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Career Education Corp (CECO) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

Career Education Corp

CIK: 1046568 Ticker: CECO

Exhibit 99.1

 

LOGO

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.

Business Highlights

 

    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 we’re 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Schedule Ii - Valuation And Qualifying Accounts (detail)
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Loss And Comprehensive Loss
Consolidated Statements Of Stockholders' Equity
Contingencies
Contingencies - Additional Information (detail)
Credit Agreement
Credit Agreement (tables)
Credit Agreement - Additional Information (detail)
Credit Agreement - Schedule Of U.s. Credit Agreement (detail)
Credit Agreement - Schedule Of U.s. Credit Agreement (parenthetical) (detail)
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 - Components Of Assets And Liabilities Held For Sale (detail)
Discontinued Operations - Summary Results Of Operations For Discontinued Operations (detail)
Discontinued Operations - Summary Results Of Operations For Discontinued Operations (parenthetical) (detail)
Discontinued Operations - Summary Results Of Operations Held For Sale Within Discontinued Operations (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)
Investments
Investments (tables)
Investments - Additional Information (detail)
Investments - Assets Measured At Fair Value On Recurring Basis Using Significant Unobservable Inputs (level3) (detail)
Investments - Investments From Continuing Operations (detail)
Investments - Investments Measured At Fair Value On Recurring Basis (detail)
Investments - Schedule Of Available-for-sale Investments (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 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 - Additional Information (detail)
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 Deferred Stock Units To Be Settled In Shares (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 Based Compensation Expense (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)
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)
Valuation And Qualifying Accounts
Weighted Average Common Shares
Weighted Average Common Shares - Additional Information (detail)
Ticker: CECO
CIK: 1046568
Form Type: 10-K Annual Report
Accession Number: 0001193125-15-075170
Submitted to the SEC: Tue Mar 03 2015 4:38:10 PM EST
Accepted by the SEC: Tue Mar 03 2015
Period: Wednesday, December 31, 2014
Industry: Educational Services

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