Aspen Group reports Q2 EPS (9c), consensus (6c)

Reports Q2 revenue $17.1M, consensus $15.55M. "The restructuring initiated in the first quarter of fiscal year 2023 reduced cash used in operations in the second quarter by $4.6M, enabling AGI to generate positive operating cash flow of $1M," continued Mr. Mathews. "At the end of Q2, we issued an 8-K stating that AGI and the Arizona State Board for Private Postsecondary Education entered into a revised stipulated agreement that reduces AU’s surety bond requirement from $18.3M to $5.5M and requires a teach-out of the core component of the pre-licensure program, among other requirements. As a result, our surety bond provider has recently agreed to return $1.5 million of the $5 million cash previously being held as collateral, providing additional cash for operations." Mr. Mathews concluded, "As previously stated, we engaged Lampert Capital Advisors to assist with securing an accounts receivable financing agreement. After conducting due diligence on our accounts receivable, Lampert has begun outreach to prospective lenders."