2014 Q3 Form 10-Q Financial Statement

#000119312514299548 Filed on August 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $227.3M $228.7M $212.6M
YoY Change 14.19% 7.6% -38.03%
Cost Of Revenue $60.80M $59.00M $89.50M
YoY Change -32.67% -34.08% -16.36%
Gross Profit $122.0M $127.2M $166.7M
YoY Change -20.73% -23.7% -13.72%
Gross Profit Margin 53.67% 55.61% 78.42%
Selling, General & Admin $132.1M $129.1M $194.0M
YoY Change -27.3% -33.45% -6.01%
% of Gross Profit 108.28% 101.49% 116.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.20M $14.40M $18.90M
YoY Change -28.26% -23.81% -5.5%
% of Gross Profit 10.82% 11.32% 11.34%
Operating Expenses $140.9M $138.4M $209.6M
YoY Change -28.55% -33.97% -6.22%
Operating Profit -$44.33M -$31.02M -$30.28M
YoY Change 45.06% 2.46% -69.98%
Interest Expense $103.0K $108.0K $212.0K
YoY Change -50.72% -49.06% 657.14%
% of Operating Profit
Other Income/Expense, Net $81.00K -$413.0K $360.0K
YoY Change -169.23% -214.72% -1.37%
Pretax Income -$44.79M -$33.75M -$49.36M
YoY Change -18.65% -31.64% -51.33%
Income Tax $1.116M $1.854M -$26.53M
% Of Pretax Income
Net Earnings -$47.97M -$46.56M -$31.39M
YoY Change -44.9% 48.34% -68.68%
Net Earnings / Revenue -21.1% -20.36% -14.77%
Basic Earnings Per Share
Diluted Earnings Per Share -$714.3K -$693.5K -$464.5K
COMMON SHARES
Basic Shares Outstanding 67.25M shares 67.22M shares 67.05M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.7M $262.7M $229.9M
YoY Change 186.04% 14.27% -37.85%
Cash & Equivalents $126.9M $138.6M $63.73M
Short-Term Investments $110.7M $124.1M $63.90M
Other Short-Term Assets $4.719M $3.884M $7.245M
YoY Change -19.81% -46.39% 17.25%
Inventory $5.192M $6.040M $7.690M
Prepaid Expenses $20.30M $25.29M $96.44M
Receivables $32.46M $31.28M $53.52M
Other Receivables $18.50M $9.700M $40.50M
Total Short-Term Assets $336.3M $355.0M $458.0M
YoY Change -39.65% -22.48% -13.79%
LONG-TERM ASSETS
Property, Plant & Equipment $138.2M $159.1M $246.0M
YoY Change -31.6% -35.33% -24.83%
Goodwill $87.36M $87.36M $132.4M
YoY Change 0.0% -34.02% 1.15%
Intangibles $29.06M $32.25M $56.90M
YoY Change -28.04% -43.31% -23.77%
Long-Term Investments
YoY Change
Other Assets $17.17M $17.43M $28.15M
YoY Change -33.76% -38.09% -30.05%
Total Long-Term Assets $287.7M $312.4M $536.2M
YoY Change 16.1% -41.73% -11.79%
TOTAL ASSETS
Total Short-Term Assets $336.3M $355.0M $458.0M
Total Long-Term Assets $287.7M $312.4M $536.2M
Total Assets $624.0M $667.5M $994.2M
YoY Change -22.48% -32.86% -12.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.66M $25.50M $31.86M
YoY Change -12.05% -19.98% -16.98%
Accrued Expenses $60.80M $60.40M $129.9M
YoY Change -38.4% -53.5% 41.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $193.7M $184.3M $278.9M
YoY Change -45.59% -33.89% 3.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.70M $25.18M $29.33M
YoY Change -13.76% -14.16% -20.4%
Total Long-Term Liabilities $124.7M $130.5M $145.6M
YoY Change -9.74% -10.36% -12.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $193.7M $184.3M $278.9M
Total Long-Term Liabilities $124.7M $130.5M $145.6M
Total Liabilities $318.4M $314.9M $424.4M
YoY Change -35.56% -25.82% -2.8%
SHAREHOLDERS EQUITY
Retained Earnings -$84.02M -$36.05M $186.3M
YoY Change -184.64% -119.35% -43.1%
Common Stock $821.0K $821.0K $818.0K
YoY Change 0.24% 0.37% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost) $215.2M $215.2M $214.5M
YoY Change 0.31% 0.31% 0.24%
Treasury Stock Shares 14.82M shares 14.82M shares 14.72M shares
Shareholders Equity $305.7M $352.6M $569.7M
YoY Change
Total Liabilities & Shareholders Equity $624.0M $667.5M $994.2M
YoY Change -36.66% -32.86% -12.72%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$47.97M -$46.56M -$31.39M
YoY Change -44.9% 48.34% -68.68%
Depreciation, Depletion And Amortization $13.20M $14.40M $18.90M
YoY Change -28.26% -23.81% -5.5%
Cash From Operating Activities -$19.80M -$45.90M -$52.80M
YoY Change 83.33% -13.07% 6500.0%
INVESTING ACTIVITIES
Capital Expenditures -$3.600M -$3.500M -$5.900M
YoY Change -60.44% -40.68% -23.38%
Acquisitions
YoY Change
Other Investing Activities $12.80M -$77.60M -$600.0K
YoY Change -10.49% 12833.33% -80.65%
Cash From Investing Activities $9.300M -$81.20M -$6.500M
YoY Change 82.35% 1149.23% -39.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M 1.200M -400.0K
YoY Change 175.0% -400.0% -81.82%
NET CHANGE
Cash From Operating Activities -19.80M -45.90M -52.80M
Cash From Investing Activities 9.300M -81.20M -6.500M
Cash From Financing Activities -1.100M 1.200M -400.0K
Net Change In Cash -11.60M -125.9M -59.70M
YoY Change 90.16% 110.89% 332.61%
FREE CASH FLOW
Cash From Operating Activities -$19.80M -$45.90M -$52.80M
Capital Expenditures -$3.600M -$3.500M -$5.900M
Free Cash Flow -$16.20M -$42.40M -$46.90M
YoY Change 852.94% -9.59% -779.71%

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CAREER EDUCATION CORP
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. DESCRIPTION OF THE COMPANY</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The colleges, institutions and universities that are part of the Career Education Corporation (&#x201C;CEC&#x201D;) family offer high-quality education to a diverse student population in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. In addition to its online offerings, Career Education serves students from campuses throughout the United States offering programs that lead to doctoral, master&#x2019;s, bachelor&#x2019;s and associate degrees, as well as to diplomas and certificates.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> Our institutions include both universities that provide degree programs through the master or doctoral level and colleges that provide programs through the associate and bachelor level. The University group includes American InterContinental University (&#x201C;AIU&#x201D;) and Colorado Technical University (&#x201C;CTU&#x201D;) &#x2014; predominantly serving students online with career-focused degree programs that meet the educational demands of today&#x2019;s busy adults. The Career Schools group offers career-centered education primarily through ground-based campuses and includes Briarcliffe College, Brooks Institute, Harrington College of Design, Le Cordon Bleu North America (&#x201C;LCB&#x201D;), Missouri College and Sanford-Brown Institutes and Colleges (&#x201C;SBI&#x201D; and &#x201C;SBC,&#x201D; respectively). Through our colleges, institutions and universities, we are committed to providing high-quality education, enabling students to graduate and pursue rewarding career opportunities.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> A detailed listing of individual campus locations and web links to Career Education&#x2019;s colleges, institutions and universities can be found at <i>www.careered.com</i>.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> 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;college,&#x201D; &#x201C;institution,&#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 colleges, institutions or universities.</p> </div>
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ceco Educational Services And Facilities Expense
EducationalServicesAndFacilitiesExpense
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ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Other
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ceco Payment For Sales Of Business Affiliates And Productive Assets
PaymentForSalesOfBusinessAffiliatesAndProductiveAssets
250000
ceco Discontinued Operations Lease Expiration Year
DiscontinuedOperationsLeaseExpirationYear
2020
ceco Short Term Investment Continuous Unrealized Loss Position Period
ShortTermInvestmentContinuousUnrealizedLossPositionPeriod
P1Y
ceco Percent Increase Decrease Related To Valuation Allowance Effective Tax Rate
PercentIncreaseDecreaseRelatedToValuationAllowanceEffectiveTaxRate
0.401 pure
ceco Restricted Stock Units To Be Settled In Cash Exercisable In Percentage
RestrictedStockUnitsToBeSettledInCashExercisableInPercentage
0.25 pure
ceco Outstanding Liability On Performance Unit Awards To Be Settled In Cash
OutstandingLiabilityOnPerformanceUnitAwardsToBeSettledInCash
1800000
ceco Performance Unit Awards Expense
PerformanceUnitAwardsExpense
0
ceco Estimated Pretax Compensation Expenses Expiration Period
EstimatedPretaxCompensationExpensesExpirationPeriod
P4Y
ceco Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Units Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitsGrantsInPeriod
117000 shares
ceco Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Unit Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitVestedInPeriod
0 shares
ceco Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Units Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitsForfeitedInPeriod
0 shares
ceco Number Of Plaintiffs Dropped Out Of Settlement
NumberOfPlaintiffsDroppedOutOfSettlement
3 Claim
ceco Number Of Remaining Plaintiffs Who Have Not Settled Not Dismissed
NumberOfRemainingPlaintiffsWhoHaveNotSettledNotDismissed
74 Plaintiff
ceco Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Units Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitsGrantsInPeriodWeightedAverageGrantDateFairValue
4.39
ceco Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Units Vested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitsVestedWeightedAverageGrantDateFairValue
0.00
ceco Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Units Nonvested Forfeited Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitsNonvestedForfeitedWeightedAverageGrantDateFairValue
0.00
ceco Basis Point Change In Royalty Rate
BasisPointChangeInRoyaltyRate
50 pure
ceco Basis Point Change In Discount Rate
BasisPointChangeInDiscountRate
100 pure
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IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.34
CY2013Q2 us-gaap Effective Income Tax Rate Continuing Operations
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-0.538 pure
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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-0.13
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EarningsPerShareBasicAndDiluted
-0.47
CY2013Q2 us-gaap Restructuring Reserve Accrual Adjustment
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-155000
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CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
63000
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OtherSalesRevenueNet
2946000
CY2013Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2013Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
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OperatingIncomeLoss
-49660000
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ComprehensiveIncomeNetOfTax
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NonoperatingIncomeExpense
360000
CY2013Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-49300000
CY2013Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
35397000
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-16287000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
34000
CY2013Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-22772000
CY2013Q2 us-gaap Revenues
Revenues
259501000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-31390000
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
760000
CY2013Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
4000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-49363000
CY2013Q2 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-222000
CY2013Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3966000
CY2013Q2 us-gaap Interest Expense
InterestExpense
212000
CY2013Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6811000
CY2013Q2 us-gaap Proceeds From Recoveries Of Loan Previously Charged Off
ProceedsFromRecoveriesOfLoanPreviouslyChargedOff
2100000
CY2013Q2 us-gaap Restructuring Charges
RestructuringCharges
2446000
CY2013Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
7409000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-26528000
CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
16113000
CY2013Q2 us-gaap Costs And Expenses
CostsAndExpenses
309161000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
196631000
CY2013Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-7669000
CY2013Q2 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurred
1181000
CY2013Q2 ceco Revenue From Tuition And Registration Fees
RevenueFromTuitionAndRegistrationFees
256555000
CY2013Q2 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments
3674000
CY2013Q2 ceco Educational Services And Facilities Expense
EducationalServicesAndFacilitiesExpense
92451000
CY2013Q2 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Other
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27000
CY2014Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.53
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.055 pure
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
67157000 shares
CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
-0.16
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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CY2014Q2 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
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CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
0
CY2014Q2 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
300000
CY2014Q2 us-gaap Other Sales Revenue Net
OtherSalesRevenueNet
2306000
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2014Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
354000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-46671000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2014Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-33746000
CY2014Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
1075000
CY2014Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-10964000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-587000
CY2014Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-35600000
CY2014Q2 us-gaap Revenues
Revenues
229292000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-46564000
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
285000
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-107000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-33746000
CY2014Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2014Q2 us-gaap Interest Expense
InterestExpense
108000
CY2014Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
6474000
CY2014Q2 us-gaap Proceeds From Recoveries Of Loan Previously Charged Off
ProceedsFromRecoveriesOfLoanPreviouslyChargedOff
2200000
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
6000
CY2014Q2 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
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CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1854000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
13956000
CY2014Q2 us-gaap Costs And Expenses
CostsAndExpenses
262628000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
160870000
CY2014Q2 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
100000
CY2014Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
0
CY2014Q2 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurred
5893000
CY2014Q2 ceco Revenue From Tuition And Registration Fees
RevenueFromTuitionAndRegistrationFees
226986000
CY2014Q2 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments
5469000
CY2014Q2 ceco Retention Bonuses Amount Recorded During Period
RetentionBonusesAmountRecordedDuringPeriod
400000
CY2014Q2 ceco Educational Services And Facilities Expense
EducationalServicesAndFacilitiesExpense
80399000
CY2014Q2 ceco Disposal Group Including Discontinued Operation Remaining Lease Obligations Other
DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsOther
-1151000
CY2014Q2 ceco Number Of Campus Sold
NumberOfCampusSold
2 Campus

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