Fewer students and less money means more layoffs.
National American University (NAUH -7.3%) reports Q3 total revenue of $18.2M (-14.6% Y/Y).
Operating margin was -19.7% & Adjusted LBITDA, which excludes loss on disposition of property was -$1.4M (+55.6% Y/Y).
Student enrollment & credit hours during the winter term was 5,981 students (-18.2% Y/Y) & 57,434 credit hours (-8.3% Y/Y) respectively.
Cash & equivalents declined 71.3% Y/Y to $4.6M due to lease terminations, operating loss & dividends.
https://seekingalpha.com/news/3344004-national-american-university-slides-7-percent-post-q3-results