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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 Companys 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.)
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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