CEC ANNOUNCES 2Q18 RESULTS …PG 1

 

 

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS RESULTS FOR SECOND QUARTER AND YEAR TO DATE 2018

 

Operating income increased 68.6% as compared to the prior year to date

University Group new student enrollments increased 7.0% as compared to the prior year quarter

 

Schaumburg, Ill. (August 1, 2018) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the second quarter and year to date ended June 30, 2018.

SECOND QUARTER AND YEAR TO DATE 2018 RESULTS

Total Company

•   

Operating income of $31.8 million for the current year to date increased 68.6 percent as compared to the prior year to date

  •  

Operating income of $11.3 million for the current quarter compared to prior year quarter operating income of $9.1 million

•   

Ended the quarter with $190.1 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments

 

 

 

 

University Group and

Corporate

•   

Operating income of $50.3 million for the current year to date increased 8.4 percent supported by a revenue increase of 1.4 percent to $289.6 million as well as efficiency in our advertising expense

•   

Operating income of $23.5 million as compared to $23.3 million in the prior year quarter

•   

 

Revenue of $141.8 million increased 3.2 percent as compared to $137.4 million in the prior year quarter

 

 

 

 

University Group Key Metrics

•   

New student enrollments increased 7.0 percent versus the prior year quarter

Total student enrollment decreased 2.8 percent versus the prior year quarter but is expected to show growth during the third quarter driven by the timing impact of the AIU academic calendar redesign

 

 

 

 

 

Teach-Outs

 

•   

Operating loss of $12.2 million as compared to $14.2 million in the prior year quarter, with the improvement primarily driven by substantial completion of the teach-outs

•   

Three campuses with approximately ten students remain as of June 30, 2018 with all programs of study expected to be completed by the end of 2018

 

 

 

 

“We finished the first half with good momentum in key operating metrics, driven by organic investments aimed at improving student onboarding and learning experiences,” said Todd Nelson, President and Chief Executive Officer. “Given our positive momentum we will continue to pursue further investments in technology and student-serving processes and initiatives. Overall, we are taking a measured approach to balance our objectives of responsible and sustainable growth with our commitments to improve student experiences, retention and academic outcomes and we remain confident in the long-term academic value proposition of our Universities.”

 


The following information was filed by Career Education Corp (CECO) on Wednesday, August 1, 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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