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CAREER EDUCATION CORPORATION REPORTS
FOURTH QUARTER AND FISCAL YEAR 2014 RESULTS
Company Reports Strong Improvement in Operating Performance from Ongoing Operations; Expects to Generate
Positive Adjusted EBITDA from Ongoing Operations in Fiscal Year 2015
Schaumburg, Ill. (March 3, 2015) Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the fourth quarter and fiscal year 2014.
|||Achieved $15.6 million of positive adjusted EBITDA for ongoing operations, which excludes campuses in teach-out or held for sale, in the fourth quarter|
|||Reduced operating loss by $6.6 million to $7.8 million for the fourth quarter of 2014; lowered operating expenses by $31.8 million or 14.9 percent during the fourth quarter as compared to the prior year|
|||Implemented expense reduction actions in 2014 that will drive $40 million of expense reductions in 2015|
|||Achieved online total student enrollment growth of 1.0 percent versus prior year within its University group; online student enrollments account for approximately 90% of students within the University group|
|||Completed 28 real estate transactions during 2014 reducing total lease obligations by $39.0 million over the next six years|
|||Sale process of Le Cordon Bleu asset continues as planned|
In the fourth quarter we continued to see evidence that our strategies to strengthen our company are working, said Chairman and Interim CEO Ron McCray. Fiscal year 2014 was an important year of operating stabilization for our business, and were beginning to see clear indications that our evolving portfolio of academic offerings is beginning to align more closely with our students needs, as evidenced by online student enrollment growth in our University segments. We managed to reduce costs across the Company by more than $100 million throughout the course of the year, and our enhanced operating and financial profile has positioned us for additional performance improvements in fiscal year 2015.
As a reminder, the Company announced in mid-December 2014 that it was pursuing the divestiture of its Le Cordon Bleu North America colleges of culinary arts. As a result, all financial results reported within our consolidated financial statements have been recast to include these operations as an asset held for sale within discontinued operations.
The Company assesses results of operations for ongoing operations, which excludes the Transitional Group, separately from the Transitional Group and campuses that have closed or are held for sale.
The following information was filed by Career Education Corp (CECO) on Tuesday, March 3, 2015 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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