04.08.2010 20:05:00

Career Education Corporation Reports Results for Second Quarter 2010

Career Education Corporation (NASDAQ: CECO) today reported total revenue of $527.9 million, and net income of $64.3 million, or $0.80 per diluted share, for the second quarter of 2010 compared to total revenue of $437.7 million and net income of $6.5 million, or $0.07 per diluted share, for the second quarter of 2009.

"I am pleased with our solid performance in the second quarter, including our continued investment in quality-driven initiatives such as the expansion of student advisory resources,” said Gary E. McCullough, President and Chief Executive Officer. "During this period of potential change in our sector, Career Education employees have remained focused on ensuring quality student experiences and outcomes so that we may achieve our long-term goals.”

CONSOLIDATED RESULTS

Three Months Ended June 30, 2010

• Total revenue was $527.9 million for the second quarter of 2010, a 20.6 percent increase from $437.7 million for the second quarter of 2009.

• Operating income was $95.4 million for the second quarter of 2010, versus operating income of $37.1 million for the second quarter of 2009. The operating margin was 18.1 percent for the second quarter of 2010, as compared to an operating margin of 8.5 percent for the second quarter of 2009.

• Income from continuing operations for the three months ended June 30, 2010, was $65.2 million, or $0.81 per diluted share, compared to $23.6 million, or $0.27 per diluted share, for the three months ended June 30, 2009.

Six Months Ended June 30, 2010

• Total revenue was $1,057.6 million for the six months ended June 30, 2010, compared to $870.5 million for the six months ended June 30, 2009.

• Operating income increased to $183.5 million for the six months ended June 30, 2010, from $88.3 million for the six months ended June 30, 2009. The operating margin increased to 17.3 percent for the six months ended June 30, 2010, from 10.1 percent for the six months ended June 30, 2009. Operating income for the six months ended June 30, 2010 included a $3.7 million pretax lease termination charge related to our existing real estate space for our campus support center, as well as pretax expense of $8.1 million for the increase in the allowance for doubtful accounts associated with certain extended payment plan programs.

• Income from continuing operations for the six months ended June 30, 2010, was $121.1 million, or $1.48 per diluted share, compared to $57.5 million, or $0.64 per diluted share, for the six months ended June 30, 2009.

CONSOLIDATED CASH FLOWS AND FINANCIAL POSITION

Cash Flows

• Cash provided by operating activities was $47.9 million for the six months ended June 30, 2010, compared to cash provided by operating activities of $51.7 million for the six months ended June 30, 2009. Included in the year to date 2010 operating cash flow is a $30 million increase in working capital due to the timing of Title IV receipts. This timing will reverse in the third quarter 2010.

• Capital expenditures increased to $43.2 million for the six months ended June 30, 2010, from $30.1 million for the six months ended June 30, 2009. Capital expenditures represented 4.1 percent of total revenue from continuing and discontinued operations for the six months ended June 30, 2010 and 3.4 percent for the six months ended June 30, 2009.

Financial Position

• As of June 30, 2010 and December 31, 2009, cash and cash equivalents and short-term investments totaled $312.7 million and $484.9 million, respectively.

• Days sales outstanding (DSO) were 17 days as of June 30, 2010, compared to 16 days as of June 30, 2009.

Stock Repurchase Program

During the three months ended June 30, 2010, the Company repurchased approximately 2.1 million shares of its common stock for approximately $65.3 million at an average price of $31.57 per share. During the six months ended June 30, 2010, the Company repurchased approximately 5.4 million shares of its common stock for approximately $155.0 million at an average price of $28.56 per share.

As of June 30, 2010, approximately $290.5 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, 2010 and 2009, was as follows:

 
  As of June 30,   % Change
2010 vs. 2009
2010   2009

Student Population

University 61,000 51,800 18%
Health Education 28,600 21,900 31%
Culinary Arts 12,100 9,000 34%
International 2,800 2,500 12%
Transitional Schools 5 100 NM
 
Total Student Population 104,505 85,300 23%
 

New Student Starts

 
New student starts by reportable segment during the second quarter of 2010 and 2009, were as follows:
 

For the Three Months Ended
June 30,

% Change
2010 vs. 2009
2010 2009

New Student Starts

University 16,840 15,200 11%
Health Education 8,450 6,380 32%
Culinary Arts 3,150 2,600 21%
International 380 280 36%
Transitional Schools — — N/A
 
Total New Student Starts 28,820 24,460 18%
 

CONFERENCE CALL INFORMATION

Career Education Corporation will host a conference call on Thursday, August 5, 2010 at 11:00 a.m. Eastern time. Interested parties can access the live webcast of the conference call at www.careered.com. Participants can also listen to the conference call by dialing 800-580-9478 (domestic) or 630-691-2769 (international) and citing code 27437970. 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. A replay of the call will also be available for seven days by calling 888-843-8996 (domestic) or 630-652-3044 (international) and citing code 27437970.

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 over 104,000 students across the world in a variety of career-oriented disciplines. The more than 90 campuses that serve these students are located throughout the U.S. and in France, Italy, the United Kingdom and Monaco, and offer doctoral, master’s, bachelor’s and associate degrees and diploma and certificate programs. Approximately 44% of our students attend the web-based virtual campuses of American InterContinental University, Colorado Technical University, International Academy of Design & Technology and Le Cordon Bleu College of Culinary Arts.

CEC is an industry leader whose brands are recognized globally. Those brands include, among others, American InterContinental University ("AIU”); Brooks Institute; Colorado Technical University ("CTU”); Harrington College of Design; INSEEC Group ("INSEEC”) Schools, including the International University of Monaco ("IUM”); International Academy of Design & Technology ("IADT”); Istituto Marangoni; Le Cordon Bleu North America ("LCB”); and Sanford-Brown Institutes and Colleges. Through our schools, CEC is committed to providing high-quality education, enabling students to graduate and pursue rewarding careers.

For more information, see CEC’s website at www.careered.com. The website includes a detailed listing of individual campus locations and web links to CEC’s colleges, schools, and universities.

Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as "anticipate,” "believe,” "plan,” "expect,” "intend,” "project,” "will,” "potential” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various risks, uncertainties and other factors that could cause our actual growth, results of operations, cash flows, performance, business prospects, and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. These risks and uncertainties, the outcome of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: availability of Title IV and other student financial aid or loans for our students; Congress’ willingness or ability to maintain or increase funding for Title IV programs; the outcome of the U.S. Department of Education’s current rulemaking process addressing gainful employment and other issues that may significantly impact our operations or profitability; potential higher bad debt expense or reduced revenue associated with requiring students to pay more of their educational expenses while in school or with directly providing extended payment plans to our students; increased competition; the effectiveness of our regulatory compliance efforts; impairment of goodwill and other intangible assets as we continue to redefine the company and manage our brands and marketing to improve effectiveness and reduce costs; charges and expenses associated with exiting excess facility space; our ability to comply with accrediting agency requirements or obtain accrediting agency approvals for existing or new programs; the outcome of any reviews and audits conducted by accrediting, state and federal agencies; our dependence on information technology systems; our ownership or use of intellectual property; costs and impacts of regulatory, legal and administrative actions, proceedings and investigations, governmental regulations, and class action and other lawsuits; our ability to manage and continue growth; and other factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2009, our Quarterly Reports on Form 10-Q for the most recent fiscal quarters, and from time to time in our current reports filed with the Securities and Exchange Commission.

 
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
       
June 30, December 31,
  2010     2009  
 
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 150,326 $ 284,473
Short-term investments   162,361     200,379  
Total cash and cash equivalents and short-term investments 312,687 484,852
 
Student receivables, net 74,796 57,823
Receivables, other, net 7,219 5,256
Prepaid expenses 43,879 41,090
Inventories 12,468 11,271
Deferred income tax assets, net 12,982 12,983
Other current assets 5,902 9,442
Assets of discontinued operations   5,208     6,118  
Total current assets   475,141     628,835  
NON-CURRENT ASSETS:
Property and equipment, net 309,902 306,279
Goodwill 378,732 377,515
Intangible assets, net 179,821 178,520
Assets of discontinued operations 23,556 24,401
Student receivables, net 19,861 21,455
Deferred income tax assets, net 4,207 3,659
Other assets, net   23,564     23,178  
TOTAL ASSETS $ 1,414,784   $ 1,563,842  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of capital lease obligations $ 739 $ 880
Accounts payable 48,732 51,108
Accrued expenses:
Payroll and related benefits 59,076 88,439
Advertising and production costs 24,839 21,436
Income taxes 12,927 17,849
Earnout payments 21,591 18,009
Other 47,201 46,182
Deferred tuition revenue 137,691 184,411
Liabilities of discontinued operations   14,903     13,695  
Total current liabilities   367,699     442,009  
 
NON-CURRENT LIABILITIES:
Capital lease obligations, net of current maturities 1,348 2,262
Deferred rent obligations 91,036 91,725
Liabilities of discontinued operations 50,538 62,997
Earnout payments 11,641 23,680
Other liabilities   15,251     19,124  
Total non-current liabilities   169,814     199,788  
 
SHARE-BASED AWARDS SUBJECT TO REDEMPTION 164 521
 
STOCKHOLDERS' EQUITY:
Preferred stock - -
Common stock 964 954
Additional paid-in capital 256,928 244,992
Accumulated other comprehensive income (10,734 ) 8,408
Retained earnings 1,008,955 889,057
Cost of shares in treasury   (379,006 )   (221,887 )
Total stockholders' equity   877,107     921,524  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,414,784   $ 1,563,842  
 
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts and percentages)
             
 

For the Three Months Ended June 30, (1)

% of % of
2010

Revenue

2009

Revenue

 
REVENUE:
Tuition and registration fees $ 509,256 96.5 % $ 420,601 96.1 %
Other   18,616   3.5 %   17,072   3.9 %
Total revenue   527,872     437,673  
 
OPERATING EXPENSES:
Educational services and facilities 158,018 29.9 % 148,461 33.9 %
General and administrative 257,266 48.7 % 235,734 53.9 %
Depreciation and amortization   17,217   3.3 %   16,390   3.7 %
Total operating expenses   432,501   81.9 %   400,585   91.5 %
Operating income   95,371   18.1 %   37,088   8.5 %
 
OTHER (EXPENSE) INCOME:
Interest income 253 0.0 % 484 0.1 %
Interest expense (32 ) 0.0 % (12 ) 0.0 %
Miscellaneous expense   (991 ) -0.2 %   (729 ) -0.2 %
Total other (expense) income   (770 ) -0.2 %   (257 ) -0.1 %
 
PRETAX INCOME 94,601 17.9 % 36,831 8.4 %
 
Provision for income taxes   29,430   5.6 %   13,258   3.0 %
 
INCOME FROM CONTINUING OPERATIONS 65,171 12.3 % 23,573 5.4 %
 
Loss from discontinued operations, net of tax   (853 ) -0.2 %   (17,083 ) -3.9 %
 
NET INCOME $ 64,318   12.2 % $ 6,490   1.5 %
 
NET INCOME (LOSS) PER SHARE - DILUTED:
Income from continuing operations $ 0.81 $ 0.27
Loss from discontinued operations   (0.01 )   (0.20 )
Net income per share $ 0.80   $ 0.07  
 
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING   80,459     87,833  
 

(1)

Prior period financial results have been reclassified for those campuses previously taught out or sold. They are now reflected as a component of Discontinued Operations.

 

CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts and percentages)
           
 

For the Six Months Ended June 30, (1)

% of % of
2010

Revenue

2009

Revenue

 
REVENUE:
Tuition and registration fees $ 1,019,009 96.4 % $ 836,275 96.1 %
Other   38,545   3.6 %   34,261   3.9 %
Total revenue   1,057,554     870,536  
 
OPERATING EXPENSES:
Educational services and facilities 318,315 30.1 % 295,077 33.9 %
General and administrative 521,794 49.3 % 454,631 52.2 %
Depreciation and amortization   33,970   3.2 %   32,491   3.7 %
Total operating expenses   874,079   82.7 %   782,199   89.9 %
Operating income   183,475   17.3 %   88,337   10.1 %
 
OTHER (EXPENSE) INCOME:
Interest income 500 0.0 % 1,642 0.2 %
Interest expense (45 ) 0.0 % (22 ) 0.0 %
Miscellaneous expense   (1,266 ) -0.1 %   (766 ) -0.1 %
Total other (expense) income   (811 ) -0.1 %   854   0.1 %
 
PRETAX INCOME 182,664 17.3 % 89,191 10.2 %
 
Provision for income taxes   61,538   5.8 %   31,725   3.6 %
 
INCOME FROM CONTINUING OPERATIONS 121,126 11.5 % 57,466 6.6 %
 
Loss from discontinued operations, net of tax   (1,586 ) -0.1 %   (27,719 ) -3.2 %
 
NET INCOME $ 119,540   11.3 % $ 29,747   3.4 %
 
NET INCOME (LOSS) PER SHARE - DILUTED:
Income from continuing operations $ 1.48 $ 0.64
Loss from discontinued operations   (0.02 )   (0.31 )
Net income per share $ 1.46   $ 0.33  
 
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING   81,887     90,073  
 

(1)

Prior period financial results have been reclassified for those campuses previously taught out or sold. They are now reflected as a component of Discontinued Operations.

 

CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
         
 
For the Six Months Ended
June 30,
2010 2009
 
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 119,540 $ 29,747
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization expense 33,970 33,695
Bad debt expense 45,569 24,842
Compensation expense related to share-based awards 10,034 10,020
(Gain)/loss on disposition of property and equipment (474 ) 1,086
Changes in operating assets and liabilities   (160,774 )   (47,686 )
Net cash provided by operating activities   47,865     51,704  
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments (172,569 ) (263,758 )
Sales of available-for-sale investments 210,460 378,954
Purchases of property and equipment (43,156 ) (30,136 )
Earnout payments (8,457 ) -
Business acquisition, net of acquired cash (6,194 ) -
Other   (5 )   (322 )
Net cash (used in) provided by investing activities   (19,921 )   84,738  
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock (154,913 ) (140,330 )
Issuance of common stock 1,718 1,058
Tax benefit associated with stock option exercises 195 23
Payment of assumed loans upon business acquisition (4,279 ) -
Payments of capital lease obligations   (450 )   1,249  
Net cash used in financing activities   (157,729 )   (138,000 )
 
 
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS:   (4,960 )   559  
 
NET DECREASE IN CASH AND CASH EQUIVALENTS (134,745 ) (999 )
DISCONTINUED OPERATIONS CASH ACTIVITY INCLUDED ABOVE:
Add: Cash balance of discontinued operations, beginning of the period 599 2,004
Less: Cash balance of discontinued operations, end of the period 1 1,610
CASH AND CASH EQUIVALENTS, beginning of the period   284,473     242,854  
CASH AND CASH EQUIVALENTS, end of the period $ 150,326   $ 242,249  
 
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollars in thousands)
       
 

For the Three Months Ended June 30, (1)

2010 2009
 
REVENUE:
University (2) $ 297,107 $ 250,079
Health Education (2) 107,971 86,390
Culinary Arts 92,822 74,242
International 29,979 26,277
Transitional Schools   132     823  
Subtotal 528,011 437,811
Corporate and other   (139 )   (138 )
Total revenue $ 527,872   $ 437,673  
 

OPERATING INCOME (LOSS): (3)

University (2) $ 79,463 $ 45,880
Health Education (2) 11,606 7,224
Culinary Arts 12,395 (3,098 )
International 2,997 3,083
Transitional Schools   (1,440 )   (1,350 )
Subtotal 105,021 51,739
Corporate and other   (9,650 )   (14,651 )
Total operating income $ 95,371   $ 37,088  
 
OPERATING MARGIN (LOSS):
University 26.7 % 18.3 %
Health Education 10.7 % 8.4 %
Culinary Arts 13.4 % -4.2 %
International 10.0 % 11.7 %
Transitional Schools NM NM
 
               
(1)

Prior period financial results have been reclassified for those campuses previously taught out or sold. They are now reflected as a component of Discontinued Operations.

 

(2)

Prior period financial results have been reclassified to account for the realignment of our International Academy of Design and Technology (IADT) schools, Harrington College of Design, Collins College and Brooks Institute into the University SBU. Briarcliffe College and Brown College shifted into the Health Education SBU.

 
(3)

Prior period financial results have been revised to account for a change in the allocation of shared service costs. Previously, shared service costs were allocated to our SBUs as a percentage of revenue. Improved data and analytical capabilities have allowed us to now allocate shared service costs based upon usage and consumption factors.

 

CAREER EDUCATION CORPORATION AND SUBSIDIARIES
SELECTED SEGMENT INFORMATION
(Dollars in thousands)
       
 

For the Six Months Ended June 30, (1)

2010 2009
 
REVENUE:
University (2) $ 587,771 $ 489,018
Health Education (2) 211,835 169,487
Culinary Arts 185,576 149,524
International 72,317 60,786
Transitional Schools   389     1,920  
Subtotal 1,057,888 870,735
Corporate and other   (334 )   (199 )
Total revenue $ 1,057,554   $ 870,536  
 

OPERATING INCOME (LOSS): (3)

University (2) $ 148,171 $ 88,368
Health Education (2) 22,614 17,022
Culinary Arts 20,600 (4,248 )
International 16,429 14,448
Transitional Schools   (2,848 )   (2,666 )
Subtotal 204,966 112,924
Corporate and other   (21,491 )   (24,587 )
Total operating income $ 183,475   $ 88,337  
 
OPERATING MARGIN (LOSS):
University 25.2 % 18.1 %
Health Education 10.7 % 10.0 %
Culinary Arts 11.1 % -2.8 %
International 22.7 % 23.8 %
Transitional Schools NM NM
 
               
(1)

Prior period financial results have been reclassified for those campuses previously taught out or sold. They are now reflected as a component of Discontinued Operations.

 
(2)

Prior period financial results have been reclassified to account for the realignment of our International Academy of Design and Technology (IADT) schools, Harrington College of Design, Collins College and Brooks Institute into the University SBU. Briarcliffe College and Brown College shifted into the Health Education SBU.

 
(3)

Prior period financial results have been revised to account for a change in the allocation of shared service costs. Previously, shared service costs were allocated to our SBUs as a percentage of revenue. Improved data and analytical capabilities have allowed us to now allocate shared service costs based upon usage and consumption factors.

 

CAREER EDUCATION CORPORATION AND SUBSIDIARIES
SELECTED UNIVERSITY SEGMENT INFORMATION
(Dollars in thousands)
           
 

For the Three Months Ended June 30, (1)

For the Six Months Ended June 30, (1)

2010 2009 2010 2009
 
REVENUE:
AIU $ 120,037 $ 104,199 $ 236,815 $ 202,092
CTU 114,769 87,121 225,768 170,252
Art & Design   62,301     58,759     125,188     116,674  
Total University $ 297,107   $ 250,079   $ 587,771   $ 489,018  
 
OPERATING INCOME:
AIU $ 40,004 $ 25,196 $ 72,802 $ 45,809
CTU 32,458 16,544 61,864 32,980
Art & Design   7,001     4,140     13,505     9,579  
Total University $ 79,463   $ 45,880   $ 148,171   $ 88,368  
 
OPERATING MARGIN:
AIU 33.3 % 24.2 % 30.7 % 22.7 %
CTU 28.3 % 19.0 % 27.4 % 19.4 %
Art & Design 11.2 % 7.0 % 10.8 % 8.2 %
Total University 26.7 % 18.3 % 25.2 % 18.1 %
 
As of June 30,
STUDENT POPULATION: 2010 2009
AIU 20,400 17,900
CTU 29,000 22,900
Art & Design   11,600     11,000  
Total University   61,000     51,800  
 
For the Three Months Ended June 30,
NEW STUDENT STARTS: 2010 2009
AIU 5,670 4,990
CTU 9,480 7,550
Art & Design   1,690     2,660  
Total University   16,840     15,200  
                       

 

(1)

Prior period results have been reclassified to account for the realignment of our International Academy of Design and Technology (IADT) schools, Harrington College of Design, Collins College and Brooks Institute into the University SBU. Briarcliffe College and Brown College shifted into the Health Education SBU.

 

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