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Career Education Corp (CECO) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

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 2013

Schaumburg, Ill. (February 27, 2014) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the fourth quarter of 2013, posting its fourth consecutive quarter of sequential improvement in the decline of new enrollments and total enrollment across its family of ongoing schools.

Non-financial metrics indicating positive trends for the fourth quarter of 2013 as compared to fourth quarter of 2012, excluding Transitional Schools, include:

 

   

New student enrollment growth for CTU (4%), Health Education (21%) and Design & Technology (12%),

 

   

a 49% improvement in the rate at which we convert a prospective student to a new student enrollment, cumulatively reflecting improvement across all segments,

 

   

higher student applications across all segments with a 38% overall improvement,

 

   

slight improvement in retention rates, and

 

   

a 2.1% decline in new student acquisition costs.

“We continue to make solid operational progress in the turnaround of the Company,” said President and CEO Scott W. Steffey. “We had new student enrollment growth in the last part of the fourth quarter at CTU, Design & Technology, and Health Education and the early results in 2014 are encouraging, which I will speak to in more detail on the earnings call. Furthermore, we expect Culinary Arts’ total enrollments to improve as we mark the one year anniversary, in April, of the re-introduction of the associates program.”

The Company disclosed that operating expenses dropped by $59.0 million in the fourth quarter and by more than $200.0 million for the full year (excluding significant items disclosed in the non-GAAP reconciliation referred to below). Net cash used in operating activities dropped to $8.0 million in the fourth quarter versus $10.9 million in the third quarter and $52.8 million in the second quarter.

“We significantly reduced operating expenses, completed the sale of our International operations and continued winding down campuses in our Transitional Schools segment during 2013,” said Steffey. “There is still more room for operating expense reduction in 2014, without negatively impacting our improving results, over and above the Transitional School closures.”

Career Education reported total revenue of $247.1 million, and net loss of $30.6 million, or -$0.46 per diluted share, for the fourth quarter of 2013 compared to total revenue of $303.3 million and net loss of $61.5 million, or -$0.93 per diluted share, for the fourth quarter of 2012. For the full year 2013, total revenue of $1.06 billion, and net loss of $164.3 million, or -$2.46 per diluted share decreased from total revenue of $1.34 billion and net loss of $142.8 million, or -$2.15 per diluted share, for the full year 2012.

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 -$0.29 for the fourth quarter of 2013 as compared to a loss per diluted share of -$0.54 for the fourth quarter of 2012. For the year ended December 31, 2013, on a non-GAAP basis, the loss per diluted share from continuing operations was -$1.41 as compared to a loss per diluted share of -$0.67 for the year ended December 31, 2012. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)


The following information was filed by Career Education Corp (CECO) on Thursday, February 27, 2014 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 (loss) Income And Comprehensive (loss) Income
Consolidated Statements Of Cash Flows
Consolidated Statements Of Stockholders' Equity
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 (level3) (detail)
Cash And Cash Equivalents And Investments - Cash And Cash Equivalents And Investments From Continuing Operations (detail)
Cash And Cash Equivalents And Investments - 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
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 - Summary Results Of Operations For Discontinued Operations (detail)
Discontinued Operations - Summary Results Of Operations For Discontinued Operations (parenthetical) (detail)
Dispositions
Dispositions - Additional Information (detail)
Employee Benefit Plan - Additional Information (detail)
Employee Benefit Plans
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 Changes In Carrying Amount Of Goodwill (parenthetical) (detail)
Goodwill And Other Intangible Assets - Schedule Of Cost Basis, Accumulated Amortization Net Book Value Of Intangible Assets (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Components Of Pretax (loss) Income From Continuing Operations (detail)
Income Taxes - Schedule Of (benefits From) Provision For Income Taxes From Continuing Operations (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 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 Future Minimum Lease Payments Under Capital Leases And Operating Leases For Continuing Operations And Discontinued Operations (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 (unaudited)
Quarterly Financial Summary (unaudited) (tables)
Quarterly Financial Summary (unaudited) - Schedule Of Quarterly Financial Summary (detail)
Quarterly Financial Summary (unaudited) - 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 - Additional Information (detail)
Restructuring Charges - Restructuring Charges By Segment (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 - Schedule Of Fair Value Of Stock Option Award Granted Estimated On Date Of Grant Using The 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
Share-based Compensation (tables)
Share-based Compensation - Additional Information (detail)
Share-based Compensation - Schedule Of Information With Respect To All Outstanding Restricted Stock (detail)
Share-based Compensation - Schedule Of Restricted Stock Units To Be Settled In Cash (detail)
Share-based Compensation - Summary Of Stock Option Activity (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)
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 - Additional Information (detail)
Ticker: CECO
CIK: 1046568
Form Type: 10-K Annual Report
Accession Number: 0001193125-14-071178
Submitted to the SEC: Thu Feb 27 2014 8:09:10 AM EST
Accepted by the SEC: Thu Feb 27 2014
Period: Tuesday, December 31, 2013
Industry: Educational Services

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