CEC ANNOUNCES 4Q16 RESULTS …PG 1

 

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2016

University Group full year 2016 revenue increased 2.3% versus prior year

with total enrollment growth of 5.3%

 

Schaumburg, Ill. (February 23, 2017) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the fourth quarter and year ended December 31, 2016.

University Group Full Year Highlights:

 

Total student enrollment growth of 5.3 percent as compared to the prior year

 

Revenue increase of 2.3 percent for 2016 as compared to the prior year

 

Student retention continues to improve as investments in various student-serving functions help enhance overall student retention and outcomes

Fourth Quarter Consolidated Results:

 

Revenue of $155.3 million for the quarter as compared to $199.9 million in the prior year quarter, with the decline primarily driven by teach-out campuses

 

Operating loss of $55.9 million compared to prior year quarter operating loss of $3.9 million; fourth quarter 2016 includes charges recorded for:

 

o

$18.4 million related to remaining lease obligations for vacated space at teach-out campuses

 

o

$10.0 million legal settlement

 

o

$22.0 million of third party legal fees

Full Year Consolidated Results:

 

Revenue of $704.4 million for 2016 as compared to $847.3 million in the prior year, with the decline primarily driven by  teach-out campuses

 

Operating expenses decreased by $202.7 million as compared to the prior year driven by continued execution on strategic initiatives

 

As of December 31, 2016, cash, cash equivalents, restricted cash and available-for-sale short-term investments was $207.2 million, with cash flow provided by operations of $5.9 million compared to cash usage in the prior year of $21.7 million

 

“I am pleased with our 2016 results and with the progress our teams have made against our strategic initiatives,” said Todd Nelson, President and Chief Executive Officer. “Our commitment to improving student retention and outcomes while investing in technology and resources resulted in total enrollment growth at our University Group, with year-end total enrollments at the highest level since 2012. The results of our teach-out operations were ahead of our expectations, and our overall operating costs decreased by more than $200 million compared to last year, resulting in a year end cash balance that was higher than our outlook. For 2017, we will continue to invest in technology and resources which we believe will further enhance student retention and outcomes and pursue sustainable and responsible growth opportunities within our University Group.”

 


The following information was filed by Career Education Corp (CECO) on Thursday, February 23, 2017 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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