UPDATE: K12 Reports Rise In Q1 Profit

K12 Inc (NYSE: LRN) reported a rise in its first-quarter profit and projects strong FY12 revenue.

K12 expects FY12 revenue of over $680 million, versus analysts' estimates of $671.3 million.

K12's quarterly net income surged to $4.6 million, or $0.12 per share, from $2.2 million, or $0.07 per share, in the year-ago period. Its revenue jumped 43% to $193.3 million.

K12's total average enrollment climbed 42% to 141,525 students.

K12 shares fell 1.12% to clsoe at $33.67 yesterday.