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Last10K.com | 10-Q Quarterly Report Wed May 03 2017
CEC ANNOUNCES 1Q17 RESULTS …PG 1
Exhibit 99.1
CAREER EDUCATION CORPORATION REPORTS RESULTS FOR FIRST QUARTER 2017
University Group operating income increased 31% versus prior year quarter
Schaumburg, Ill. (May 3, 2017) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the first quarter ended March 31, 2017.
University Group Highlights:
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University Group operating income increased 30.9 percent to $27.7 million compared to the prior year quarter |
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University Group revenue increased 2.3 percent versus the prior year quarter driven by total enrollment growth at CTU |
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University Group continues to make investments in various student-serving areas to further its goal of improving student retention and outcomes |
Consolidated Results:
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Operating income improved to $9.8 million for the current year quarter as compared to operating income of $7.0 million for the prior year quarter |
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Revenue of $162.1 million for the current year quarter as compared to revenue of $198.9 million for the prior year quarter, with the decline driven by teach-out campuses |
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Ended the quarter with $166.6 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments |
“First quarter results were better than expected, and we continue to pursue sustainable and responsible growth opportunities within our University Group,” said Todd Nelson, President and Chief Executive Officer. “Efficiency in our operations as well as growth in total enrollments resulted in a 31 percent increase in operating income for the University Group. We believe our strategy of investing in student-serving University Group processes is driving improved student retention and engagement while increasing the overall stability of our operations. For 2017, we expect modest enrollment growth within the University Group and remain confident in the long-term outlook we provided.”
The following information was filed by Career Education Corp (CECO) on Wednesday, May 3, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Career Education Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:
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Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Unaudited Condensed Consolidated Statements Of Cash Flows
Unaudited Condensed Consolidated Statements Of Income And Comprehensive Income
Basis Of Presentation
Basis Of Presentation - Additional Information (detail)
Contingencies
Contingencies - Additional Information (detail)
Description Of The Company
Description Of The Company - Additional Information (detail)
Discontinued Operations
Discontinued Operations (tables)
Discontinued Operations - Additional Information (detail)
Discontinued Operations - Assets And Liabilities Of Discontinued Operations On Condensed 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)
Financial Instruments
Financial Instruments (tables)
Financial Instruments - Additional Information (detail)
Financial Instruments - Investments Measured At Fair Value On Recurring Basis (detail)
Financial Instruments - Schedule Of Maintenance Fee Payment To Cckf (detail)
Financial Instruments - Summary Of Investments (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Income Taxes - Summary Of Provision For Income Taxes And Effective Tax Rate From Continuing Operations (detail)
Recent Accounting Pronouncements
Recent Accounting Pronouncements - Additional Information (detail)
Restructuring Charges
Restructuring Charges (tables)
Restructuring Charges - Accrual For Severance And Related Costs (detail)
Restructuring Charges - Additional Information (detail)
Restructuring Charges - Schedule Of Changes In Future Minimum Lease Obligations (detail)
Segment Reporting
Segment Reporting (tables)
Segment Reporting - Additional Information (detail)
Segment Reporting - Summary Financial Information By Reporting Segment (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 Option Activity (detail)
Share-based Compensation - Summary Of Total Stock Based Compensation Expense (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)
Weighted Average Common Shares
Weighted Average Common Shares (tables)
Weighted Average Common Shares - Additional Information (detail)
Weighted Average Common Shares - Summary Of Weighted Average Numbers Of Common Shares Used To Compute Basic And Diluted Net Income Per Share (detail)
Material Contracts, Statements, Certifications & more
Career Education Corp provided additional information to their SEC Filing as exhibits
Exhibit 10.1: Material Contract
Exhibit 10.2: Material Contract
Exhibit 10.4: Material Contract
Exhibit 10.5: Material Contract
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: CECO
CIK: 1046568
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-17-008371
Submitted to the SEC: Wed May 03 2017 4:13:28 PM EST
Accepted by the SEC: Wed May 03 2017
Period: Friday, March 31, 2017
Industry: Educational Services
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