Career Education Corp (CECO) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

CEC ANNOUNCES 2Q19 RESULTS …PG 1

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS RESULTS FOR SECOND QUARTER AND YEAR TO DATE 2019

Second quarter revenue increased 10.1% while University Group total student enrollments grew 5.4%

Schaumburg, Ill. (August 7, 2019) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the quarter and year to date ended June 30, 2019.

SECOND QUARTER 2019 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER

Financial Results	•	Revenue increased by 10.1 percent to $156.4 million as compared to $142.0 million with both universities contributing to this growth
	•	Operating income was $0.2 million as compared to $11.3 million; the current year quarter operating income includes a $30.0 million reserve related to the Federal Trade Commission (“FTC”) settlement
	•	Adjusted operating income increased 37.9 percent to $32.8 million as compared to $23.8 million*
	•	Loss per diluted share of ($0.01) as compared to earnings per diluted share of $0.12
	•	Adjusted earnings per diluted share of $0.39 as compared to $0.23*
	•	Ended the quarter with $280.2 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments




Key Metrics	•	CTU’s total student enrollments increased by 3.2 percent supported by new student enrollment growth of 7.0 percent for the quarter
	•	AIU’s total student enrollments increased 10.0 percent supported by year to date new student enrollment growth of 52.6 percent; positively impacting these trends was the academic calendar redesign
	•	Ongoing operating initiatives and investments in student-serving operations continue to support positive enrollment trends

YEAR TO DATE 2019 HIGHLIGHTS AS COMPARED TO THE PRIOR YEAR TO DATE

•

Revenue increased 8.3 percent to $314.3 million as compared $290.1 million supported by total student enrollment growth at both universities

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Operating income of $30.2 million as compared to $31.8 million; the current year operating income includes a $30.0 million reserve related to the FTC settlement

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Adjusted operating income increased 32.5 percent to $65.8 million as compared to $49.6 million*

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University Group new student enrollments increased 25.0 percent contributing to total enrollment growth of 5.4 percent; positively impacting these trends was the academic calendar redesign at AIU

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

“We are pleased with the overall financial and operating progress made thus far,” said Todd Nelson, President and Chief Executive Officer. “Our year to date results have been supported, in part, by our continued focus on student outreach and engagement while maintaining our investments in technology and student-serving operations. Looking ahead, we will continue to leverage data and analytics to support student learning and engagement while executing against our strategic priority of sustainable and responsible growth and pursuing investments that support long term value creation for all stakeholders.”

The following information was filed by Career Education Corp (CECO) on Wednesday, August 7, 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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