Perdoceo Education Corp 10-K Annual Report February 2012

Schaumburg, Ill. (February 27, 2012) – Career Education Corporation (NASDAQ: CECO) today reported total revenue of $439.5 million, and a net loss of $120.4 million, or ($1.64) per diluted share, for the fourth quarter of 2011 compared to total revenue of $531.6 million and net income of $12.1 million, or $0.15 per diluted share, for the fourth quarter of 2010. For the full year 2011, total revenue of $1.88 billion, and net income of $18.6 million, or $0.25 per diluted share decreased from total revenue of $2.09 billion and net income of $157.8 million, or $1.95 per diluted share, for the full year 2010.

“In the past four months, we have taken steps to help move the company forward,” President, Chairman and CEO Steven H. Lesnik said. “The company-wide independent review into our placement rate practices, ordered by our Board of Directors, has been completed. We have reported to accreditors what we should; implemented extensive corrective measures to address any issues found; and have now closed the door on the review.”

“While we expect a challenging business and reputational year ahead, we have put a new strategy in place to deal with our current challenges and position ourselves for success beyond 2012. It’s time for Career Education to reinvent itself for the future and resume a leadership position in higher education,” Lesnik said.

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 $0.31 in the fourth quarter 2011 as compared to $0.74 in the fourth quarter of 2010. For the years ended December 31, 2011 and 2010, earnings per diluted share from continuing operations (non-GAAP basis) were $2.16 and $2.89, respectively. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

CONSOLIDATED RESULTS

Quarter Ended December 31, 2011

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Total revenue was $439.5 million for the fourth quarter of 2011, a 17.3 percent decrease from $531.6 million for the fourth quarter of 2010.

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An operating loss of $168.9 million was recorded for the fourth quarter of 2011, compared to operating income of $18.2 million for the fourth quarter of 2010.

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The loss from continuing operations for the quarter ended December 31, 2011 was $142.3 million, or ($1.94) per diluted share, compared to income from continuing operations of $14.1 million, or $0.18 per diluted share, for the quarter ended December 31, 2010.

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During the fourth quarter of 2011, the Company recorded a $27.1 million pretax gain in connection with the sale of its ownership interest in Istituto Marangoni. All current and prior period results have been recast to include the results of operations for Istituto Marangoni as a component of discontinued operations.

The following information was filed by Perdoceo Education Corp on Monday, February 27, 2012 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Perdoceo Education Corp provided additional information to their SEC Filing as exhibits

Exhibit 10.39: Letter Agreement

Exhibit 21: Subsidiaries Of The Company

Exhibit 23.1: Consent Of Ernst &Amp; Young Llp

Exhibit 31.1: Certification Of Ceo Pursuant To Section 302

Exhibit 31.2: Certification Of Cfo Pursuant To Section 302

Exhibit 32.1: Certification Of Ceo Pursuant To Section 906

Exhibit 32.2: Certification Of Ceo Pursuant To Section 906

CIK: 1046568
Form Type: 10-K Annual Report
Accession Number: 0001193125-12-081810
Submitted to the SEC: Mon Feb 27 2012 4:49:26 PM EST
Accepted by the SEC: Mon Feb 27 2012
Period: Monday, October 31, 2011
Industry: Educational Services

External Resources:
SEC.gov

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Career Education Corp (CECO) SEC Filing 10-K Annual report for the fiscal year ending Monday, October 31, 2011

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