Career Education Corp (CECO) SEC Filing 10-Q Quarterly report for the period ending Saturday, March 31, 2018

Career Education Corp

CIK: 1046568 Ticker: CECO




Exhibit 99.1



      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.


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




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









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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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 - 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
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)
Revenue Recognition
Revenue Recognition (tables)
Revenue Recognition - Additional Information (detail)
Revenue Recognition - Changes In Deferred Revenue Balances (detail)
Revenue Recognition - Schedule Of Previously Reported Balances, Adjustment And Current Reported Balances (detail)
Revenue Recognition - Summary Of Contract Assets Offset With Deferred Revenue Balances (detail)
Revenue Recognition - Summary Of Disaggregation Of Revenue By Major Source (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)
Ticker: CECO
CIK: 1046568
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-010315
Submitted to the SEC: Wed May 02 2018 4:17:32 PM EST
Accepted by the SEC: Wed May 02 2018
Period: Saturday, March 31, 2018
Industry: Educational Services

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