Other Observable Inputs (Level 2) | Certificates of deposit | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ' | ' |
Total assets at fair value on a recurring basis | $4,363 | $5,150 |
Postemployment_Benefits_Additi
Postemployment Benefits - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Minimum | Maximum | ||
Schedule of Postemployment Benefits [Line Items] | ' | ' | ' |
Period for payment of post employment benefit | ' | '0 years 1 month | '0 years 24 months |
Payment of post employment benefit expiry Date | '2015-12 | ' | ' |
Postemployment_Activity_Detail
Postemployment Activity (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Postemployment Benefits Disclosure [Line Items] | ' |
Liability Beginning Balance | $1,716 |
Postemployment Benefit Charges | 755 |
Cash Paid | -616 |
Other Non-cash | 12 |
Liability Ending Balance | 1,843 |
Severance | ' |
Postemployment Benefits Disclosure [Line Items] | ' |
Liability Beginning Balance | 1,714 |
Postemployment Benefit Charges | 712 |
Cash Paid | -605 |
Other Non-cash | 12 |
Liability Ending Balance | 1,809 |
Other | ' |
Postemployment Benefits Disclosure [Line Items] | ' |
Liability Beginning Balance | 2 |
Postemployment Benefit Charges | 43 |
Cash Paid | -11 |
Other Non-cash | 0 |
Liability Ending Balance | $34 |
Earnings_per_Share_Additional_
Earnings per Share - Additional Information (Detail) | 6 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Line Items] | ' | ' |
Shares not included in the determination of our diluted shares outstanding as they were anti-dilutive | 576,837 | 1,437,686 |
Weighted_Average_Number_of_Sha
Weighted Average Number of Shares Outstanding Used in Computing Basic and Diluted Net Income Per Share (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Weighted average number of shares | ' | ' | ' | ' |
Basic shares outstanding | 24,661 | 24,396 | 24,653 | 24,581 |
Dilutive effect related to employee stock plans | 0 | 0 | 235 | 70 |
Diluted shares outstanding | 24,661 | 24,396 | 24,888 | 24,651 |
Property_and_Equipment_Net_Det
Property and Equipment Net (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $247,417 | $246,509 |
Less accumulated depreciation and amortization | -142,368 | -143,439 |
Property and equipment, net | 105,049 | 103,070 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,456 | 1,456 |
Building and building improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '35 years | ' |
Property and equipment, gross | 50,306 | 13,741 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 39,238 | 48,062 |
Leasehold improvements | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '1 year | ' |
Leasehold improvements | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '28 years | ' |
Training equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 84,071 | 82,270 |
Training equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '3 years | ' |
Training equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '10 years | ' |
Office and computer equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 37,471 | 37,206 |
Office and computer equipment | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '3 years | ' |
Office and computer equipment | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '10 years | ' |
Software developed for internal use | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 10,645 | 10,895 |
Software developed for internal use | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '3 years | ' |
Software developed for internal use | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '5 years | ' |
Curriculum development | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '5 years | ' |
Property and equipment, gross | 18,716 | 18,716 |
Vehicles | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Depreciable Lives (in years) | '5 years | ' |
Property and equipment, gross | 1,045 | 1,005 |
Construction in Progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $4,469 | $33,158 |
Property_and_Equipment_Net_Add
Property and Equipment Net - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
Lisle Illinois Campus | Orlando, Florida campus [Member] | Orlando, Florida campus [Member] | Build to Suit Lease [Member] | Assets financed by financing obligation [Member] | Subsequent Event [Member] | |||
Building and building improvements | ||||||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Lease Expiration Date | ' | ' | ' | 31-Aug-22 | ' | ' | ' | ' |
Property, Plant and Equipment, Gross | ' | ' | ' | ' | ' | ' | $33,500,000 | ' |
2014 (Remaining) | ' | ' | ' | ' | ' | 1,397,000 | ' | ' |
2014 (Remaining) | ' | ' | ' | ' | ' | 146,000 | ' | ' |
2015 | ' | ' | ' | ' | ' | 2,845,000 | ' | ' |
Construction in progress | ' | ' | 27,600,000 | ' | ' | ' | ' | ' |
Construction liability | 0 | 27,632,000 | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | 291,000 | ' | ' |
2016 | ' | ' | ' | ' | ' | 2,907,000 | ' | ' |
2016 | ' | ' | ' | ' | ' | 291,000 | ' | ' |
2017 | ' | ' | ' | ' | ' | 2,971,000 | ' | ' |
2017 | ' | ' | ' | ' | ' | 291,000 | ' | ' |
2018 | ' | ' | ' | ' | ' | 3,037,000 | ' | ' |
2018 | ' | ' | ' | ' | ' | 291,000 | ' | ' |
Thereafter | ' | ' | ' | ' | ' | 46,719,000 | ' | ' |
Thereafter | ' | ' | ' | ' | ' | 3,832,000 | ' | ' |
Total future minimum lease obligation | ' | ' | ' | ' | ' | 59,876,000 | ' | ' |
Total future minimum lease obligation | ' | ' | ' | ' | ' | 5,142,000 | ' | ' |
Less imputed interest on financing obligation | ' | ' | ' | ' | ' | -26,178,000 | ' | ' |
Less imputed accrued land lease obligation | ' | ' | ' | ' | ' | -365,000 | ' | ' |
Net present value of financing obligation | ' | ' | ' | ' | ' | 33,333,000 | ' | ' |
Tenant improvement allowance | ' | ' | ' | ' | 1,700,000 | ' | ' | ' |
Less accumulated depreciation and amortization | -142,368,000 | -143,439,000 | ' | ' | ' | ' | -620,000 | ' |
Property and equipment, net | 105,049,000 | 103,070,000 | ' | ' | ' | ' | 32,880,000 | ' |
Lease financing obligation, current | $546,000 | $0 | ' | ' | ' | ' | ' | $5,600,000 |
Investment_in_unconsolidated_a2
Investment in unconsolidated affiliate (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Investments in unconsolidated affiliate | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated affiliate | $4,208 | ' | $4,208 | ' | $4,000 | $4,000 |
Investment in unconsolidated affiliate, Ownership Percentage | 27.97% | ' | 27.97% | ' | 27.97% | 28.00% |
Equity in earnings of unconsolidated affiliate | $127 | $0 | $208 | $0 | ' | ' |
Accounts_Payable_and_Accrued_E2
Accounts Payable and Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Expenses | ' | ' |
Accounts payable | $13,839 | $13,758 |
Accrued compensation and benefits | 16,920 | 16,858 |
Other accrued expenses | 7,373 | 8,613 |
Accounts payable and accrued expenses, total | $38,132 | $39,229 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 08, 2014 | Apr. 08, 2014 | |
Subsequent Event Type | Subsequent Event Type | |||||
Minimum | Maximum | |||||
Commitments and Contingencies | ' | ' | ' | ' | ' | ' |
Supplemental Retirement Benefits Amount Committed | $0 | ' | $0 | ' | ' | ' |
Supplemental Unemployment Benefits Continuation of Salary and Health Care | ' | ' | ' | ' | 2,700,000 | 9,700,000 |
Expenses Incurred with bank and other services | 400,000 | 500,000 | 800,000 | 1,100,000 | ' | ' |
Total amount of loans committed to provide | $97,300,000 | ' | $97,300,000 | ' | ' | ' |
Amount_Collected_and_Recognize
Amount Collected and Recognized (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 70 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Commitments and Contingencies | ' | ' | ' | ' | ' |
Tuition and interest income excluded | $7,252 | $6,095 | $14,253 | $12,832 | $84,112 |
Amounts collected and recognized | -846 | -568 | -1,546 | -1,018 | -6,568 |
Amounts written-off | -2,468 | -1,469 | -4,263 | -2,456 | -25,258 |
Net amount excluded during the period | $3,938 | $4,058 | $8,444 | $9,358 | $52,286 |
Activity_Related_to_Balances_O
Activity Related to Balances Outstanding Under Proprietary Loan Program (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 70 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 |
Loans [Line Items] | ' | ' | ' | ' | ' |
Balance at beginning of period | ' | ' | $59,767 | $42,880 | ' |
Loans extended | ' | ' | 16,125 | 14,336 | ' |
Interest accrued | ' | ' | 1,427 | 1,860 | ' |
Amounts collected and recognized | -846 | -568 | -1,546 | -1,018 | -6,568 |
Amounts written-off | -2,468 | -1,469 | -4,263 | -2,456 | -25,258 |
Balance at end of period | $71,510 | $55,602 | $71,510 | $55,602 | $71,510 |
Common_Shareholders_Equity_Add
Common Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | 27 Months Ended | |||
Mar. 31, 2014 | Dec. 20, 2013 | Dec. 20, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
vote | ||||||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' | ' | ' |
Number of voting right per share | ' | ' | ' | ' | 1 | ' |
Common Stock, Dividends, Per Share, Declared | $0.10 | $0.10 | ' | ' | ' | ' |
Cash dividend | ' | ' | ' | $4,934,000 | ' | ' |
Repurchase of common stock authorized by Board of Directors | ' | ' | 25,000,000 | ' | ' | ' |
Purchased shares | ' | ' | ' | 31,000 | ' | 736,000 |
Average price per share | ' | ' | ' | $13.17 | ' | $10.40 |
Aggregate cost of treasury stock repurchased during the period | ' | ' | ' | $400,000 | ' | $7,700,000 |
Summary_of_Information_by_Repo
Summary of Information by Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Sep. 30, 2013 |
Revenues | ' | ' | ' | ' | ' |
Revenues | $94,702 | $95,075 | $191,731 | $193,516 | ' |
Income (loss) from operations | ' | ' | ' | ' | ' |
Income (loss) from operations | -1,504 | -1,939 | 1,499 | 4,067 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | 5,627 | 9,861 | 11,349 | ' |
Depreciation and amortization | 4,615 | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' |
Net income (loss) | -1,505 | -920 | 155 | 2,642 | ' |
Goodwill | ' | ' | ' | ' | ' |
Goodwill | 20,579 | ' | 20,579 | ' | 20,579 |
Total assets | ' | ' | ' | ' | ' |
Total assets | 285,212 | ' | 285,212 | ' | 279,463 |
Postsecondary education | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Revenues | 91,891 | 93,243 | 188,236 | 189,163 | ' |
Income (loss) from operations | ' | ' | ' | ' | ' |
Income (loss) from operations | -921 | -1,333 | 2,674 | 5,323 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | 5,541 | 9,673 | 11,162 | ' |
Depreciation and amortization | 4,528 | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' |
Net income (loss) | -1,250 | -575 | 678 | 3,359 | ' |
Goodwill | ' | ' | ' | ' | ' |
Goodwill | 20,579 | ' | 20,579 | ' | 20,579 |
Total assets | ' | ' | ' | ' | ' |
Total assets | 278,051 | ' | 278,051 | ' | 272,178 |
Other | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Revenues | 2,811 | 1,832 | 3,495 | 4,353 | ' |
Income (loss) from operations | ' | ' | ' | ' | ' |
Income (loss) from operations | -583 | -606 | -1,175 | -1,256 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | 86 | 188 | 187 | ' |
Depreciation and amortization | 87 | ' | ' | ' | ' |
Net income (loss) | ' | ' | ' | ' | ' |
Net income (loss) | -255 | -345 | -523 | -717 | ' |
Goodwill | ' | ' | ' | ' | ' |
Goodwill | 0 | ' | 0 | ' | 0 |
Total assets | ' | ' | ' | ' | ' |
Total assets | $7,161 | ' | $7,161 | ' | $7,285 |