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CAREER EDUCATION CORPORATION REPORTS
RESULTS FOR FOURTH QUARTER AND FULL YEAR 2009
- Fourth quarter revenue increased 19%, operating income increased 95%
- Fourth quarter earnings per share from continuing operations increased 80% to $0.72
Hoffman Estates, Ill. (February 17, 2010) Career Education Corporation (NASDAQ: CECO) today reported total revenue of $507.8 million, and net income of $30.7 million, or $0.36 per diluted share, for the fourth quarter of 2009 compared to total revenue of $425.3 million and net income of $31.2 million, or $0.35 per diluted share, for the fourth quarter of 2008. For the full year 2009, total revenue was $1.84 billion, and net income of $81.2 million, or $0.94 per diluted share compared to total revenue of $1.66 billion and net income of $60.1 million, or $0.67 per diluted share, for the full year 2008.
On a non-GAAP basis, which excludes significant items, earnings per diluted share from continuing operations were $0.72 in the fourth quarter as compared to $0.45 in the fourth quarter of 2008. (See segment tables below and the GAAP to non-GAAP reconciliation attached to this press release.)
The growth of our student population and strong financial results in 2009 clearly reflected the quality of postsecondary education provided by our institutions and the improvements we continued to make in the effectiveness and efficiency of our operations, said Gary E. McCullough, President and Chief Executive Officer. We are excited about the future as our organization is well positioned to achieve the next level of growth.
During the year ended December 31, 2009 we completed the teach out activities for McIntosh College, Dover NH, Lehigh Valley College Center Valley, PA, Gibbs Colleges Livingston, NJ and Norwalk, CT, Katharine Gibbs Schools New York, NY and Norristown, PA. Accordingly, the results of operations for these six campuses are reported as a component of discontinued operations for both current and prior period financial results. Except as otherwise noted, financial data and non-financial metrics reflected in this release exclude discontinued operations. Quarterly income statements for 2008 and 2009 reflecting this change have been provided in the exhibits section of this release.
Three Months Ended December 31, 2009
Total revenue from continuing operations was $507.8 million during the fourth quarter of 2009, a 19.4 percent increase from $425.3 million during the fourth quarter of 2008.
The financial and operating results for the fourth quarter 2009 and 2008 include significant items as summarized below:
The following information was filed by Career Education Corp (CECO) on Wednesday, February 17, 2010 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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