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Career Education Sells European Assets to Apax PartnersFont size: A | A | A5:10 PM ET 10/24/13 | Dow Jones
By Michael Calia
Career Education Corp. (CECO) on Thursday said it agreed to sell its European education properties to private equity firm Apax Partners for a total of $305 million.
Shares of Career Education were up 58% to $6 in after-hours trading.
The company said it expects to receive $276.5 million in cash at the closing of the deal, which is expected before the end of the year.
The deal comes as Career Education and other for-profit education companies struggle with declining enrollment.
Career Education's European assets, which include operations in Paris and Monaco, generated $128.6 million in revenue last year, about 9% of the company's consolidated revenue, Career Education said.
"This transaction is a key step in our restructuring efforts," Career Education Chief Executive Scott W. Steffey said. The company will redeploy capital to focus more on U.S. operations, where the majority of its students are located, he added.
The company's stock is up 8.2% so far this year.
Write to Michael Calia at michael.calia@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
> Dow Jones Newswires
October 24, 2013 17:10 ET (21:10 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.
RNsidersbuying
12 years ago
$6.00 Cash
$9.13 S/E
Stock Repurchase Program
During the fourth quarter of 2012, the Company did not repurchase any shares of its common stock. During the year ended December 31, 2012, the Company repurchased approximately 6.1 million shares of its common stock for approximately $56.4 million at an average price of $9.29 per share.
As of December 31, 2012, approximately $183.3 million was available under the Company’s authorized stock repurchase program to repurchase outstanding shares of our 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.
$tockfather
13 years ago
CECO- Career Education Corporation Reports Results for Fourth Quarter and Full Year 2011
Career Education Corporation (NASDAQ: CECO) today reported total revenue of $439.5 million, and a net loss of $120.4 million, or ($1.64) per diluted share, for the fourth quarter of 2011 compared to total revenue of $531.6 million and net income of $12.1 million, or $0.15 per diluted share, for the fourth quarter of 2010. For the full year 2011, total revenue of $1.88 billion, and net income of $18.6 million, or $0.25 per diluted share decreased from total revenue of $2.09 billion and net income of $157.8 million, or $1.95 per diluted share, for the full year 2010.
“In the past four months, we have taken steps to help move the company forward,” President, Chairman and CEO Steven H. Lesnik said. “The company-wide independent review into our placement rate practices, ordered by our Board of Directors, has been completed. We have reported to accreditors what we should; implemented extensive corrective measures to address any issues found; and have now closed the door on the review.”
“While we expect a challenging business and reputational year ahead, we have put a new strategy in place to deal with our current challenges and position ourselves for success beyond 2012. It’s time for Career Education to reinvent itself for the future and resume a leadership position in higher education,” Lesnik said.
The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its core business. On a non-GAAP basis, earnings per diluted share from continuing operations were $0.31 in the fourth quarter 2011 as compared to $0.74 in the fourth quarter of 2010. For the years ended December 31, 2011 and 2010, earnings per diluted share from continuing operations (non-GAAP basis) were $2.16 and $2.89, respectively. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.)
CONSOLIDATED RESULTS
Quarter Ended December 31, 2011
Total revenue was $439.5 million for the fourth quarter of 2011, a 17.3 percent decrease from $531.6 million for the fourth quarter of 2010.
An operating loss of $168.9 million was recorded for the fourth quarter of 2011, compared to operating income of $18.2 million for the fourth quarter of 2010.
The loss from continuing operations for the quarter ended December 31, 2011 was $142.3 million, or ($1.94) per diluted share, compared to income from continuing operations of $14.1 million, or $0.18 per diluted share, for the quarter ended December 31, 2010.
During the fourth quarter of 2011, the Company recorded a $27.1 million pretax gain in connection with the sale of its ownership interest in Istituto Marangoni. All current and prior period results have been recast to include the results of operations for Istituto Marangoni as a component of discontinued operations.
$tockfather
13 years ago
Sanford-Brown Expands Student Service-Learning Opportunities with National Association of Free Clinics
Beginning this fall, Sanford-Brown, which provides education in allied health care and related fields at more than 35 campuses nationwide, is teaming up with the National Association of Free Clinics (NAFC) to create service-learning and externship opportunities for its students in the communities where they live and study. This new partnership also expands the school’s commitment to giving back to those in need as NAFC works to advocate and provide resources for its more than 1,200 free clinics across the United States.
Sanford-Brown’s career-focused training programs are designed to encourage students to take their classroom skills into the community to address critical health needs. Students who perform service learning or externships in NAFC clinics will be able to apply their new skills from program studies such as Medical Assisting, Emergency Medical Services and Respiratory Therapy.
“As an increasing number of Americans rely on free clinics for their healthcare needs, the demand for trained healthcare staff at free clinics is also growing,” said from Nicole Lamoureux Busby, Executive Director of the National Association of Free Clinics. “We’re looking forward to having Sanford-Brown students work alongside our teams as we bring health services to even more people in need.”
Sanford-Brown currently has relationships with thousands of clinical affiliates that provide students with practical, on-the-job experiences through externship opportunities or specialized service learning programs. Some Sanford-Brown campuses also offer free dental-clinics right on campus. The schools place an emphasis on students working within the community, in part by writing service learning directly into the curriculum and encouraging students to give back. The service learning program is intended to engage students in the educational process by requiring them to apply their classroom learning to provide important healthcare support in their community.
“It’s so valuable for our students to gain experience using their hard-earned skills in real life situations, especially when those situations benefit their families, friends and local communities,” said Todd Prehm, vice president of business development for Sanford-Brown. “NAFC shares our common interests in training compassionate healthcare professionals to serve the community, and this is an incredible opportunity for our students to gain experience with a number of different types of clinics and services.”
Through this partnership with NAFC, Sanford-Brown students will volunteer their time and skills at free NAFC health clinics in their area – providing services based on the need of the clinic and the community. Students will also provide specific healthcare services for clinics such as Adult Primary Care Clinics, Dental Clinics, Teen Clinics, and Women’s Clinics.
About National Association of Free Clinics
The National Association of Free Clinics is the only nonprofit 501(c) (3) organization whose mission is solely focused on the issues and needs of more than 1,200 free clinics and the people they serve in the United States.
Founded in 2001 and headquartered near Washington, D.C., the NAFC is an effective advocate for the issues and concerns of free clinics, their volunteer workforce of doctors, dentists, nurses, therapists, pharmacists, nurse practitioners, technicians and other health care professionals, as well as the patients served by free clinics in communities throughout the nation.
About Sanford-Brown
The Sanford-Brown name dates back to 1866 when Rufus C. Crampton, a professor at Illinois College, established a school to meet the growing educational demands of post-Civil War America. Today, there are 23 campuses bearing the name Sanford-Brown College (SBC) and there are 15 other affiliated campuses operating under the names of Sanford-Brown Institute (SBI) and SBI Campus-an affiliate of Sanford-Brown. Programs vary by location.
Sanford-Brown Colleges and Institutes are part of the Career Education Corporation (NASDAQ:CECO) network of universities, colleges and schools. All Sanford-Brown Colleges and Institutes are accredited by the Accrediting Council for Independent Colleges and Schools (ACICS). SBI - Monroeville and Pittsburgh are accredited by the Accrediting Commission of Career Schools and Colleges (ACCSC) and also by the Accrediting Council for Independent Colleges and Schools (ACICS). Sanford-Brown cannot guarantee employment or salary. Find disclosures on graduation rates, student financial obligations and more at www.sanfordbrown.edu/disclosure. For more information about the Sanford-Brown schools please visit http://www.sanfordbrown.edu/.
$tockfather
13 years ago
Two Le Cordon Bleu College of Culinary Arts Campuses Named Top Schools by StateUniversity.com
Le Cordon Bleu (LCB) College of Culinary Arts is proud to announce that StateUniversity.com, a leading website for college and university information, has ranked its Las Vegas campus number five and the Scottsdale campus number 10 on its list of top-ranked universities in their respective states.
“It’s rewarding to see the firm commitment to our students recognized” said Anthony Williams, campus president of Le Cordon Bleu in Las Vegas. “It is our privilege to give students from all walks of life access to a solid education and an opportunity to embrace their creative passion, while working alongside our dedicated chef instructors.”
StateUniversity.com considers many different factors when determining the rank of a particular school, including a school's ACT/SAT scores, its student retention, faculty salary and student to faculty ratio. Unlike many of the other survey websites, StateUniversity.com does not consider peer reviews—making the survey unbiased and purely based on statistics.
“Our philosophy of pursuing excellence is one that remains strong,” said Lloyd Kirsch, campus president of Le Cordon Bleu in Scottsdale. “Our chef instructors are dedicated to helping our students develop a wide range of skills and knowledge to ensure they are prepared as they enter the workforce.”
LCB has two campuses in the Scottsdale area, including two student-run restaurants. LCB in Las Vegas, located in an area of booming culinary and hospitality industries, provides students with a variety of unique experiences. Students who attend any of the 16 Le Cordon Bleu schools receive a comprehensive education rooted in the foundational skills and classic techniques of the culinary arts.
About Le Cordon Bleu
Le Cordon Bleu (LCB) is one of the largest providers of quality culinary arts education worldwide. Our network of 16 schools in the United States offers culinary students a hands-on education with faculty dedicated to providing students with the necessary skills, knowledge, support and guidance to pursue fulfilling career opportunities in the culinary arts. Le Cordon Bleu cannot guarantee employment or salary. Find disclosures on graduation rates, student financial obligations and more at www.chefs.edu/disclosure. Le Cordon Bleu is a member of the Career Education Corporation (NASDAQ:CECO) network of universities, colleges and schools. For more information about Le Cordon Bleu, go to www.Chefs.edu.
Le Cordon Bleu ® and the Le Cordon Bleu logo are registered trademarks in North America of Career Education Corporation.
About StateUniversity.com
Covering all U.S. institutions of higher learning, StateUniversity.com features the most complete collection of school statistics anywhere. The website allows prospective students to compare schools, research degree programs and submit requests for application materials. StateUniversity.com also features school profiles, career advice on thousands of careers, scholarship and financial aid guides, a new "What's my Chance of Admission?" calculator, and content submitted by students and faculty.
$tockfather
13 years ago
Capital Appreciation..........
Value: Value is a measure of a stock's current worth. CECO has a current Value of $11.65 per share. Therefore, it is undervalued compared to its Price of $8.35 per share. Value is computed from forecasted earnings per share, forecasted earnings growth, profitability, interest, and inflation rates. Value increases when earnings, earnings growth rate and profitability increase, and when interest and inflation rates decrease.
CECO is currently trading well below the stocks current worth.
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