Career Education Corp (CECO) Misses Q1 Loss Views; Tot. Enrollments Down 12%
Career Education Corp (NASDAQ: CECO) reported Q1 EPS of ($0.87), $0.45 worse than the analyst estimate of ($0.42). Revenue for the quarter came in at $243.1 million versus the consensus estimate of $253.54 million.
Total Student Enrollments
Total student enrollments by reportable segment as of March 31, 2014 and 2013 were as follows: | |||||||
| As of March 31, | % Change | ||||||
| 2014 | 2013 | 2014 vs. 2013 | |||||
Total Student Enrollments | |||||||
| CTU | 20,600 | 21,500 | -4% | ||||
| AIU | 13,300 | 15,500 | -14% | ||||
| Total University Schools | 33,900 | 37,000 | -8% | ||||
| Career Colleges | 11,800 | 12,900 | -9% | ||||
| Culinary Arts | 8,400 | 8,600 | -2% | ||||
| Total Career Schools | 20,200 | 21,500 | -6% | ||||
| Subtotal | 54,100 | 58,500 | -8% | ||||
| Transitional Schools | 1,600 | 5,100 | -69% | ||||
| Total | 55,700 | 63,600 | -12% | ||||
New Student Enrollments
New student enrollments by reportable segment for the quarters ended March 31, 2014 and 2013 were as follows: | |||||||
For the Quarter EndedMarch 31, | % Change | ||||||
| 2014 | 2013 | 2014 vs. 2013 | |||||
New Student Enrollments | |||||||
| CTU (1) | 4,820 | 4,900 | -2% | ||||
| AIU (1) | 5,900 | 5,510 | 7% | ||||
| Total University Schools | 10,720 | 10,410 | 3% | ||||
| Career Colleges | 3,000 | 3,200 | -6% | ||||
| Culinary Arts | 2,300 | 2,810 | -18% | ||||
| Total Career Schools | 5,300 | 6,010 | -12% | ||||
| Subtotal | 16,020 | 16,420 | -2% | ||||
| Transitional Schools (2) | 10 | 590 | NM | ||||
| Total | 16,030 | 17,010 | -6% | ||||
_____________ | ||
| (1) | In the first quarter of 2014, we implemented a new student orientation process which replaced our previously provided student readiness programs. This change impacts how we calculate a new student enrollment. Accordingly, 2013 new student enrollments for CTU and AIU have been recast to reflect this change in methodology. The adjustments necessary to recast historical new student enrollment data require the exercise of management's judgment. | |
| (2) | Campuses within the Transitional Schools segment no longer enroll new students; students who re-enter after 365 days are reported as new enrollments. | |
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