Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1046568/000119312514071178/d657456d10k.htm
Exhibit 99.1
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.)
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Career Education Corp.
Please wait while we load the requested 10-K report or click the link below:
https://last10k.com/sec-filings/report/1046568/000119312514071178/d657456d10k.htm
Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.
ContinueRead positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.
ContinueRemove data columns and navigations in order to see much more filing content and tables in one view
ContinueRead both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q
ContinueExport Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis
ContinueGet one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports
Continue for FREE