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Career Education Corp (CECO) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Career Education Corp

CIK: 1046568 Ticker: CECO

Exhibit 99.1

 

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CAREER EDUCATION CORPORATION REPORTS

RESULTS FOR FOURTH QUARTER AND FULL YEAR 2012

Schaumburg, Ill. (February 27, 2013) – Career Education Corporation (NASDAQ: CECO) today reported total revenue of $354.7 million, and a net loss of $61.5 million, or -$0.93 per diluted share, for the fourth quarter of 2012 compared to total revenue of $438.3 million and net loss of $120.4 million, or -$1.64 per diluted share, for the fourth quarter of 2011. For the full year 2012, total revenue of $1.49 billion, and net loss of $142.8 million, or -$2.15 per diluted share decreased from total revenue of $1.87 billion and net income of $18.6 million, or $0.25 per diluted share, for the full year 2011.

“While our financial results were unacceptable and unsustainable, 2012 was a year of renewal for Career Education,” said Steven H. Lesnik, chairman, president and chief executive officer. “We made significant progress on the regulatory and accreditation fronts, reinforced our leadership team, reorganized and reduced the footprint of our institutions, adopted a long-term strategy and continued our investment in cutting-edge education technology.”

“Looking to 2013, we will sustain our sharp focus on student outcomes, continue to re-engineer and right-size the organization and leverage our investment in ground-breaking learning technology. The Company’s return to growth and profitability will be rooted in exceptional educational experiences and strong outcomes for our students.”

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, the loss per diluted share from continuing operations was -$0.35 for the fourth quarter 2012 as compared to earnings per diluted share of $0.32 for the fourth quarter 2011. For the year ended December 31, 2012, on a non-GAAP basis, the loss per diluted share from continuing operations was -$0.44 as compared to earnings per diluted share of $2.14 for the year ended December 31, 2011. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)

CONSOLIDATED RESULTS

Quarter Ended December 31, 2012

 

   

Total revenue was $354.7 million for the fourth quarter of 2012, a 19.1 percent decrease from $438.3 million for the fourth quarter of 2011.

 

   

Operating losses of $77.2 million and $167.9 million were reported for the fourth quarters of 2012 and 2011, respectively. The operating margin was -21.8 percent for the fourth quarter of 2012 versus -38.3 percent for the fourth quarter of 2011.

 

   

The loss from continuing operations for the quarter ended December 31, 2012 was $58.7 million, or -$0.89 per diluted share compared to the loss from continuing operations of $141.6 million, or -$1.93 per diluted share, for the quarter ended December 31, 2011.


The following information was filed by Career Education Corp (CECO) on Wednesday, February 27, 2013 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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Business Acquisition - Additional Information (detail)
Business Acquisition - Summary Of Final Fair Values Of Assets Acquired And Liabilities Assumed (detail)
Business Acquisitions
Business Acquisitions (tables)
Cash And Cash Equivalents And Investments
Cash And Cash Equivalents And Investments (tables)
Cash And Cash Equivalents And Investments - Additional Information (detail)
Cash And Cash Equivalents And Investments - Assets Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (detail)
Cash And Cash Equivalents And Investments - Cash And Cash Equivalents And Investments From Continuing Operations (detail)
Cash And Cash Equivalents And Investments - Investments Measured At Fair Value On Recurring Basis (detail)
Cash And Cash Equivalents And Investments - Schedule Of Available-for-sale Investments (detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (detail)
Credit Agreement - Additional Information (detail)
Credit Agreement - Schedule Of U.s. Credit Agreement (detail)
Credit Agreement - Schedule Of U.s. Credit Agreement (parenthetical) (detail)
Credit Agreements
Credit Agreements (tables)
Description Of The Company
Description Of The Company - Additional Information (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Assets And Liabilities Of Discontinued Operations On Consolidated Balance Sheets (detail)
Discontinued Operations - Changes In Future Remaining Lease Obligations Discontinued Operations (detail)
Discontinued Operations - Combined Summary Results Of Operations For Discontinued Operations (detail)
Discontinued Operations - Combined Summary Results Of Operations For Discontinued Operations (parenthetical) (detail)
Employee Benefit Plans
Employee Benefit Plans - Additional Information (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets - Additional Information (detail)
Goodwill And Other Intangible Assets - Schedule Of Changes In Carrying Amount Of Goodwill (detail)
Goodwill And Other Intangible Assets - Schedule Of Cost Basis, Accumulated Amortization Net Book Value Of Intangible Assets (detail)
Goodwill And Other Intangible Assets - Schedule Of Estimated Future Amortization (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Pretax Income (detail)
Income Taxes - Schedule Of Components Of Deferred Income Tax Assets And Liabilities For Continuing Operations (detail)
Income Taxes - Schedule Of Net Deferred Income Tax Assets For Continuing Operations (detail)
Income Taxes - Schedule Of Provision For Income Taxes From Continuing Operations (detail)
Income Taxes - Schedule Of Reconciliation Of Beginning And Ending Amount Of Gross Unrecognized Tax Benefits (detail)
Income Taxes - Schedule Of Reconciliation Of Statutory U.s. Federal Income Tax Rate To Effective Income Tax Rate For Continuing Operations (detail)
Leases
Leases (tables)
Leases - Additional Information (detail)
Leases - Schedule Of Changes In Future Minimum Lease Obligations (detail)
Leases - Schedule Of Cost Basis And Accumulated Depreciation Of Assets Recorded Under Capital Leases From Continuing Operating Activities (detail)
Leases - Schedule Of Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations And Discontinued Operations (detail)
Leases - Schedule Of Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations And Discontinued Operations (parenthetical) (detail)
Leases - Schedule Of Future Minimum Sublease Rental Income Under Operating Leases For Continuing And Discontinued Operations (detail)
Property And Equipment
Property And Equipment (tables)
Property And Equipment - Additional Information (detail)
Property And Equipment - Schedule Of Cost Basis And Estimated Useful Lives Of Property And Equipment (detail)
Quarterly Financial Summary
Quarterly Financial Summary (tables)
Quarterly Financial Summary - Schedule Of Quarterly Financial Summary (detail)
Quarterly Financial Summary - Schedule Of Quarterly Financial Summary (parenthetical) (detail)
Recent Accounting Pronouncements
Restructuring Charges
Restructuring Charges (tables)
Restructuring Charges - Accrual For Severance And Related Costs (detail)
Restructuring Charges - Restructuring Charges By Segment (detail)
Restructuring Charges Disclosure - Additional Information (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Summary Financial Information By Reporting Segment (detail)
Segment Reporting - Summary Financial Information By Reporting Segment (parenthetical) (detail)
Share-based Compensation
Share-based Compensation (tables)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Schedule Of Fair Value Of Stock Option Award Granted Estimated On Date Of Grant Using Black-scholes-merton Option Pricing Model (detail)
Share-based Compensation - Schedule Of Information With Respect To Outstanding And Exercisable Stock Options (detail)
Share-based Compensation - Schedule Of Information With Respect To Outstanding Shares Of Restricted Stock (detail)
Share-based Compensation - Summary Of Stock Option Activity (detail)
Stock Repurchase Program
Stock Repurchase Program - Additional Information (detail)
Student Receivables
Student Receivables (tables)
Student Receivables - Additional Information (detail)
Student Receivables - Changes In Current And Non-current Receivables Allowance (detail)
Student Receivables - Changes In Current And Non-current Receivables Allowance (parenthetical) (detail)
Subsequent Event
Subsequent Event - Additional Information (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies - Additional Information (detail)
Weighted Average Common Shares
Weighted Average Common Shares (tables)
Weighted Average Common Shares - Additional Information (detail)
Weighted Average Common Shares - Weighted Average Numbers Of Common Shares Used To Compute Basic And Diluted Net Income Per Share (detail)
Ticker: CECO
CIK: 1046568
Form Type: 10-K Annual Report
Accession Number: 0001193125-13-083541
Submitted to the SEC: Thu Feb 28 2013 2:14:15 PM EST
Accepted by the SEC: Thu Feb 28 2013
Period: Monday, December 31, 2012
Industry: Educational Services

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