CEC ANNOUNCES 3Q19 RESULTS …PG 1

 

 

Exhibit 99.1

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

AND ANNOUNCES NEW STOCK REPURCHASE PROGRAM

 

Third quarter revenue increased 6.4% while University Group total student enrollments grew 6.1% highlighting the Company’s focus on student retention and academic outcomes

Schaumburg, Ill. (November 6, 2019) – Career Education Corporation (NASDAQ: CECO) today reported operating and financial results for the quarter and year to date ended September 30, 2019.

THIRD QUARTER 2019 RESULTS AS COMPARED TO THE PRIOR YEAR QUARTER

Financial Results

  •   

Revenue increased by 6.4 percent to $155.0 million as compared to $145.7 million with both universities contributing to this growth

  •   

Operating income increased 26.0 percent to $24.3 million as compared to $19.3 million

  •   

Earnings per diluted share of $0.25 as compared to earnings per diluted share of $0.21

  •   

Adjusted earnings per diluted share of $0.33 as compared to $0.25*

  •   

Ended the quarter with $311.8 million in cash, cash equivalents, restricted cash and available-for-sale short-term investments**

 

 

 

 

 

 

 

 

 

 

 

Key Metrics

 

  •   

CTU’s total student enrollments increased 3.2 percent supported by year to date new student enrollment growth of 6.4 percent and improving student retention while new student enrollments were relatively flat for the quarter

  •   

AIU’s total student enrollments increased 11.3 percent supported by quarterly new student enrollment growth of 10.0 percent  

  •   

Leveraging technology and data analytics to support student experiences, retention and academic outcomes continues to be a primary focus

 

 

 

 

 

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

 

Revenue increased 7.7 percent to $469.3 million as compared to $435.8 million, in part, supported by total student enrollment growth at both universities

 

Operating income increased 6.5 percent to $54.4 million as compared to $51.1 million; current year operating income was impacted by $37.1 million in legal settlements as compared to $9.6 million in the prior year

 

Adjusted operating income increased 32.2 percent to $99.8 million as compared to $75.4 million*

 

New student enrollments increased 16.2 percent contributing to total enrollment growth of 6.1 percent; positively impacting these trends was the academic calendar redesign at AIU

 

Company raises full year 2019 outlook

 

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

**Includes $30.0 million of restricted funds related to the FTC settlement which was subsequently paid during October 2019.

 

“We believe our solid year to date results reflect how we have further underscored the value proposition of our academic institutions while emphasizing student retention and academic outcomes,” said President and Chief Executive Officer Todd Nelson. “We have progressively built upon our student-serving initiatives and are integrating technology across various student support and learning processes which, we believe, are further enhancing student experiences. Looking ahead, we will continue to make investments that support our strategic priority of sustainable and responsible growth to create long-term value for all our stakeholders.”

 


The following information was filed by Career Education Corp (CECO) on Wednesday, November 6, 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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