2012 Q2 Form 10-Q Financial Statement

#000119312512325966 Filed on July 31, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $343.0M $481.6M
YoY Change -28.77% -6.99%
Cost Of Revenue $107.0M $158.0M
YoY Change -32.28% 0.7%
Gross Profit $193.2M $326.9M
YoY Change -40.9% -11.84%
Gross Profit Margin 56.32% 67.88%
Selling, General & Admin $206.4M $224.6M
YoY Change -8.1% -12.57%
% of Gross Profit 106.83% 68.71%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00M $20.50M
YoY Change -2.44% 19.19%
% of Gross Profit 10.35% 6.27%
Operating Expenses $223.5M $244.9M
YoY Change -8.74% -10.65%
Operating Profit -$100.9M $79.44M
YoY Change -226.96% -15.53%
Interest Expense $28.00K $39.00K
YoY Change -28.21% -80.5%
% of Operating Profit 0.05%
Other Income/Expense, Net $365.0K $193.0K
YoY Change 89.12% -119.3%
Pretax Income -$101.4M $78.24M
YoY Change -229.64% -18.5%
Income Tax -$19.03M $26.09M
% Of Pretax Income 33.34%
Net Earnings -$100.2M $55.35M
YoY Change -281.08% -13.94%
Net Earnings / Revenue -29.22% 11.49%
Basic Earnings Per Share -$1.52 $0.74
Diluted Earnings Per Share -$1.52 $0.73
COMMON SHARES
Basic Shares Outstanding 66.03M shares 74.88M shares
Diluted Shares Outstanding 66.03M shares 75.53M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $369.9M $388.8M
YoY Change -4.86% 24.34%
Cash & Equivalents $209.3M $208.9M
Short-Term Investments $160.6M $159.9M
Other Short-Term Assets $6.179M $97.80M
YoY Change -93.68% 43.82%
Inventory $10.00M $11.10M
Prepaid Expenses $73.24M
Receivables $55.58M $58.00M
Other Receivables $2.100M $3.200M
Total Short-Term Assets $531.2M $558.9M
YoY Change -4.95% 17.64%
LONG-TERM ASSETS
Property, Plant & Equipment $327.3M $364.8M
YoY Change -10.29% 17.72%
Goodwill $130.9M
YoY Change
Intangibles $74.63M
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.24M $55.60M
YoY Change -27.62% 8.38%
Total Long-Term Assets $607.8M $929.8M
YoY Change -34.62% -1.06%
TOTAL ASSETS
Total Short-Term Assets $531.2M $558.9M
Total Long-Term Assets $607.8M $929.8M
Total Assets $1.139B $1.489B
YoY Change -23.48% 5.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.38M $47.40M
YoY Change -19.03% -2.67%
Accrued Expenses $92.10M $107.5M
YoY Change -14.33% -15.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $400.0K $900.0K
YoY Change -55.56% 28.57%
Total Short-Term Liabilities $270.2M $361.5M
YoY Change -25.27% -1.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $500.0K
YoY Change -100.0% -61.54%
Other Long-Term Liabilities $36.85M $175.8M
YoY Change -79.04% 4.27%
Total Long-Term Liabilities $166.5M $176.3M
YoY Change -5.57% 3.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $270.2M $361.5M
Total Long-Term Liabilities $166.5M $176.3M
Total Liabilities $436.7M $537.7M
YoY Change -18.79% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings $327.5M
YoY Change
Common Stock $817.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $214.0M
YoY Change
Treasury Stock Shares 14.54M shares
Shareholders Equity $702.3M $950.9M
YoY Change
Total Liabilities & Shareholders Equity $1.139B $1.489B
YoY Change -23.48% 5.22%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$100.2M $55.35M
YoY Change -281.08% -13.94%
Depreciation, Depletion And Amortization $20.00M $20.50M
YoY Change -2.44% 19.19%
Cash From Operating Activities -$800.0K $55.10M
YoY Change -101.45% -1083.93%
INVESTING ACTIVITIES
Capital Expenditures -$7.700M -$24.10M
YoY Change -68.05% 2.99%
Acquisitions
YoY Change
Other Investing Activities -$3.100M -$4.400M
YoY Change -29.55% -113.06%
Cash From Investing Activities -$10.80M -$28.60M
YoY Change -62.24% -375.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.200M -38.20M
YoY Change -94.24% -44.07%
NET CHANGE
Cash From Operating Activities -800.0K 55.10M
Cash From Investing Activities -10.80M -28.60M
Cash From Financing Activities -2.200M -38.20M
Net Change In Cash -13.80M -11.70M
YoY Change 17.95% -81.57%
FREE CASH FLOW
Cash From Operating Activities -$800.0K $55.10M
Capital Expenditures -$7.700M -$24.10M
Free Cash Flow $6.900M $79.20M
YoY Change -91.29% 344.94%

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dei Document Type
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10-Q
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CAREER EDUCATION CORP
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<div> <p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>1. DESCRIPTION OF THE COMPANY</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The colleges, schools and universities that are part of the Career Education Corporation (&#x201C;CEC&#x201D;) 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&#x2019;s, bachelor&#x2019;s and associate degrees and diploma and certificate programs.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">We are an industry leader whose institutions are recognized globally. Those institutions include, among others, American InterContinental University (&#x201C;AIU&#x201D;); Brooks Institute; Colorado Technical University (&#x201C;CTU&#x201D;); Harrington College of Design; INSEEC Group (&#x201C;INSEEC&#x201D;) Schools; International University of Monaco (&#x201C;IUM&#x201D;); International Academy of Design&#xA0;&amp; Technology (&#x201C;IADT&#x201D;); Le Cordon Bleu North America (&#x201C;LCB&#x201D;); and Sanford-Brown Institutes and Colleges. Through our schools, we are committed to providing high-quality education, enabling students to graduate and pursue rewarding career opportunities.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">For more information, see our website at <i>www.careered.com</i>. The website includes a detailed listing of individual campus locations and web links to our colleges, schools and universities.</font></p> <p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">As used in this Quarterly Report on Form 10-Q, the terms &#x201C;we,&#x201D; &#x201C;us,&#x201D; &#x201C;our,&#x201D; &#x201C;the Company&#x201D; and &#x201C;CEC&#x201D; refer to Career Education Corporation and our wholly-owned subsidiaries. The terms &#x201C;school&#x201D; and &#x201C;university&#x201D; refer to an individual, branded, proprietary educational institution, owned by us and includes its campus locations. The term &#x201C;campus&#x201D; refers to an individual main or branch campus operated by one of our schools or universities.</font></p> </div>
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786486000
ceco Accounts Receivable Write Offs
AccountsReceivableWriteOffs
29076000
ceco Combined Summary Results Of Operations For Discontinued Operations
CombinedSummaryResultsOfOperationsForDiscontinuedOperations
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center"> <tr> <td width="64%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>For&#xA0;the&#xA0;Quarters&#xA0;Ended<br /> June&#xA0;30,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>For&#xA0;the&#xA0;Years&#xA0;to&#xA0;Date&#xA0;Ended<br /> June&#xA0;30,</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2011&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2012&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>&#xA0;&#xA0;&#xA0;&#xA0;2011&#xA0;&#xA0;&#xA0;&#xA0;</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>(Dollars in thousands)</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Revenue</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12,313</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">23,977</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">(Loss) income before income tax</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(782</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,842</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(1,393</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">6,565</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Income tax provision (benefit)</font> <font style="FONT-FAMILY: Times New Roman" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">(1)</sup></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5,585</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">908</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(669</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,191</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">(Loss) income from discontinued operations, net of tax</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(6,367</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,934</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">(724</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">)&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,374</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 3px double">&#xA0;</p> </td> <td>&#xA0;</td> </tr> </table> <p style="BORDER-BOTTOM: #000000 0.5pt solid; LINE-HEIGHT: 8px; MARGIN-TOP: 0px; WIDTH: 10%; MARGIN-BOTTOM: 2px"> &#xA0;</p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">(1)</font></td> <td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2">Amount represents the difference between the total consolidated income tax (benefit) provision, calculated by applying the estimated full-year consolidated effective tax rate to earnings/(losses) reported for the period, and the income tax (benefit) provision for continuing operations, calculated by applying the estimated full-year effective tax rate for continuing operations to pretax (loss) income from continuing operations for the period.</font></td> </tr> </table> </div>
ceco Assets And Liabilities Of Discontinued Operations On Consolidated Balance Sheets
AssetsAndLiabilitiesOfDiscontinuedOperationsOnConsolidatedBalanceSheets
<div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center"> <tr> <td width="74%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>June&#xA0;30,<br /> 2012</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>December&#xA0;31,<br /> 2011</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2" align="center"></td> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="2"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr> <td valign="bottom"><font size="1">&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>(Dollars in thousands)</b></font></td> <td valign="bottom"><font size="1">&#xA0;</font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Assets:</b></font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Receivables, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">58</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">104</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Deferred income tax assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,224</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,224</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 5em"><font style="FONT-FAMILY: Times New Roman" size="2">Total current assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,282</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,328</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Non-current assets:</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Deferred income tax assets</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">15,421</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Other assets, net</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,560</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">1,680</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Accrued expenses</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">&#x2014;&#xA0;&#xA0;</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">498</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Remaining lease obligations</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">11,072</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">7,902</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr bgcolor="#CCEEFF"> <td valign="top"> <p style="TEXT-INDENT: -1em; 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MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Remaining lease obligations</font></p> </td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">30,143</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> <td valign="bottom"><font size="1">&#xA0;&#xA0;</font></td> <td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;</font></td> <td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">37,935</font></td> <td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">&#xA0;&#xA0;</font></td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td valign="bottom"> <p style="BORDER-TOP: #000000 1px solid">&#xA0;</p> </td> <td>&#xA0;</td> </tr> <tr> <td valign="top"> <p style="TEXT-INDENT: -1em; 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OptOutPeriodExpirationDate
2011-06-20
CY2011Q2 ceco Number Of Students In Class
NumberOfStudentsInClass
2330 pure
CY2010Q4 ceco Number Of Students In Class
NumberOfStudentsInClass
2300 pure
CY2011Q3 ceco Additional Number Of Students Joining Litigation
AdditionalNumberOfStudentsJoiningLitigation
19 pure
CY2011 ceco Accrediting Council For Independent Colleges And Schools Placement Rate Standard Percentage
AccreditingCouncilForIndependentCollegesAndSchoolsPlacementRateStandardPercentage
0.65 pure
CY2011 ceco Number Of Campuses Accredited By Accrediting Council For Independent Colleges And Schools That Fell Below Placement Rate Standard
NumberOfCampusesAccreditedByAccreditingCouncilForIndependentCollegesAndSchoolsThatFellBelowPlacementRateStandard
24 Campus
CY2011 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
-31000
CY2011 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
34000
CY2011 ceco Estimated Potential Reimbursements
EstimatedPotentialReimbursements
5000000
CY2011 ceco Other Accrued Liability For Certain Legal Or Regulatory Matters
OtherAccruedLiabilityForCertainLegalOrRegulatoryMatters
5000000
CY2011 ceco Probation Schools Percentage Of Consolidated Revenue
ProbationSchoolsPercentageOfConsolidatedRevenue
0.036 pure
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1317000 shares
CY2012Q1 ceco Earnout Compensation Expense Recorded
EarnoutCompensationExpenseRecorded
1300000
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-31000
CY2011Q2 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
2676000
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
1264000
CY2011Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.03
CY2011Q2 us-gaap Investment Income Interest
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263000
CY2011Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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100000 shares
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78240000
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74882000 shares
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0.02
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0.328 pure
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3249000
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79504000
CY2011Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
53419000
CY2011Q2 us-gaap Provision For Doubtful Accounts
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9542000
CY2011Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
20274000
CY2011Q2 us-gaap Other Sales Revenue Net
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15195000
CY2011Q2 us-gaap Operating Income Loss
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79311000
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2842000
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0.74
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55353000
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193000
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405567000
CY2011Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2011Q2 us-gaap General And Administrative Expense
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224605000
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75533000 shares
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58563000
CY2011Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
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12313000
CY2011Q2 us-gaap Revenues
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484878000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26085000
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-39000
CY2011Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.71
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2600000
CY2011Q2 us-gaap Interest Expense
InterestExpense
39000
CY2011Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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3210000
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908000
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0.71
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IncomeLossFromDiscontinuedOperationsNetOfTax
1934000
CY2011Q2 ceco Educational Services And Facilities Expense
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158012000
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RemainingLeaseObligationsIncurred
1992000
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3311000
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1468000
CY2011Q2 ceco Revenue From Tuition And Registration Fees
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469683000
CY2011Q2 ceco Accounts Receivable Write Offs
AccountsReceivableWriteOffs
18770000
CY2011Q2 ceco Common Stock Equivalents
CommonStockEquivalents
651000 shares
CY2011Q2 ceco Shares That Have Anti Dilutive Effect On Diluted Net Income Per Share
SharesThatHaveAntiDilutiveEffectOnDilutedNetIncomePerShare
3100000 shares
CY2012Q2 us-gaap Other Nonoperating Income Expense
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-77000
CY2012Q2 us-gaap Goodwill And Intangible Asset Impairment
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85578000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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-3456000
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-0.10
CY2012Q2 us-gaap Investment Income Interest
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470000
CY2012Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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100000 shares
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-104276000
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66034000 shares
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-0.10
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0.129 pure
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-9736000
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-107732000
CY2012Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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5000000
CY2012Q2 us-gaap Income Loss From Continuing Operations
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-93867000
CY2012Q2 us-gaap Provision For Doubtful Accounts
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8392000
CY2012Q2 us-gaap Depreciation And Amortization
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20020000
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6098000
CY2012Q2 us-gaap Operating Income Loss
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-108097000
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-782000
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-1.52
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-100234000
CY2012Q2 us-gaap Nonoperating Income Expense
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365000
CY2012Q2 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
2000000
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477063000
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-1.52
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225617000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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66034000 shares
CY2012Q2 us-gaap Comprehensive Income Net Of Tax
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-110078000
CY2012Q2 us-gaap Revenues
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368966000
CY2012Q2 us-gaap Income Tax Expense Benefit
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-13865000
CY2012Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-108000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.42
CY2012Q2 us-gaap Proceeds From Recoveries Of Loan Previously Charged Off
ProceedsFromRecoveriesOfLoanPreviouslyChargedOff
2200000
CY2012Q2 us-gaap Interest Expense
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28000
CY2012Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-9844000
CY2012Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
5585000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.42
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-6367000
CY2012Q2 ceco Educational Services And Facilities Expense
EducationalServicesAndFacilitiesExpense
145848000
CY2012Q2 ceco Remaining Lease Obligations Incurred
RemainingLeaseObligationsIncurred
416000
CY2012Q2 ceco Remaining Lease Obligations Net Cash Payments
RemainingLeaseObligationsNetCashPayments
2799000
CY2012Q2 ceco Revenue From Tuition And Registration Fees
RevenueFromTuitionAndRegistrationFees
362868000
CY2012Q2 ceco Accounts Receivable Write Offs
AccountsReceivableWriteOffs
14494000
CY2011Q4 us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
6000000

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