<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q/A
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTER ENDED MARCH 31, 1998
COMMISSION FILE NO. 0-21039
STRAYER EDUCATION, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN THIS CHARTER)
<TABLE>
<S> <C>
Maryland 52-1975978
(State or other jurisdiction of (I.R.S. Employer Identification No.)
Incorporation or organization)
1025 15th Street, N.W.
Washington, DC 20005 20005
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (202) 408-2400
</TABLE>
INDICATE BY CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL REPORTS REQUIRED
TO BE FILED BY SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DURING
THE PRECEDING 12 MONTHS, AND (2) HAS BEEN SUBJECT TO SUCH FILING REQUIREMENTS
FOR THE PAST 90 DAYS. YES /X/ NO / / THE REGISTRANT BECAME SUBJECT TO SUCH
FILING REQUIREMENTS ON JULY 25, 1996.
AS OF MARCH 31, 1998, THERE WERE OUTSTANDING 15,558,912 SHARES OF COMMON STOCK,
PAR VALUE $.01 PER SHARE, OF THE REGISTRANT.
1
<PAGE> 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
statement is being signed by a duly authorized officer of the Registrant and in
the capacity as the principal financial officer.
STRAYER EDUCATION, INC.
/s/ HARRY WILKINS
---------------------------------
Chief Financial Officer
Date: May 8, 1998
12
<PAGE> 3
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBITS NUMBER DESCRIPTION PAGE
- --------------- ----------- ----
<S> <C> <C>
27.2 Financial Data Schedule 15
</TABLE>
13
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<CASH> 12,943
<SECURITIES> 4,281
<RECEIVABLES> 5,529
<ALLOWANCES> 0
<INVENTORY> 616
<CURRENT-ASSETS> 20,481
<PP&E> 3,113
<DEPRECIATION> 0
<TOTAL-ASSETS> 29,124
<CURRENT-LIABILITIES> 7,959
<BONDS> 0
0
0
<COMMON> 4
<OTHER-SE> 21,161
<TOTAL-LIABILITY-AND-EQUITY> 29,124
<SALES> 0
<TOTAL-REVENUES> 24,029
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 14,967
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 9,439
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 9,439
<EPS-PRIMARY> .78<F1>
<EPS-DILUTED> .78
<FN>
<F1>Strayer Education, Inc. has adopted FAS 128. EPS-Primary should be EPS-Basic.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> SEP-30-1996
<CASH> 15,633
<SECURITIES> 2,400
<RECEIVABLES> 6,608
<ALLOWANCES> (131)
<INVENTORY> 546
<CURRENT-ASSETS> 29,174
<PP&E> 6,159
<DEPRECIATION> (2,620)
<TOTAL-ASSETS> 47,369
<CURRENT-LIABILITIES> 14,610
<BONDS> 0
0
0
<COMMON> 95
<OTHER-SE> 32,493
<TOTAL-LIABILITY-AND-EQUITY> 47,369
<SALES> 0
<TOTAL-REVENUES> 32,334
<CGS> 0
<TOTAL-COSTS> 22,321
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 10,769
<INCOME-TAX> 48
<INCOME-CONTINUING> 10,721
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 10,721
<EPS-PRIMARY> .09<F1>
<EPS-DILUTED> .09
<FN>
<F1>EPS-Primary should be EPS-Basic.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> 11,777
<SECURITIES> 5,057
<RECEIVABLES> 9,087
<ALLOWANCES> (164)
<INVENTORY> 923
<CURRENT-ASSETS> 27,796
<PP&E> 10,068
<DEPRECIATION> (3,005)
<TOTAL-ASSETS> 47,822
<CURRENT-LIABILITIES> 12,222
<BONDS> 0
0
0
<COMMON> 95
<OTHER-SE> 35,316
<TOTAL-LIABILITY-AND-EQUITY> 47,822
<SALES> 0
<TOTAL-REVENUES> 45,005
<CGS> 0
<TOTAL-COSTS> 29,014
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 17,052
<INCOME-TAX> 2,740
<INCOME-CONTINUING> 14,312
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 14,312
<EPS-PRIMARY> 1.26<F1>
<EPS-DILUTED> 1.24
<FN>
<F1>EPS-Primary should be EPS-Basic.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-31-1997
<PERIOD-END> MAR-31-1997
<CASH> 15,620,000
<SECURITIES> 4,472,000
<RECEIVABLES> 9,500,000
<ALLOWANCES> 0
<INVENTORY> 796,000
<CURRENT-ASSETS> 31,363,000
<PP&E> 7,173,000
<DEPRECIATION> 0
<TOTAL-ASSETS> 54,384,000
<CURRENT-LIABILITIES> 15,150,000
<BONDS> 0
0
0
<COMMON> 95,000
<OTHER-SE> 38,955,000
<TOTAL-LIABILITY-AND-EQUITY> 54,384,000
<SALES> 0
<TOTAL-REVENUES> 13,773,000
<CGS> 0
<TOTAL-COSTS> 7,367,000
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 6,920,000
<INCOME-TAX> 2,738,000
<INCOME-CONTINUING> 4,182,000
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,182,000
<EPS-PRIMARY> .44<F1>
<EPS-DILUTED> .43
<FN>
<F1>EPS-Primary should read as EPS-Basic.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> APR-01-1997
<PERIOD-END> JUN-30-1997
<CASH> 14,279
<SECURITIES> 33,001
<RECEIVABLES> 11,654
<ALLOWANCES> 415
<INVENTORY> 579
<CURRENT-ASSETS> 30,267
<PP&E> 10,943
<DEPRECIATION> 3,570
<TOTAL-ASSETS> 68,362
<CURRENT-LIABILITIES> 10,215
<BONDS> 0
0
0
<COMMON> 102
<OTHER-SE> 57,764
<TOTAL-LIABILITY-AND-EQUITY> 68,362
<SALES> 13,639
<TOTAL-REVENUES> 13,639
<CGS> 0
<TOTAL-COSTS> 7,499
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 591
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 6,751
<INCOME-TAX> 2,585
<INCOME-CONTINUING> 6,140
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 4,166
<EPS-PRIMARY> .42<F1>
<EPS-DILUTED> .41
<FN>
<F1>EPS-Primary should be EPS-Basic.
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JUL-01-1997
<PERIOD-END> SEP-30-1997
<CASH> 19,908
<SECURITIES> 34,270
<RECEIVABLES> 14,875
<ALLOWANCES> 420
<INVENTORY> 488
<CURRENT-ASSETS> 677
<PP&E> 8,922
<DEPRECIATION> 895
<TOTAL-ASSETS> 77,825
<CURRENT-LIABILITIES> 18,053
<BONDS> 0
0
0
<COMMON> 103
<OTHER-SE> 59,669
<TOTAL-LIABILITY-AND-EQUITY> 77,825
<SALES> 11,123
<TOTAL-REVENUES> 11,123
<CGS> 8,590
<TOTAL-COSTS> 8,590
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 345
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 2,533
<INCOME-TAX> 880
<INCOME-CONTINUING> 1,653
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,653
<EPS-PRIMARY> .16<F1>
<EPS-DILUTED> .16
<FN>
<F1>EPS-Primary should be EPS-Basic.
</FN>
</TABLE>