National Education Profit Jumps 133% to a Record for 2nd Quarter

Gains posted by all of its operating subsidiaries produced record second-quarter results for National Education, an Irvine-based training and educational publishing company.

Net income jumped 133% to $7.2 million from $3.1 million for the second quarter of 1987. Revenues rose 17% to $98.9 million from $84.5 million a year ago.

Net income more than doubled during the first half of the year, to $13.6 million from $6.1 million for the comparable period last year. Revenues increased 15%, to $192.2 million from $167.2 million for the first six months last year.

H. David Bright, chairman and chief executive officer, said the company’s Applied Learning training subsidiary signed several significant contracts during the second quarter that will begin generating revenues in the second half of the year.

Bright said the company’s Education Centers, the nation’s largest chain of proprietary schools, continued to show favorable enrollment trends despite a nationwide unemployment rate of 5.3%, the lowest level in more than 14 years.