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CAREER EDUCATION CORPORATION REPORTS
RESULTS FOR FOURTH QUARTER AND FULL YEAR 2010
Hoffman Estates, Ill. (February 17, 2011) Career Education Corporation (NASDAQ: CECO) today reported total revenue of $542.9 million, and net income of $12.1 million, or $0.15 per diluted share, for the fourth quarter of 2010 compared to total revenue of $507.5 million and net income of $30.7 million, or $0.36 per diluted share, for the fourth quarter of 2009. For the full year 2010, total revenue of $2.12 billion, and net income of $157.8 million, or $1.95 per diluted share increased from total revenue of $1.83 billion and net income of $81.2 million, or $0.94 per diluted share, for the full year 2009.
Our financial performance both in the fourth quarter and in 2010 was in line with our expectations, said Gary E. McCullough, President and Chief Executive Officer. While private sector postsecondary education is in a period of heightened scrutiny and uncertainty, we view this as a period of opportunity in which we will continue to enhance our programs, processes and systems to better meet the needs of our diverse student population.
The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its core business. On a non-GAAP basis, earnings per diluted share from continuing operations were $0.81 in the fourth quarter 2010 as compared to $0.74 in the fourth quarter of 2009. For the years ended December 31, 2010 and 2009, earnings per diluted share from continuing operations (non-GAAP basis) were $3.00 and $1.95, respectively. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)
Quarter Ended December 31, 2010
Total revenue was $542.9 million for the fourth quarter of 2010, a 7.0 percent increase from $507.5 million for the fourth quarter of 2009.
Operating income was $20.7 million for the fourth quarter of 2010, versus operating income of $98.6 million for the fourth quarter of 2009. The operating margin was 3.8 percent for the fourth quarter of 2010, compared to an operating margin of 19.4 percent for the fourth quarter of 2009.
Income from continuing operations for the quarter ended December 31, 2010 was $15.3 million, or $0.19 per diluted share, compared to $62.7 million, or $0.74 per diluted share, for the quarter ended December 31, 2009.
The following information was filed by Career Education Corp (CECO) on Friday, February 18, 2011 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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