CEC ANNOUNCES 4Q18 RESULTS …PG 1

 

 

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR 2018 RESULTS

 

Full year operating income increased by 109% versus the prior year driven by completion of teach-outs and revenue growth within the University Group

Schaumburg, Ill. (February 20, 2019) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the fourth quarter and year ended December 31, 2018.

FOURTH QUARTER 2018 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER

Total 

Company

  •   

Revenue grew to $145.5 million compared to $143.1 million

  •   

Operating income of $20.2 million compared to $10.7 million

  •   

Earnings per diluted share of $0.20 compared to a loss per diluted share of ($0.64)

  •   

Adjusted earnings per diluted share* of $0.30 compared to $0.19

  •   

Ended the quarter with $229.2 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments

  •   

Cash flow provided by operations was $38.7 million, the highest quarterly result in seven years, primarily driven by cash generated from University Group operations partially offset by teach-out related obligations

 

 

 

 

 

 

 

 

University Group Key Metrics

  •   

CTU’s new and total student enrollments increased 7.1 percent and 2.3 percent, respectively

  •   

AIU’s new and total student enrollments decreased, as expected, primarily driven by the timing impact of the academic calendar redesign. The Company expects AIU’s new student enrollments to experience significant growth in the first quarter of 2019 which will more than offset this fourth quarter decline and is further expected to contribute to growth for the full year 2019.

 

 

 

 

 

 

 

FULL YEAR 2018 RESULTS AS COMPARED TO THE PRIOR YEAR

 

University Group revenue of $580.7 million increased 2.0 percent or $11.1 million

 

Total company operating income of  $71.3 million compared to $34.1 million

 

Earnings per diluted share of $0.77 compared to a loss per diluted share of ($0.46)

 

Adjusted earnings per diluted share* of $1.05 compared to $0.47

 

 

*See GAAP to non-GAAP reconciliation attached to this press release

 

“2018 was a watershed year for our company, with operating income the highest it has been in almost a decade,” said Todd Nelson, President and Chief Executive Officer. “Our Universities are executing well against their objective of sustainable and responsible growth and are strategically investing in student-serving processes and technology initiatives. Our balance sheet is expected to further improve in 2019 and we will continue to pursue optimal capital allocation strategies that are in the best interests of our students and other stakeholders.”

 

 

 

 

 

 


The following information was filed by Career Education Corp (CECO) on Wednesday, February 20, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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