Estácio Participações S.A, Special/Extraordinary Shareholders Meeting, May 21, 2013.

Estácio Participações S. A reported financial results for the first quarter of 2013. Net operating revenues came to BRL 413.3, million, an increase of 25.0% compared to the same period last year, as a result of growth of 19.9% in the student base and the upward evolution of the average ticket. This, in turn, grew by 5.8% for the on-campus segment, and 11.6% for distance learning students, strengthening sustainable policy of price adjustment. EBITDA totaled BRL 87.1 -- 50.4% more than what was registered in first quarter of 2012- with an EBITDA margin of 21.1%, for a margin gain of 3.6 percentage points against the same quarter last year, chiefly due to the improved management of costs and expenses, and to growth of 25.0% in net revenues. Net income for Estacio came to BRL 66.6 million in this quarter, an increase of 66.9% over first quarter of 2012, due to the increase in net revenues already noted, and efficiency gains in cost and expense lines, which led to growth of 50.4% in EBITDA. Earnings per share stood at BRL 0.69, in comparison with BRL 0.49 in first quarter 2012, representing an increase of 41%. Operating cash flow was positive at BRL 21.7 million, 74% above what was shown for the same quarter last year.

Estácio Participações S.A, Q1 2013 Earnings Call, May 10, 2013