Northern, WI 2/7/12 (StreetBeat) Herndon-based K12 Inc. (NYSE: LRN) suffered a 46 percent drop in net income in its latest quarter as higher expenses overwhelmed higher revenue.K12, which provides software and support to educators teaching students in kindergarten through 12th grade, reported revenue up 29 percent to $166.5 million in its fiscal 2012 second quarter ended Dec. 31, 2011, due mostly to stronger internal growth.
However, the top line expansion did not translate to the bottom line as net income fell to $4.2 million, 11 cents per diluted share, compared with $7.8 million, 23 cents per diluted share, a year ago as expenses surged 39 percent to $159.4 million.
The company is not forecasting fiscal year 2012 earnings, but expects revenues to be int he $680 million to $690 million range.
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