CEC ANNOUNCES 1Q19 RESULTS …PG 1

 

 

Exhibit 99.1

CAREER EDUCATION CORPORATION ANNOUNCES FIRST QUARTER 2019 RESULTS

 

First quarter revenue increased 6.6% primarily driven by total University enrollment growth of 8.2%

 

Schaumburg, Ill. (May 8, 2019) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the quarter ended March 31, 2019.

 

FIRST QUARTER 2019 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER

Financial Results

  •   

Revenue increased by 6.6 percent to $157.9 million as compared to $148.1 million with both universities contributing to this growth

  •   

Operating income increased by 46.0 percent to $30.0 million as compared to $20.5 million

  •   

Earnings per diluted share of $0.35 as compared to $0.25

  •   

Adjusted earnings per diluted share of $0.36 as compared to $0.28*

  •   

Ended the quarter with $239.9 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments

 

 

 

 

 

 

 

 

 

 

 

Key Metrics

  •   

CTU’s total student enrollments increased by 4.1 percent primarily driven by new enrollment growth of 14.3 percent

  •   

AIU’s new and total student enrollments increased 124.7 percent and 16.5 percent, respectively; impacting these quarterly increases was the timing impact of the academic calendar redesign

  •   

Ongoing initiatives and incremental investments in student-serving operations continue to positively impact enrollment trends

 

 

 

 

 

 

 

 

 

*See GAAP to non-GAAP reconciliation attached to this press release

 

 

“We are pleased to report solid first quarter results with key operating metrics and trends showing year over year growth,” said Todd Nelson, President and Chief Executive Officer. “Ongoing initiatives and technology investments are improving student outreach and engagement, while creating a more efficient and effective enrollment process, which should support future growth. Looking ahead, we remain committed to delivering quality academic outcomes by leveraging our technology and student serving functions while investing in responsible growth initiatives that will create long term value for our shareholders.”

 

 

 

 

 

 

 

 

 


The following information was filed by Career Education Corp (CECO) on Wednesday, May 8, 2019 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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