Exhibit 99.1

NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. REPORTS
FISCAL 2011 SECOND QUARTER AND SIX MONTHS RESULTS

Financial and Operational Highlights

*		Enrollment by headcount increased 24.1% year over year to a record 9,643 students as of November 30, 2010.
*		The Company’s FY 2011 second quarter total revenue increased 18.8% to $27.8 million from $23.4 million in the prior-year period with the Company’s academic segment’s FY 2011 second quarter total revenue increasing 20.1% to $27.6 million, compared to $23.0 million in the FY 2010 second quarter.
*		FY 2011 second quarter income before non-controlling interest and taxes for the Company was $4.6 million, compared to $6.2 million in the prior-year period, and FY 2011 second quarter EBITDA was $5.3 million, compared to $6.9 million in the prior-year period. This decrease was largely the result of increased selling, general and administrative expenses, which included legal fees, expansion of a campus location and hybrid learning centers in five states, and expansion of the Company’s nursing program in four states.
*		A cash dividend in the amount of $0.0275 per share on all shares of NAUH’s common stock outstanding was paid on or about October 8, 2010 to stockholders of record as of the close of business on September 30, 2010.
*		Balance sheet at November 30, 2010 included cash and cash equivalents and investments of $39.0 million; working capital of $36.2 million; no long-term debt; and stockholders’ equity of $54.9 million.

Rapid City, South Dakota, January 5, 2011 — National American University Holdings, Inc. (the “Company”) (NASDAQ: NAUH), which operates National American University (“NAU”), a regionally accredited, proprietary, multi-campus institution of higher learning offering Associate, Bachelor’s and Master’s degree programs in allied health and business-related disciplines, today reported its unaudited financial results for its FY 2011 second quarter and six months ended November 30, 2010.

National American University Holdings, Inc. operates in two business segments: the NAU academic segment, which consists of the undergraduate and graduate education programs and contributes the primary portion of the Company’s sales and profits; and ownership in multiple apartments and condominium complexes from which it derives sales and rental income.

Ronald L. Shape, Ed.D., Chief Executive Officer of National American University Holdings, Inc., commented, “We continued to see strong growth during the Company’s fiscal 2011 second quarter, as NAU’s 2010 fall term revenues and enrollment both exhibited healthy increases over the prior year. We continue to make progress on executing our strategic growth initiatives, and during the period, continued expansion of the Austin, Texas, campus, multiple nursing programs, and a number of hybrid learning centers in Missouri, Minnesota, Colorado, Texas, and Kansas. We plan to continue to open new centers as we receive appropriate regulatory approval. We believe that leveraging the Company’s strong free cash flow and balance sheet with this kind of continued investment in our existing programs and locations, in addition to expanding to new markets, will provide NAU with even greater growth potential while allowing us to maintain the highest quality of education for our students.”

Student Enrollment

Total student head count for the fall term of 2010 increased 24.1% to a record 9,643 students, up from 7,773 in the 2009 fall term. Students enrolled in 87,010 credit hours compared to 70,758 credit hours in the fall term of last year. NAU believes that the primary reason for this enrollment increase is the success of its existing education centers, continued expansion and development of its campuses and academic programs, new and expanded affiliate relationships, and the ramping up of newly opened hybrid learning centers. NAU is also expanding its programmatic offerings to other regions. The average age of the Company’s students remained at approximately 33 years, with a large majority focused on undergraduate studies.

The following is a summary of NAU’s student enrollment at November 30, 2010 and November 30, 2009 by degree type and by instructional delivery method:

		November 30, 2010								November 30, 2009
		No. of				% of				No. of				% of
		Students				Total				Students				Total
Graduate			415				4.3	%			305				3.9	%
Undergraduate			9,228				95.7	%			7,468				96.1	%
Total			9,643				100.0	%			7,773				100.0	%

		November 30, 2010								November 30, 2009
		No. of				% of				No. of				% of
		Students				Total				Students				Total
Online			4,198				43.5	%			3,054				39.3	%
On-Campus			3,854				40.0	%			3,505				45.1	%
Hybrid			1,591				16.5	%			1,214				15.6	%
Total			9,643				100.0	%			7,773				100.0	%

FY 2011 Second Quarter Financial Results

•

The Company’s revenues for the three months ended November 30, 2010 increased 18.8% to $27.8 million from $23.4 million for the same period last year. As a result of the increase in enrollment, the academic segment’s total revenue for the three months ended November 30, 2010 increased 20.1% to $27.6 million from $23.0 million for the three months ended November 30, 2009.

•

Educational services expense, which specifically relates to the academic segment, for the three months ended November 30, 2010, was $5.5 million, or 20.1% of the academic segment’s total revenue, as compared to $5.2 million, or 22.5%, for the three months ended November 30, 2009. This percentage decrease was primarily a result of continued economies of scale being realized through significant enrollment growth.

•

During the FY 2011 second quarter, the Company’s selling, general and administrative (SG&A) expenses increased 50.3% to $16.8 million from $11.2 million in the prior-year period. The Company continued to cooperate with the U.S. Senate Committee on Health, Education, Labor and Pensions (HELP) relating to the Committee’s ongoing hearings relating to proprietary colleges receiving Title IV student financial aid. The Company paid $2.1 million in legal fees related to the HELP Committee’s request for information, as well as an additional $1.0 million in one-time legal fees for trademark infringement and employment issues, during the period. The Company has submitted the requested items to the HELP Committee, and, although there can be no assurances, it currently does not anticipate incurring significant legal expenses relating to this matter going forward. In addition, (consistent with the strategic plan) the Company spent an additional $1.7 million in development of new campuses and academic programming as compared with the second quarter of the prior year.

•

The Company also incurred higher SG&A expenses as a result of funding the development of new programming and campuses, increases in spending for admissions staffing and marketing, additional accrual for a new employment contract with the Company’s CEO, and additional corporate overhead resulting from operating as a public company.

•

As a result of increased SG&A expenses, the Company’s income before non-controlling interest and taxes for the three months ended November 30, 2010 decreased to $4.6 million, compared to $6.2 million for the same period last year, of which the academic segment decreased 24.4% to $4.8 million, from $6.4 million for the three months ended November 30, 2009.

•

Net income attributable to the Company for the fiscal 2011 second quarter was $2.7 million, or $0.10 per diluted share based on 26.8 million shares outstanding, compared to $3.7 million, or $0.13 per diluted share, in the prior-year period.

•

The Company’s EBITDA for the second quarter of FY 2011 was $5.3 million, compared to $6.9 million in the prior-year period. The decrease in EBITDA can be attributed to the previously mentioned increase in SG&A expenses. A table reconciling EBITDA to net income can be found at the end of this release.

FY 2011 Six Months Financial Results

•

The Company’s revenues for the six months ended November 30, 2010 increased 25.3% to $51.0 million from $40.7 million for the same period last year. As a result of the increase in enrollment, the academic segment’s total revenue for the period increased 25.8% to $50.3 million from $40.0 million for the six months ended November 30, 2009. The Company attributes the growth in enrollment to its continued geographic and programmatic expansion, a weaker economy, and an improved enrollment management system, as well as enhanced recruitment and retention processes.

•

NAU’s educational services expense for the six months ended November 30, 2010, was $10.8 million, or 21.4% of the academic segment’s total revenue, compared to $9.8 million, or 24.4%, for the six months ended November 30, 2009.

•

The Company’s income before non-controlling interest and taxes for the six months ended November 30, 2010 was $6.8 million, compared to $8.4 million for the same period last year, of which the academic segment decreased 19.6% to $7.1 million, from $8.9 million for the six months ended November 30, 2009.

•

Net income attributable to the Company during the first six months of fiscal 2011 was $4.1 million, or $0.15 per diluted share based on 27.0 million shares outstanding, compared to $5.0 million, or $0.22 per diluted share, in the prior-year period.

•

The Company’s EBITDA for the first six months of fiscal 2011 was $8.1 million, compared to $9.7 million in the prior-year period. The decrease in EBITDA can be attributed to the previously mentioned increase in SG&A expenses. A table reconciling EBITDA to net income can be found at the end of this release.

Balance Sheet Highlights

As of November 30, 2010, the Company had cash and cash equivalents and investments of $39.0 million; working capital of $36.2 million; no long-term debt; and stockholders’ equity of $54.9 million; compared to cash and cash equivalents and investments of $19.8 million; working capital of $4.4 million; no long-term debt; and stockholders’ equity of $21.4 million at May 31, 2010.

Conference Call Information

The Company will discuss these results in a conference call (with accompanying presentation) on January 6, 2011 at 11:00 a.m. EST. The dial-in numbers are:

(866) 832-6356 (U.S.)
(706) 758-7383 (International)

The call (with accompanying presentation) will also be simultaneously broadcast over the Internet via the “Investor Relations” section of the NAU website at http://www.national.edu/InvestorRelations, or by clicking on the conference call link: http://www.investorcalendar.com/IC/CEPage.asp?ID=162777. The webcast will be archived and accessible for approximately 30 days if you are unable to listen to the live call.

About National American University Holdings, Inc.

National American University Holdings, Inc., through its wholly owned subsidiary, operates National American University (NAU), a regionally accredited, proprietary, multi-campus institution of higher learning offering Associate, Bachelor’s, and Master’s degree programs in health care and business-related disciplines. Accredited by The Higher Learning Commission and a member of the North Central Association of Colleges and Schools, National American University has been providing quality technical and professional career education since 1941. NAU opened its first campus in Rapid City, South Dakota, and has since grown to multiple locations throughout the central United States. In 1998, National American University began offering online courses. Today, NAU offers degree programs in traditional, online, and hybrid formats, which provides students with the flexibility and convenience to take courses at times and places that better fit their busy lifestyles.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company’s business. Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which speak only as of the date of this release and are based on current beliefs and expectations and involve a number of assumptions. These forward-looking statements include outlooks or expectations for earnings, revenues, expenses or other future financial or business performance, strategies or expectations, or the impact of legal or regulatory matters on business, results of operations or financial condition. Specifically, forward-looking statements may include statements relating to the future financial performance of the Company; the ability to continue to receive Title IV funds; the growth of the market for the Company’s services; expansion plans and opportunities; consolidation in the market for the Company’s services generally; and other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions. These forward-looking statements involve a number of known and unknown risks and uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by those forward-looking statements. Other factors that could cause the Company’s results to differ materially from those contained in its forward-looking statements are included under, among others, the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on August 18, 2010 and in its other filings with the Securities and Exchange Commission. The Company assumes no obligation to update the information contained in this release.

Contact Information:
National American University Holdings, Inc.
Dr. Ronald Shape
605-721-5220
rshape@national.edu

Investor Relations Counsel
The Equity Group Inc.
Adam Prior		Carolyne Yu
212-836-9606		212-836-9610
aprior@equityny.com		cyu@equityny.com

###

NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS ENDED NOVEMBER 30, 2010 AND NOVEMBER 30, 2009

(In thousands except per share data)

		Three Months Ended								Six Months Ended
		November 30,								November 30,
		2010				2009				2010				2009
REVENUE:
Academic revenue		$	25,822			$	21,463			$	47,080			$	37,336
Auxiliary revenue			1,766				1,504				3,213				2,644
Rental income — apartments			252				232				495				483
Condominium sales			0				238				224				238
Total revenue			27,840				23,437				51,012				40,701
OPERATING EXPENSES:
Cost of educational services			5,543				5,160				10,782				9,752
Selling, general and administrative			16,836				11,202				31,790				21,196
Auxiliary expense			866				610				1,540				1,036
Cost of condominium sales			0				166				193				166
Loss on disposition of property			41				0				51				0
Total operating expenses			23,286				17,138				44,356				32,150
OPERATING INCOME			4,554				6,299				6,656				8,551
OTHER INCOME (EXPENSE):
Interest income			34				33				74				119
Interest expense			0				(158	)			0				(315	)
Other income — net			45				24				71				48
Total other income (expense)			79				(101	)			145				(148	)
INCOME BEFORE INCOME TAXES			4,633				6,198				6,801				8,403
INCOME TAX EXPENSE			(1,876	)			(2,501	)			(2,696	)			(3,456	)
NET INCOME			2,757				3,697				4,105				4,947
NET (INCOME) LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST			(11	)			7				(19	)			16
NET INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES			2,746				3,704				4,086				4,963
OTHER COMPREHENSIVE INCOME —
Unrealized gains (losses) on investments			(17	)			22				(1	)			9
COMPREHENSIVE INCOME ATTRIBUTABLE TO NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC.		$	2,729			$	3,726			$	4,085			$	4,972

(continued)

NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS AND SIX MONTHS ENDED NOVEMBER 30, 2010 AND NOVEMBER 30, 2009
(In thousands except share and per share data)

		Three Months Ended								Six Months Ended
		November 30,								November 30,
		2010				2009				2010				2009
Basic EPS
Class A
Distributed earnings		$	—			$	17.30			$	—			$	17.30
Undistributed earnings		$	—			$	17.57			$	—			$	30.23
Total		$	—			$	34.87			$	—			$	47.53
Common
Distributed earnings		$	0.03			$	0.03			$	0.06			$	0.03
Undistributed earnings		$	0.07			$	0.11			$	0.10			$	0.19
Total		$	0.10			$	0.14			$	0.16			$	0.22
Diluted EPS
Class A
Distributed earnings		$	—			$	17.30			$	—			$	17.30
Undistributed earnings		$	—			$	17.49			$	—			$	30.16
Total		$	—			$	34.79			$	—			$	47.46
Common
Distributed earnings		$	0.03			$	0.03			$	0.06			$	0.03
Undistributed earnings		$	0.07			$	0.10			$	0.09			$	0.19
Total		$	0.10			$	0.13			$	0.15			$	0.22
Weighted Average Shares outstanding
Basic EPS
Class A			—				100,000				—				100,000
Common			26,242,653				457,680				26,242,653				227,589
Diluted EPS
Class A			—				100,000								100,000
Common			26,814,921				528,465				26,975,616				262,788

(concluded)

NATIONAL AMERICAN UNIVERSITY HOLDINGS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF NOVEMBER 30, 2010 AND AUDITED CONDENSED CONSOLIDATED BALANCE SHEET AS OF MAY 31, 2010
(In thousands except per share data)

		November 30,				May 31,
		2010				2010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	31,864			$	8,695
Short term investments			7,113				11,109
Student receivables — net of allowance of $546 and $203 at November 30, 2010 and May 31, 2010, respectively			4,916				1,823
Other receivables			886				952
Bookstore inventory			916				920
Deferred income taxes			1,641				1,574
Prepaid and other current assets			851				1,759
Total current assets			48,187				26,832
Total Property and Equipment — Net			19,106				15,881
OTHER ASSETS:
Condominium inventory			2,852				3,046
Land held for future development			312				312
Course development — net of accumulated amortization of $1,281 and $1,149 at November 30, 2010 and May 31, 2010, respectively			853				768
Other			652				447
			4,669				4,573
TOTAL		$	71,962			$	47,286
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable		$	3,793			$	4,315
Dividends payable			822				11,116
Student accounts payable			647				322
Deferred income			351				305
Income tax payable			552				231
Accrued and other liabilities			5,828				6,109
Total current liabilities			11,993				22,398
DEFERRED INCOME TAXES			1,370				1,151
OTHER LONG-TERM LIABILITIES			3,652				2,380
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock (50,000,000 authorized, 26,369,653 issued and outstanding as of November 30, 2010, 819,653 issued and outstanding as of May 31, 2010)			3				2
Additional paid-in capital			50,166				19,165
Retained earnings			4,959				2,389
Accumulated other comprehensive income			95				96
Total National American University Holdings, Inc. stockholders’ equity			55,223				21,652
Non-controlling interest			(276	)			(295	)
Total equity			54,947				21,357
TOTAL		$	71,962			$	47,286

The following table provides a reconciliation of net income attributable to the Company to EBITDA:

		Three Months Ended								Six Months Ended
		November 30,								November 30,
		2010				2009				2010				2009
		(dollars in thousands)
Net Income attributable to the Company		$	2,746			$	3,704			$	4,086			$	4,963
(Income) Loss attributable to non-controlling interest			11				(7	)			19				(16	)
Interest Income			(34	)			(33	)			(74	)			(119	)
Interest Expense			0				158				0				315
Income Taxes			1,876				2,501				2,696				3,456
Depreciation and Amortization			691				556				1,328				1,103
EBITDA		$	5,290			$	6,879			$	8,055			$	9,702

Consists of income attributable to the Company, less income from non-controlling interest, plus loss from non-controlling interest, minus interest income, plus interest expense, plus income taxes, plus depreciation and amortization. The Company uses EBITDA as a measure of operating performance. However, EBITDA is not a recognized measurement under U.S. generally accepted accounting principles, or GAAP, and when analyzing its operating performance, investors should use EBITDA in addition to, and not as an alternative for, income as determined in accordance with GAAP. Because not all companies use identical calculations, its presentation of EBITDA may not be comparable to similarly titled measures of other companies and is therefore limited as a comparative measure. Furthermore, as an analytical tool, EBITDA has additional limitations, including that (a) it is not intended to be a measure of free cash flow, as it does not consider certain cash requirements such as tax payments; (b) it does not reflect changes in, or cash requirements for, its working capital needs; and (c) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and EBITDA does not reflect any cash requirements for such replacements, or future requirements for capital expenditures or contractual commitments. To compensate for these limitations, the Company evaluates its profitability by considering the economic effect of the excluded expense items independently as well as in connection with its analysis of cash flows from operations and through the use of other financial measures.

The Company believes EBITDA is useful to an investor in evaluating its operating performance because it is widely used to measure a company’s operating performance without regard to certain non-cash expenses (such as depreciation and amortization) and expenses that are not reflective of its core operating results over time. The Company believes EBITDA presents a meaningful measure of corporate performance exclusive of its capital structure, the method by which assets were acquired and non-cash charges, and provides us with additional useful information to measure its performance on a consistent basis, particularly with respect to changes in performance from period to period.