CEC ANNOUNCES 4Q17 RESULTS …PG 1

 

 

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS RESULTS FOR FOURTH QUARTER AND FULL YEAR 2017

 

      University Group total enrollments increase 3.3% driven by

new enrollment growth of 15.4% for the quarter as well as improving retention trends

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

•   

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

•   

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

 

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

 

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.

View differences made from one year to another to evaluate Career Education Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Career Education Corp.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account