Career Education Corp (CECO) 10-K Annual Report February 2018

Schaumburg, Ill. (February 21, 2018) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the fourth quarter and year ended December 31, 2017.

FOURTH QUARTER 2017 RESULTS

Total Company	•	Revenue of $143.1 million as compared to $155.3 million for the prior year quarter, with the decline primarily driven by substantial completion of the teach-out of our All Other Campuses segment
	•	Operating income of $10.7 million as compared to an operating loss of $55.9 million in the prior year
	•	Ended the quarter with $180.1 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments


University Group and Corporate	•	Revenue of $142.4 million as compared to $135.6 million in the prior year quarter
	•	Operating income of $25.5 million as compared to an operating loss of $17.9 million in the prior year quarter
	•	Adjusted operating income of $28.1 million as compared to $16.9 million in the prior year quarter (See GAAP to non-GAAP reconciliation attached to this press release for further details)


University Group Key Metrics	•	New student enrollments grew 15.4 percent as compared to the prior year quarter primarily driven by our investments in student serving processes and operations that support growth
University Group Key Metrics	•	Total student enrollments grew 3.3 percent driven by growth in new student enrollments as well as improving retention trends


Teach-Outs	•	Operating loss of $14.8 million as compared to $38.1 million in the prior year quarter, with the improvement primarily driven by substantial completion of the teach-out of our All Other Campuses segment
Teach-Outs	•	Approximately 100 students remain as of December 31, 2017 within our teach-out campuses, who are expected to complete their programs of study by the end of 2018

FULL YEAR 2017 HIGHLIGHTS – UNIVERSITY GROUP AND CORPORATE

•

Revenue increased 1.3 percent to $569.6 million as compared to the prior year

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Operating income increased by 113.6 percent to $95.5 million as compared to the prior year

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Adjusted operating income increased by 18.6 percent to $105.9 million as compared to the prior year

“We finished the year with strong momentum in our key operating metrics, as investments continued to improve student onboarding and learning experiences,” said Todd Nelson, President and Chief Executive Officer. “Total enrollments at our University Group reached the highest level in the last four years and new student enrollments grew for the second consecutive quarter. Much of this momentum is a result of our focus on and execution within our student-serving processes and initiatives. Our cash balances are expected to grow in 2018 and allow us to continue investing in our students and employees. Overall, we remain committed to improving student experiences, retention and academic outcomes and are executing well against our objective of sustainable and responsible growth.”

The following information was filed by Career Education Corp (CECO) on Wednesday, February 21, 2018 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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Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Career Education Corp provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001564590-18-002683
Submitted to the SEC: Wed Feb 21 2018 4:22:37 PM EST
Accepted by the SEC: Wed Feb 21 2018
Period: Sunday, December 31, 2017
Industry: Educational Services

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Career Education Corp (CECO) SEC Filing 10-K Annual report for the fiscal year ending Sunday, December 31, 2017

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