PHOENIX, Nov.1, 2012 /PRNewswire/ -- Grand Canyon Education, Inc. (LOPE), a regionally accredited provider of online and campus-based postsecondary education services, today announced financial results for the quarter ended September 30, 2012.

For the three months ended September 30, 2012:

For the nine months ended September 30, 2012:

Balance Sheet and Cash Flow

As of September 30, 2012, the University had unrestricted cash and cash equivalents of $69.6 million compared to $21.2 million at December 31, 2011 and restricted cash and cash equivalents at September 30, 2012 and December 31, 2011 of $57.4 million and $56.7 million, respectively.

The University generated $124.7 million in cash from operating activities for the nine months ended September 30, 2012 compared to $65.3 million for the same period in 2011. Cash provided by operating activities in 2012 and 2011 resulted from our net income plus non-cash charges for provision for bad debts, depreciation and amortization, share-based compensation and improvement in our working capital.

Net cash used in investing activities was $74.3million and $56.1 million for the nine months ended September 30, 2012 and 2011, respectively. Capital expenditures were $73.6million and $61.5million for the nine months ended September 30, 2012 and 2011, respectively. In 2012, capital expenditures primarily consisted of the construction costs associated with two additional dormitories, an Arts and Science classroom building and a parking garage to support our increasing traditional student enrollment as well as purchases of computer equipment, other internal use software projects and furniture and equipment. In 2011, capital expenditures primarily consisted of ground campus building projects such as a new dormitory and an events arena to support our increasing traditional ground student enrollment as well as purchases of computer equipment, internal use software projects and furniture and equipment. In 2011 expenditures were partially offset by a $5.4 million decrease in restricted cash as a result of payment of the qui tam legal matter in June 2011.

Net cash used in financing activities was $2.0 million and $23.8 million for the nine months ended September 30, 2012 and 2011, respectively. During the first nine months of 2012, $4.9 million was used to purchase treasury stock in accordance with the University's share repurchase program and principal payments on notes payable and capital lease obligations totaled $1.8 million, partially offset by $4.3 million of proceeds from the exercise of stock options. During the first nine months of 2011, $22.4 million was used to purchase treasury stock in accordance with the University's share repurchase program and principal payments on notes payable and capital leases totaled $2.9 million, partially offset by $1.5 million of proceeds from the exercise of stock options.

2012 Q4 and Annual Outlook

Q4 2012:

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Grand Canyon Education, Inc. Reports Third Quarter 2012 Results