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Legacy Education Inc. (LGCY-6.88%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $13.7 million from $10.5 million in the same quarter the previous year. This increase is attributed to a rise in enrollment and the acquisition of Contra Costa Medical Career College.
Educational services expenses rose to $7.5 million from $5.5 million, primarily due to increased instructional and staffing costs.
General and administrative expenses increased to $4.3 million from $3.2 million, driven by higher marketing expenses, professional fees, and bad debt expenses.
Net income for the quarter was $1.4 million, up from $1.3 million in the previous year.
Cash provided by operating activities was $3.8 million, while cash used in investing activities was $6.6 million, mainly due to the acquisition of Contra Costa Medical Career College.
The company reported cash and cash equivalents of $16.9 million as of December 31, 2024.
Legacy Education Inc. continues to focus on expanding its educational offerings and managing its financial resources to support growth.
The filing also details the company's acquisition of Contra Costa Medical Career College and its impact on financial performance.
The company is subject to various regulatory requirements and continues to monitor changes in federal and state regulations that may affect its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Legacy Education Inc. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.