CARMEL, Ind., April 29, 2014 /PRNewswire/ -- ITT Educational Services, Inc. (NYSE: ESI), a leading provider of post-secondary degree programs, today announced that it intends to release preliminary, select operational and financial results from its first quarter 2014 before the market opens on Thursday, May 22, 2014. ITT/ESI also will conduct a conference call with financial analysts that morning at 11:00 a.m. ET to discuss the information released.
As previously disclosed, issues relating to the accounting treatment for the variable interest entity involved in the PEAKS Private Student Loan Program (the "PEAKS Program") have caused delays associated with completing the company's financial statements, footnotes and related disclosures for its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 ("2013 Form 10-K") and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014 (the "First Quarter 2014 Form 10-Q"). ITT/ESI has submitted a preclearance request to the Office of the Chief Accountant of the Securities and Exchange Commission relative to the accounting treatment for the variable interest entity involved in the PEAKS Program.
Although ITT/ESI's financial statements, footnotes and related disclosures for the fiscal year ended December 31, 2013 and the fiscal quarter ended March 31, 2014 may not be finalized by May 22, 2014, the company intends to release on that date its first quarter 2014 operational results and preliminary, select first quarter 2014 financial results that are available at that time. ITT/ESI also intends to provide an update in the release and on the conference call regarding the status of the 2013 Form 10-K and the First Quarter 2014 Form 10-Q.
The public is invited to listen to a live webcast of the conference call. It may be accessed by following the "Live Webcast" directions on ITT/ESI's Web site, located at www.ittesi.com. Webcast participants are encouraged to log in prior to the 11:00 a.m. start time to ensure connection before the beginning of the call. An archived version of the webcast also will be available on the Web site for replay until May 22, 2015.About ITT Educational Services, Inc. ITT Educational Services, Inc. (NYSE: ESI) provides technology-oriented undergraduate and graduate degree programs through its accredited ITT Technical Institutes and Daniel Webster College to help students develop skills and knowledge that they can use to pursue career opportunities in a variety of fields. It owns and operates more than 135 ITT Technical Institutes and Daniel Webster College. ITT/ESI serves more than 55,000 students at its campuses in 39 states and online. Through the Center for Professional Development @ ITT Technical Institute, ITT/ESI provides short-term information technology and business learning solutions for career advancers and other professionals. Headquartered in Carmel, IN, ITT/ESI has been actively involved in the higher education community since 1969 and can be found online at www.ittesi.com.
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