CEC ANNOUNCES 1Q18 RESULTS …PG 1

 

 

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS RESULTS FOR FIRST QUARTER 2018

 

      Operating income increased 110% in comparison to prior year quarter

Company generates $11.1 million of cash from operations

Schaumburg, Ill. (May 2, 2018) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the first quarter ended March 31, 2018.

FIRST QUARTER 2018 RESULTS

Total Company

•   

Operating income of $20.5 million as compared to operating income of $9.8 million in the prior year quarter

•   

Ended the quarter with $187.6 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments, an increase of $7.5 million from December 31, 2017

   

 

 

 

 

 

 

University Group and

Corporate

 

•   

Revenue of $147.7 million as compared to $148.3 million in the prior year quarter

•   

Operating income of $26.8 million as compared to $23.1 million in the prior year quarter

•   

Operating expenses decreased $4.2 million for the first quarter as compared to the prior year quarter primarily driven by optimization of media spend offset with investments in student-serving processes and initiatives

•   

 

Adjusted operating income of $29.2 million as compared to $25.7 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 at CTU increased 4.6 percent versus the prior year quarter driving total enrollment growth of 2.8 percent

•   

As expected, new student enrollments at AIU decreased versus the prior year quarter due to the timing impact of the academic calendar redesign

 

 

 

 

 

Teach-Outs

 

•   

Operating loss of $6.3 million as compared to $13.3 million in the prior year quarter, with the improvement primarily driven by substantial completion of the teach-outs

•   

Approximately 60 students remain as of March 31, 2018 within our teach-out campuses, who are expected to complete their programs of study by the end of 2018

 

 

 

 

 

“2018 has started with positive momentum in key operating metrics with first quarter adjusted operating income ahead of our expectations,” said Todd Nelson, President and Chief Executive Officer. “Accelerating strength of our cash generation and substantial completion of our teach-outs has enabled and encouraged us to focus on our growth enablers and sequentially increase our investments in technology and student-serving processes and initiatives. Overall student interest is strong and we remain committed to further improving retention and delivering quality academic outcomes while executing against our objectives of sustainable and responsible growth.”

 


The following information was filed by Career Education Corp (CECO) on Wednesday, May 2, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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