Aspen University Announces a Record 1,255 New Student Enrollments in Q2 FY’18 Based on a Record 13.6% Conversion Rate; New Student Enrollments Up 22% Sequentially
Nursing Active Student Body Surpasses 4,000 Milestone; Total Active Student Body Grows to 5,641 or 51% YoY
NEW YORK, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (Nasdaq:ASPU), a postsecondary education company, today announced that Aspen University achieved a quarterly record of 1,255 new student enrollments for the fiscal 2018 second quarter ending October 31, 2017, surpassing last quarter’s previous record of 1,025, delivering a sequential increase of 22%. From a year-over-year perspective, new student enrollments increased 55%, from 811 to 1,255.
Aspen’s rolling six-month average cost-per-enrollment (CPE) decreased sequentially in Q2 FY’18 from $812 to $787. As a result, Aspen’s marketing efficiency ratio (revenue-per-enrollment/cost-per-enrollment) increased to 8.9X, meaning that Aspen is projecting to earn an 8.9X return on its marketing investments.
Aspen’s total active student body grew year-over-year from 3,726 to 5,641, an increase of 51%. Aspen’s School of Nursing grew 60% year-over-year, from 2,538 to 4,068 active students. Aspen’s RN to BSN program accounted for the majority of the growth, from 1,493 to 2,639 active students, an increase of 1,146 active student’s, or 77% year-over-year.
“Our lead-to-enrollment conversion rate this quarter rose to a record 13.6% as compared to 12.7% last quarter, an increase of 7% sequentially. This is an indication of how scalable and efficient our business model can perform over time, and moreover, this record was accomplished while increasing our internet advertising spend rate 66% year-over-year or 19% sequentially,” said Chairman & CEO, Michael Mathews.”
About Aspen Group, Inc.:
Aspen Group, Inc. is a post-secondary education company. Aspen University’s mission is to offer any motivated college-worthy student the opportunity to receive a high quality, responsibly priced distance-learning education for the purpose of achieving sustainable economic and social benefits for themselves and their families. Aspen is dedicated to providing the highest quality education experiences taught by top-tier faculty; 54% of Aspen University’s faculty hold doctoral degrees. To learn more about Aspen, visit www.aspen.edu.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s projected return on its marketing investments and expectations and projections regarding the scalability of its business model. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include unexpected regulatory issues, competition, increases in our marketing costs, declines in enrollment, changes in our students’ academic preferences, ineffective marketing, poor allocation of our marketing spend and errors in the assumptions underlying the calculation of our marketing efficiency ratio. Further information on our risk factors and a detailed description of our marketing efficiency ratio is contained in our Annual Report on Form 10-K filed with the SEC on July 25, 2017. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Aspen Group, Inc.
Michael Mathews, CEO
Released November 15, 2017