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Career Education Corporation Reports Results For Second Quarter 2012

Stocks in this article: CECO

As of June 30, 2012, approximately $183.3 million was available under the Company’s authorized stock repurchase program to repurchase outstanding shares of its common stock. Stock repurchases under this program may be made on the open market or in privately negotiated transactions from time to time, depending on various factors, including market conditions and corporate and regulatory requirements.

STUDENT POPULATION AND NEW STUDENT STARTS

Student Population

Total student population by reportable segment as of June 30, 2012 and 2011, was as follows:

    As of June 30,   % Change
2012   2011 2012 vs. 2011

Student Population

CTU 23,500 28,100 -16 %
AIU 14,500 17,600 -18 %
Health Education 17,200 29,100 -41 %
Culinary Arts 12,100 13,200 -8 %
Art & Design 7,600 10,000 -24 %
International 2,700 3,600 -25 %
Total Student Population 77,600 101,600 -24 %
 

New Student Starts

New student starts by reportable segment for the quarters ended June 30, 2012 and 2011, were as follows:

     

For the Quarters

Ended June 30,

  % Change
2012   2011 2012 vs. 2011

New Student Starts

CTU (1) 5,910 7,810 -24 %
AIU (1) 3,050 4,290 -29 %
Health Education (2) 2,430 7,750 -69 %
Culinary Arts (2) 2,410 3,700 -35 %
Art & Design 690 1,000 -31 %
International 510 310 65 %
Total New Student Starts 15,000 24,860 -40 %
 

 

 

 

(1)

In 2011, CTU and AIU implemented the Student Orientation and Academic Readiness ("SOAR") program which identifies students who may not be prepared for the rigor of college studies. A student is not included as a new student start until successful completion of SOAR. New student start data will be comparable beginning in the third quarter 2012.

 
(2)

The second quarter 2012 had one less new student start as compared to the previous year quarter. Excluding this timing impact, the change in new student starts for Health Education and Culinary Arts would have been -53% and -21%, respectively.

 

 

CONFERENCE CALL INFORMATION

Career Education Corporation will host a conference call on Wednesday, August 1, 2012 at 10:00 a.m. Eastern time. Interested parties can access the live webcast of the conference call at www.careered.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 800-580-9478 (domestic) or 630-691-2769 (international) and citing code 32862722. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.careered.com in the Investor Relations section of the website. A replay of the call will also be available for seven days by calling 888-843-7419 (domestic) or 630-652-3042 (international) and citing code 32862722.

ABOUT CAREER EDUCATION CORPORATION

The colleges, schools and universities that are part of the Career Education Corporation (“CEC”) family offer high-quality education to a diverse student population of more than 75,000 students across the world in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. The more than 90 campuses that serve these students are located throughout the United States and in France, the United Kingdom and Monaco, and offer doctoral, master’s, bachelor’s and associate degrees and diploma and certificate programs.

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