$PRDO
PERDOCEO EDUCATION Corp Stock $prdo

$prdo Overview Financials Valuation SEC Filings Company Website

2015 Q3 Form 10-Q Financial Statement

#000119312515281081 Filed on August 06, 2015

Income Statement

Concept	2015 Q3	2015 Q2	2014 Q2
Revenue	$203.5M	$216.8M	$228.7M
YoY Change	-10.49%	-5.21%	7.6%
Cost Of Revenue	$74.90M	$73.10M	$59.00M
YoY Change	23.19%	23.9%	-34.08%
Gross Profit	$128.6M	$143.8M	$127.2M
YoY Change	5.41%	13.05%	-23.7%
Gross Profit Margin	63.2%	66.32%	55.61%
Selling, General & Admin	$133.2M	$145.2M	$129.1M
YoY Change	0.83%	12.47%	-33.45%
% of Gross Profit	103.58%	100.97%	101.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$6.000M	$7.200M	$14.40M
YoY Change	-54.55%	-50.0%	-23.81%
% of Gross Profit	4.67%	5.01%	11.32%
Operating Expenses	$139.1M	$152.2M	$138.4M
YoY Change	-1.28%	9.97%	-33.97%
Operating Profit	-$43.99M	-$19.89M	-$31.02M
YoY Change	-0.78%	-35.88%	2.46%
Interest Expense	$0.00	$170.0K	$108.0K
YoY Change	-100.0%	57.41%	-49.06%
% of Operating Profit
Other Income/Expense, Net	$100.0K	-$886.0K	-$413.0K
YoY Change	23.46%	114.53%	-214.72%
Pretax Income	-$11.49M	-$10.22M	-$33.75M
YoY Change	-74.36%	-69.72%	-31.64%
Income Tax	$0.00	-$747.0K	$1.854M
% Of Pretax Income
Net Earnings	-$45.24M	-$20.72M	-$46.56M
YoY Change	-5.7%	-55.5%	48.34%
Net Earnings / Revenue	-22.23%	-9.56%	-20.36%
Basic Earnings Per Share	-$0.67	-$0.31
Diluted Earnings Per Share	-$0.67	-$0.31	-$693.5K
COMMON SHARES
Basic Shares Outstanding	67.95M shares	67.89M	67.22M shares
Diluted Shares Outstanding		67.89M

Balance Sheet

Concept	2015 Q3	2015 Q2	2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$185.7M	$183.3M	$262.7M
YoY Change	-21.88%	-30.22%	14.27%
Cash & Equivalents	$68.94M	$63.27M	$138.6M
Short-Term Investments	$116.8M	$120.0M	$124.1M
Other Short-Term Assets	$1.565M	$1.852M	$3.884M
YoY Change	-66.84%	-52.32%	-46.39%
Inventory	$2.353M	$2.668M	$6.040M
Prepaid Expenses	$13.36M	$17.51M	$25.29M
Receivables	$27.70M	$25.87M	$31.28M
Other Receivables	$4.400M	$4.400M	$9.700M
Total Short-Term Assets	$278.4M	$315.9M	$355.0M
YoY Change	-17.22%	-11.02%	-22.48%
LONG-TERM ASSETS
Property, Plant & Equipment	$54.70M	$57.95M	$159.1M
YoY Change	-60.43%	-63.58%	-35.33%
Goodwill		$87.36M	$87.36M
YoY Change		0.0%	-34.02%
Intangibles		$7.900M	$32.25M
YoY Change		-75.51%	-43.31%
Long-Term Investments
YoY Change
Other Assets	$16.90M	$17.51M	$17.43M
YoY Change	-1.55%	0.46%	-38.09%
Total Long-Term Assets	$170.5M	$174.4M	$312.4M
YoY Change	-40.75%	-44.17%	-41.73%
TOTAL ASSETS
Total Short-Term Assets	$278.4M	$315.9M	$355.0M
Total Long-Term Assets	$170.5M	$174.4M	$312.4M
Total Assets	$448.9M	$490.4M	$667.5M
YoY Change	-28.07%	-26.53%	-32.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$28.29M	$17.64M	$25.50M
YoY Change	-4.61%	-30.83%	-19.98%
Accrued Expenses	$53.50M	$49.60M	$60.40M
YoY Change	-12.01%	-17.88%	-53.5%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due	$0.00	$0.00
YoY Change
Total Short-Term Liabilities	$187.1M	$177.0M	$184.3M
YoY Change	-3.38%	-3.98%	-33.89%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$67.40M	$20.04M	$25.18M
YoY Change	162.31%	-20.4%	-14.16%
Total Long-Term Liabilities	$67.40M	$74.91M	$130.5M
YoY Change	-45.95%	-42.61%	-10.36%
TOTAL LIABILITIES
Total Short-Term Liabilities	$187.1M	$177.0M	$184.3M
Total Long-Term Liabilities	$67.40M	$74.91M	$130.5M
Total Liabilities	$254.4M	$251.9M	$314.9M
YoY Change	-20.09%	-19.99%	-25.82%
SHAREHOLDERS EQUITY
Retained Earnings		-$155.0M	-$36.05M
YoY Change		329.99%	-119.35%
Common Stock		$609.8M	$821.0K
YoY Change		74170.77%	0.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)		$215.6M	$215.2M
YoY Change		0.2%	0.31%
Treasury Stock Shares	$14.89M	14.89M shares	14.82M shares
Shareholders Equity	$194.4M	$238.5M	$352.6M
YoY Change
Total Liabilities & Shareholders Equity	$448.9M	$490.4M	$667.5M
YoY Change	-28.07%	-26.53%	-32.86%

Cashflow Statement

Concept	2015 Q3	2015 Q2	2014 Q2
OPERATING ACTIVITIES
Net Income	-$45.24M	-$20.72M	-$46.56M
YoY Change	-5.7%	-55.5%	48.34%
Depreciation, Depletion And Amortization	$6.000M	$7.200M	$14.40M
YoY Change	-54.55%	-50.0%	-23.81%
Cash From Operating Activities	$5.600M	-$6.400M	-$45.90M
YoY Change	-128.28%	-86.06%	-13.07%
INVESTING ACTIVITIES
Capital Expenditures	-$2.900M	-$1.600M	-$3.500M
YoY Change	-19.44%	-54.29%	-40.68%
Acquisitions
YoY Change
Other Investing Activities	$3.200M	$800.0K	-$77.60M
YoY Change	-75.0%	-101.03%	12833.33%
Cash From Investing Activities	$300.0K	-$800.0K	-$81.20M
YoY Change	-96.77%	-99.01%	1149.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-100.0K	1.200M	1.200M
YoY Change	-90.91%	0.0%	-400.0%
NET CHANGE
Cash From Operating Activities	5.600M	-6.400M	-45.90M
Cash From Investing Activities	300.0K	-800.0K	-81.20M
Cash From Financing Activities	-100.0K	1.200M	1.200M
Net Change In Cash	5.800M	-6.000M	-125.9M
YoY Change	-150.0%	-95.23%	110.89%
FREE CASH FLOW
Cash From Operating Activities	$5.600M	-$6.400M	-$45.90M
Capital Expenditures	-$2.900M	-$1.600M	-$3.500M
Free Cash Flow	$8.500M	-$4.800M	-$42.40M
YoY Change	-152.47%	-88.68%	-9.59%

Facts In Submission

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CY2015Q2	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
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	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	7031000
	us-gaap	Disposal Group Including Discontinued Operation Revenue DisposalGroupIncludingDiscontinuedOperationRevenue	89420000
	us-gaap	Net Income Loss NetIncomeLoss	-104707000
	us-gaap	Revenues Revenues	384326000
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	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	-69527000
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	us-gaap	Payments For Restructuring PaymentsForRestructuring	694000
	us-gaap	Investment Income Interest InvestmentIncomeInterest	391000
	us-gaap	Other Sales Revenue Net OtherSalesRevenueNet	2281000
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	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	2074000
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	us-gaap	Share Based Compensation ShareBasedCompensation	2361000
	us-gaap	Disposal Group Including Discontinued Operation Operating Expense DisposalGroupIncludingDiscontinuedOperationOperatingExpense	159112000
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	1028000
	us-gaap	Allowance For Doubtful Accounts Receivable Write Offs AllowanceForDoubtfulAccountsReceivableWriteOffs	11708000
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	392000
	us-gaap	Disposal Group Including Discontinued Operation General And Administrative Expense DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense	78991000
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	277497000
	us-gaap	Effect Of Exchange Rate On Cash And Cash Equivalents EffectOfExchangeRateOnCashAndCashEquivalents	78000
	us-gaap	Other Asset Impairment Charges OtherAssetImpairmentCharges	7521000
	us-gaap	Asset Impairment Charges AssetImpairmentCharges	77000
	us-gaap	Depreciation And Amortization DepreciationAndAmortization	19313000
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-100156000
	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	29825000
	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	10720000
	ceco	Allocated Share Based Compensation Expense Benefit AllocatedShareBasedCompensationExpenseBenefit	4739000
	ceco	Payment For Sales Of Business Affiliates And Productive Assets PaymentForSalesOfBusinessAffiliatesAndProductiveAssets	250000
	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Other DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsOther	5213000
	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurred	13419000
	ceco	Percentage Of Revenue PercentageOfRevenue	1.000	pure
	ceco	Revenue From Tuition And Registration Fees RevenueFromTuitionAndRegistrationFees	382045000
	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments	12790000
	ceco	Disposal Group Including Discontinued Operation Educational Services And Facilities Expense DisposalGroupIncludingDiscontinuedOperationEducationalServicesAndFacilitiesExpense	62166000
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod	227000	shares
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice	4.24
	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage	0.3333	pure
	ceco	Payments To Acquire Property Plant And Equipment Discontinued Operations PaymentsToAcquirePropertyPlantAndEquipmentDiscontinuedOperations	604000
	ceco	Provision For Doubtful Accounts Including Discontinued Operations ProvisionForDoubtfulAccountsIncludingDiscontinuedOperations	12409000
	ceco	Gain Loss On Sale Of Business Continuing And Discontinued Operations GainLossOnSaleOfBusinessContinuingAndDiscontinuedOperations	-311000
	ceco	Educational Services And Facilities Expense EducationalServicesAndFacilitiesExpense	120639000
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	us-gaap	Nature Of Operations NatureOfOperations	<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%"> Career Education’s academic institutions offer a high-quality education to a diverse student population in a variety of disciplines through online, on-ground and hybrid learning programs. Our two universities – American InterContinental University (“AIU”) and Colorado Technical University (“CTU”) – provide degree programs through the master’s or doctoral level as well as associate and bachelor’s levels. Both universities predominantly serve students online with career-focused degree programs that meet the educational demands of today’s busy adults. AIU and CTU continue to show innovation in higher education, advancing new personalized learning technologies like their intellipath™ adaptive learning platform that allow students to more efficiently move toward earning a degree by receiving course credit for knowledge they can already demonstrate. Career Education is committed to providing high-quality education that closes the gap between learners who seek to advance their careers and employers needing a qualified workforce.</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’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 “we,” “us,” “our,” “the Company” and “CEC” refer to Career Education Corporation and our wholly-owned subsidiaries. The terms “college,” “institution,” and “university” refer to an individual, branded, proprietary educational institution, owned by us and includes its campus locations. The term “campus” refers to an individual main or branch campus operated by one of our colleges, institutions or universities.</p> </div>
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod	336000	shares
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod	570000	shares
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2015
	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare	-0.16
	dei	Amendment Flag AmendmentFlag	false
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod	966000	shares
	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.67
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1 ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1	P3Y
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	0	shares
	dei	Document Type DocumentType	10-Q
	dei	Entity Central Index Key EntityCentralIndexKey	0001046568
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod	222000	shares
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1 ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1	P4Y
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice	19.18
	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod	P4Y
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	5.22
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	us-gaap	Line Of Credit Facility Expiration Date1 LineOfCreditFacilityExpirationDate1	2016-06-30
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-26595000
	dei	Entity Registrant Name EntityRegistrantName	CAREER EDUCATION CORP
	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice	2.72
	dei	Document Period End Date DocumentPeriodEndDate	2015-06-30
	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	232000	shares
	us-gaap	Loss Contingency Disclosures LossContingencyDisclosures	<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>11. CONTINGENCIES</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> An accrual for estimated legal fees and settlements of $1.9 million and $2.3 million at June 30, 2015 and December 31, 2014, respectively, is presented within other current liabilities on our condensed consolidated balance sheets.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> We record a liability when we believe that it is both probable that a loss will be incurred and the amount of loss can be reasonably estimated. We evaluate, at least quarterly, developments in our legal matters that could affect the amount of liability that was previously accrued, and make adjustments as appropriate. Significant judgment is required to determine both probability and the estimated amount. We may be unable to estimate a possible loss or range of possible loss due to various reasons, including, among others: (1) if the damages sought are indeterminate; (2) if the proceedings are in early stages; (3) if there is uncertainty as to the outcome of pending appeals, motions, or settlements; (4) if there are significant factual issues to be determined or resolved; and (5) if there are novel or unsettled legal theories presented. In such instances, there is considerable uncertainty regarding the ultimate resolution of such matters, including a possible eventual loss, if any.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Litigation</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> We are, or were, a party to the following legal proceedings that we consider to be outside the scope of ordinary routine litigation incidental to our business. Due to the inherent uncertainties of litigation, we cannot predict the ultimate outcome of these matters. An unfavorable outcome of any one or more of these matters could have a material adverse impact on our business, results of operations, cash flows and financial position.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Student Litigation</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>Enea, et al. v. Career Education Corporation, California Culinary Academy, Inc., SLM Corporation, and Sallie Mae, Inc. </i>Plaintiffs filed this putative class action in the Superior Court State of California, County of San Francisco, on or about June 27, 2013. Plaintiffs allege that CCA materially misrepresented the placement rates of its graduates, falsely stated that admission to the culinary school was competitive and that the school had an excellent reputation among restaurants and other food service providers, represented that the culinary schools were well-regarded institutions producing skilled graduates who employers eagerly hired, and lied by telling students that the school provided graduates with career placement services for life. The class purports to consist of persons who executed Parent Plus loans or co-signed loans for students who attended CCA at any time between January 1, 2003 and December 31, 2008. Plaintiffs seek restitution, damages, civil penalties and attorneys’ fees.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Defendants filed a motion to dismiss and to strike class action allegations on October 31, 2013. A hearing on the motions was conducted on March 14, 2014. Thereafter, the Court issued two separate orders granting the motion to strike the class allegations and the motion to dismiss without leave to amend. Plaintiffs filed a motion seeking leave to file a third amended complaint and/or for reconsideration of the Court’s orders. On May 9, 2014, the Court denied plaintiffs’ motion to reconsider its order striking the class allegations and granted plaintiffs leave to file a third amended complaint as to some, but not all, of plaintiffs’ claims. On May 15, 2014, plaintiffs appealed the Court’s ruling with respect to the motion to strike the class allegations. The Court has stayed the case pending a ruling on the appeal.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Because of the many questions of fact and law that may arise in the future, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action because, among other things, our potential liability depends on whether a class is certified and, if so, the composition and size of any such class, as well as on an assessment of the appropriate measure of damages if we were to be found liable. Accordingly, we have not recognized any liability associated with this action.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>Surrett, et al. v. Western Culinary Institute, Ltd. and Career Education Corporation.</i> On March 5, 2008, a complaint was filed in Portland, Oregon in the Circuit Court of the State of Oregon in and for Multnomah County naming Western Culinary Institute, Ltd. (“WCI”) and the Company as defendants. Plaintiffs filed the complaint individually and as a putative class action and alleged two claims for equitable relief: violation of Oregon’s Unlawful Trade Practices Act (“UTPA”) and unjust enrichment. Plaintiffs filed an amended complaint on April 10, 2008, which added two claims for money damages: fraud and breach of contract. Plaintiffs allege WCI made a variety of misrepresentations to them, relating generally to WCI’s placement statistics, students’ employment prospects upon graduation from WCI, the value and quality of an education at WCI, and the amount of tuition students could expect to pay as compared to salaries they could expect to earn after graduation. WCI subsequently moved to dismiss certain of plaintiffs’ claims under Oregon’s UTPA; that motion was granted on September 12, 2008. On February 5, 2010, the Court entered a formal Order granting class certification on part of plaintiff’s UTPA and fraud claims purportedly based on omissions, denying certification of the rest of those claims and denying certification of the breach of contract and unjust enrichment claims. The class consists of students who enrolled at WCI between March 5, 2006 and March 1, 2010, excluding those who dropped out or were dismissed from the school for academic reasons.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Plaintiffs filed a fifth amended complaint on December 7, 2010, which included individual and class allegations by Nathan Surrett. Class notice was sent on April 22, 2011, and the opt-out period expired on June 20, 2011. The class consisted of approximately 2,600 members. They are seeking tuition refunds, interest and certain fees paid in connection with their enrollment at WCI.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On May 23, 2012, WCI filed a motion to compel arbitration of claims by 1,062 individual class members who signed enrollment agreements containing express class action waivers. The Court issued an Order denying the motion on July 27, 2012. On August 6, 2012, WCI filed an appeal from the Court’s Order and on August 30, 2012, the Court of Appeals issued an Order granting WCI’s motion to compel the trial court to cease exercising jurisdiction in the case. The oral argument on the appeal was heard on May 9, 2014 and we are awaiting the Court’s decision. All proceedings with the trial court have been stayed pending the outcome of the appeal.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Because of the many questions of fact and law that have already arisen and that may arise in the future, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action because of the inherent difficulty in assessing the appropriate measure of damages and the number of class members who might be entitled to recover damages, if we were to be found liable. Accordingly, we have not recognized any liability associated with this action.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>False Claims Act</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>United States of America, ex rel. Melissa Simms Powell, et al. v. American InterContinental University, Inc., a Georgia Corporation, Career Education Corp., a Delaware Corporation and John Doe Nos. 1-100.</i> On July 28, 2009, we were served with a complaint filed in the U.S. District Court for the Northern District of Georgia, Atlanta Division. The complaint was originally filed under seal on July 14, 2008 by four former employees of the Dunwoody campus of our American InterContinental University on behalf of themselves and the federal government. On July 27, 2009, the Court ordered the complaint unsealed and we were notified that the U.S. Department of Justice declined to intervene in the action. When the federal government declines to intervene in a False Claims Act action, as it has done in this case, the private plaintiffs (or “relators”) may elect to pursue the litigation on behalf of the federal government and, if they are successful, receive a portion of the federal government’s recovery. The action alleges violations of the False Claims Act and promissory fraud, including allegedly providing false certifications to the federal government regarding compliance with certain provisions of the Higher Education Act and accreditation standards. Relators claim that defendants’ conduct caused the government to pay federal funds to defendants and to make payments to third-party lenders, which the government would not have made if not for defendants’ alleged violation of the law. Relators seek treble damages plus civil penalties and attorneys’ fees. On July 12, 2012, the Court granted our motion to dismiss for a lack of jurisdiction, the claims related to incentive compensation and proof of graduation. Thus, the only claim that remained pending against defendants was based on relators’ contention that defendants misled the school’s accreditor, Southern Association of Colleges and Schools, during the accreditation process. On December 16, 2013, we filed a motion for summary judgment on a variety of substantive grounds. On September 29, 2014, the Court granted our motion for summary judgment and entered judgment in our favor. On October 2, 2014, relators filed a notice of appeal. The appeal was stayed pending the United States Supreme Court’s decision in <i>Kellogg Brown & Root Servs., Inc. v. U.S. ex rel. Carter</i>, No. 12-1497. The Supreme Court issued its decision and relators moved to lift the stay and remand the case to the district court. We opposed relators’ motion and we are awaiting a decision from the appellate court.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Because of the many questions of fact and law that may arise on appeal, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action because the complaint does not seek a specified amount of damages and it is unclear how damages would be calculated, if we were to be found liable. Moreover, the case presents novel legal issues. Accordingly, we have not recognized any liability associated with this action.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>United States of America, ex rel. Brent M. Nelson v. Career Education Corporation, Sanford-Brown, Ltd., and Ultrasound Technical Services, Inc.</i> On April 18, 2013, defendants were served with an amended complaint filed in the U.S. District Court for the Eastern District of Wisconsin. The original complaint was filed under seal on July 30, 2012 by a former employee of Sanford-Brown College Milwaukee on behalf of himself and the federal government. On February 27, 2013, the Court ordered the complaint unsealed and we were notified that the U.S. Department of Justice declined to intervene in the action. After the federal government declined to intervene in this case, the relator elected to pursue the litigation on behalf of the federal government. If he is successful he would receive a portion of the federal government’s recovery. An amended complaint was filed by the relator on April 12, 2013 and alleges violations of the False Claims Act, including allegedly providing false certifications to the federal government regarding compliance with certain provisions of the Higher Education Act and accreditation standards. Relator claims that defendants’ conduct caused the government to pay federal funds to defendants, and to make payments to third-party lenders, which the government would not have made if not for defendants’ alleged violation of the law. Relator seeks treble damages plus civil penalties and attorneys’ fees. On June 11, 2013, defendants filed a motion to dismiss the case on a variety of grounds. The Court ruled on that motion, dismissing CEC from the case and dismissing several of the relator’s factual claims. On November 27, 2013, Sanford Brown, LTD., and Ultrasound Technical Services, Inc., the remaining Company defendants, filed a motion to dismiss the case for lack of subject matter jurisdiction due to prior public disclosures of the relator’s alleged claims. On March 17, 2014, the Court granted this motion in part, limiting the timeframe and geographical scope of the relator’s claims. On June 13, 2014, the Court granted the remaining Company defendants’ motion for summary judgment and entered judgment in their favor. On July 9, 2014, relator filed a notice of appeal. On June 8, 2015, the appellate court affirmed the district court. On July 2, 2015, relator filed a petition for rehearing, which was denied on August 4, 2015.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Because of the many questions of fact and law that may arise on appeal, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action because the complaint does not seek a specified amount of damages and it is unclear how damages would be calculated, if we were to be found liable. Accordingly, we have not recognized any liability associated with this action.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>United States of America, ex rel. Ann Marie Rega v. Career Education Corporation, et al. </i>On May 16, 2014, Relator Ann Marie Rega, a former employee of Sanford-Brown Iselin, filed an action in the U.S. District Court for the District of New Jersey against the Company and almost all of the Company’s individual schools on behalf of herself and the federal government. She alleges claims under the False Claims Act, including allegedly providing false certifications to the federal government regarding compliance with certain provisions of the Higher Education Act and accreditation standards. Relator claims that defendants’ conduct caused the government to pay federal funds to defendants, and to make payments to third-party lenders, which the government would not have made if not for defendants’ alleged violation of the law. Relator seeks treble damages plus civil penalties and attorneys’ fees. Relator failed to comply with the statutory requirement that all False Claims Act cases be filed under seal. On June 16, 2014, defendants filed a motion to dismiss the complaint with prejudice as to relator for failure to file her complaint under seal in accordance with the requirements of the False Claims Act. The motion is fully briefed and the parties are awaiting a ruling from the Court.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Because the matter is in its early stages and because of the many questions of fact and law that may arise, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action because the complaint does not seek a specified amount of damages and it is unclear how damages would be calculated, if we were to be found liable. Moreover, the case presents novel legal issues. Accordingly, we have not recognized any liability associated with this action.</p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 1px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px">  </p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Employment Litigation</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> <i>Wilson, et al. v. Career Education Corporation</i>. On August 11, 2011, Riley Wilson, a former admissions representative based in Minnesota, filed a complaint in the U.S. District Court for the Northern District of Illinois. The two-count complaint asserts claims of breach of contract and unjust enrichment arising from our decision to terminate our Admissions Representative Supplemental Compensation (“ARSC”) Plan. In addition to his individual claims, Wilson also seeks to represent a nationwide class of similarly situated admissions representatives who also were affected by termination of the plan. On October 6, 2011, we filed a motion to dismiss the complaint. On April 13, 2012, the Court granted our motion to dismiss in its entirety and dismissed plaintiff’s complaint for failure to state a claim. The Court dismissed this action with prejudice on May 14, 2012. On June 11, 2012, plaintiff filed a notice of appeal with the U.S. Court of Appeals for the Seventh Circuit appealing the final judgment of the trial court. Briefing was completed on October 30, 2012, and oral argument was held on December 3, 2012. On August 30, 2013, the Seventh Circuit affirmed the district court’s ruling on plaintiff’s unjust enrichment claim but reversed and remanded for further proceedings on plaintiff’s breach of contract claim. On September 13, 2013, we filed a petition for rehearing to seek review of the panel’s decision on the breach of contract claim and for certification of question to the Illinois Supreme Court, but the petition was denied.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The case now is on remand to the district court for further proceedings on the sole question of whether CEC’s termination of the ARSC Plan violated the implied covenant of good faith and fair dealing. The parties have completed fact discovery as to the issue of liability. On March 24, 2015, we filed a motion for summary judgment. The motion is fully briefed and the parties are awaiting a ruling from the Court.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Because of the many questions of fact and law that may arise, the outcome of this legal proceeding is uncertain at this point. Based on information available to us at present, we cannot reasonably estimate a range of potential loss, if any, for this action. Accordingly, we have not recognized any liability associated with this action.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Other Litigation</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In addition to the legal proceedings and other matters described above, we are also subject to a variety of other claims, lawsuits and investigations that arise from time to time out of the conduct of our business, including, but not limited to, claims involving prospective students, students or graduates, alleged violations of the Telephone Consumer Protection Act, both individually and on behalf of a putative class, and routine employment matters. While we currently believe that such claims, individually or in aggregate, will not have a material adverse impact on our financial position, cash flows or results of operations, these other matters are subject to inherent uncertainties, and management’s view of these matters may change in the future. Were an unfavorable final outcome to occur in any one or more of these matters, there exists the possibility of a material adverse impact on our business, reputation, financial position, cash flows, and the results of operations for the period in which the effect becomes probable and reasonably estimable.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>State Investigations</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Attorney General of Connecticut is serving as the point of contact for inquiries received from the attorneys general of the following: Arkansas, Arizona, Connecticut, Idaho, Iowa, Kentucky, Missouri, Nebraska, North Carolina, Oregon, Pennsylvania, Washington (January 24, 2014); Illinois (December 9, 2011); Tennessee (February 7, 2014); Hawaii (May 28, 2014 ); New Mexico (May 2014); Maryland (March 16, 2015); and the District of Columbia (June 3, 2015) (these 18 attorneys general are collectively referred to as the “Multi-State AGs”). In addition, the Company has received inquiries from the attorneys general of Florida (November 5, 2010), Massachusetts (September 27, 2012), Colorado (August 27, 2013) and Minnesota (September 18, 2014). The inquiries are civil investigative demands or subpoenas which relate to the investigation by the attorneys general of whether the Company and its schools have complied with certain state consumer protection laws, and generally focus on the Company’s practices relating to the recruitment of students, graduate placement statistics, graduate certification and licensing results and student lending activities, among other matters. Depending on the state, the documents and information sought by the attorneys general in connection with their investigations cover time periods as early as 2006 to the present. The Company intends to cooperate with the states involved with a view towards resolving these inquiries as promptly as possible. In this regard, over the past several months the Company has participated in several meetings with representatives of the Multi-State AGs about the Company’s business and to engage in a dialogue towards a resolution of these inquiries.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> We cannot predict the scope, duration or outcome of these attorney general investigations. At the conclusion of any of these matters, the Company or certain of its schools may be subject to claims of failure to comply with state laws or regulations and may be required to pay significant financial penalties and/or curtail or modify their operations. Other state attorneys general may also initiate inquiries into the Company or its schools. If any of the foregoing occurs, our business, reputation, financial position, cash flows and results of operations could be materially adversely affected. Based on information available to us at present, we cannot reasonably estimate a range of potential monetary or non-monetary impact these investigations might have on the Company because it is uncertain what remedies, if any, these regulators might ultimately seek in connection with these investigations.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In addition to the aforementioned inquiries, from time to time, we receive informal requests from state Attorneys General and other government agencies relating to specific complaints they have received from students or former students which seek information about the student, our programs, and other matters relating to our activities in the relevant state. These requests can be broad and time consuming to respond to, and there is a risk that they could expand and/or lead to a formal inquiry or investigation into our practices in a particular state.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Regulatory Matters</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>ED Inquiry and HCM1 Status</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In December 2011, the U.S. Department of Education (“ED”) advised the Company that it is conducting an inquiry concerning possible violations of ED misrepresentation regulations related to placement rates reported by certain of the Company’s institutions to accrediting bodies, students and potential students. This inquiry stems from the Company’s self-reporting to ED of its internal investigation into student placement determination practices at the Company’s previous Health Education segment campuses and review of placement determination practices at all of the Company’s other domestic campuses in 2011. The Company has been cooperating with ED in connection with this inquiry. If ED determines that the Company or any of its institutions violated ED misrepresentation regulations with regard to the publication or reporting of placement rates or other disclosures to students or prospective students or finds any other basis in the materials we are providing, ED may revoke, limit, suspend, delay or deny the institution’s or all of the Company’s institutions Title IV eligibility, or impose fines. In addition, a majority of the Company’s institutions are currently in the process of seeking recertification from ED to participate in Title IV Programs. We cannot predict whether, or to what extent, ED’s inquiry might impact this recertification process.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In December 2011, ED also moved all of the Company’s institutions from the “advance” method of payment of Title IV Program funds to cash monitoring status (referred to as Heightened Cash Monitoring 1, or HCM1, status). Although the Company’s prior practices substantially conformed to the requirements of this more restrictive method of drawing down students’ Title IV Program funds, if ED finds violations of the HEA or related regulations, ED may impose monetary or program level sanctions, impose some period of delay in the Company’s receipt of Title IV funds or transfer the Company’s schools to the “reimbursement” or Heightened Cash Monitoring 2 (“HCM2”) methods of payment of Title IV Program funds. While on HCM2 status, an institution must disburse its own funds to students, document the students’ eligibility for Title IV Program funds and comply with certain waiting period requirements before receiving such funds from ED, which results in a significant delay in receiving those funds. The process of re-establishing a regular schedule of cash receipts for the Title IV Program funds if ED places our schools on “reimbursement” or HCM2 payment status could take several months, and would require us to fund ongoing operations substantially out of existing cash balances. If our existing cash balances are insufficient to sustain us through this transition period, we would need to pursue other sources of liquidity, which may not be available or may be costly.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>OIG Audit</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Our schools and universities are also subject to periodic audits by various regulatory bodies, including the U.S. Department of Education’s Office of Inspector General (“OIG”). The OIG audit services division commenced a compliance audit of CTU in June 2010, covering the period July 5, 2009 to May 16, 2010, to determine whether CTU had policies and procedures to ensure that CTU administered Title IV Program and other federal program funds in accordance with applicable federal law and regulation. On January 13, 2012, the OIG issued a draft report identifying three findings, including one regarding the documentation of attendance of students enrolled in online programs and one regarding the calculation of returns of Title IV Program funds arising from student withdrawals without official notice to the institution. CTU submitted a written response to the OIG, contesting these findings, on March 2, 2012. CTU disagreed with the OIG’s proposed determination of what constitutes appropriate documentation or verification of online academic activity during the time period covered by the audit. CTU’s response asserted that this finding was based on the retroactive application of standards adopted as part of the program integrity regulations that first went into effect on July 1, 2011. The OIG final report, along with CTU’s response to the draft report, was forwarded to ED’s Office of Federal Student Aid on September 21, 2012. On October 24, 2012, CTU provided a further response challenging the findings of the report directly to ED’s Office of Federal Student Aid. As a result of ED’s review of these materials, on January 31, 2013, CTU received a request from ED that it perform two file reviews to determine potential liability on two discrete issues associated with one of the above findings. The first file review relates to any potential aid awarded to students who engaged in virtual classroom attendance activities prior to the official start date of a course and for which no further attendance was registered during the official class term. The second file review relates to students that were awarded and paid Pell funds for enrollment in two concurrent courses, while only registering attendance in one of the two courses. The Company completed these file reviews and provided supporting documentation to ED on April 10, 2013. As of June 30, 2015, the Company has a $0.8 million reserve recorded related to this matter.</p> </div>
	dei	Trading Symbol TradingSymbol	CECO
	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	67714000	shares
	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare	-0.16
	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	-0.027	pure
	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	-0.51
	us-gaap	Number Of Reportable Segments NumberOfReportableSegments	3	Segment
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod	541000	shares
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	4994000
	us-gaap	Disposal Group Including Discontinued Operation Revenue DisposalGroupIncludingDiscontinuedOperationRevenue	86763000
	us-gaap	Net Income Loss NetIncomeLoss	-45604000
	us-gaap	Repayments Of Short Term Debt RepaymentsOfShortTermDebt	10000000
	us-gaap	Revenues Revenues	357082000
	us-gaap	Operating Income Loss OperatingIncomeLoss	-33933000
	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	-11354000
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	ceco	Discontinued Operations Lease Expiration Year DiscontinuedOperationsLeaseExpirationYear	2020
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	ceco	Percent Increase Decrease Related To Valuation Allowance Effective Tax Rate PercentIncreaseDecreaseRelatedToValuationAllowanceEffectiveTaxRate	0.371	pure
	ceco	Disposal Group Including Discontinued Operation Educational Services And Facilities Expense DisposalGroupIncludingDiscontinuedOperationEducationalServicesAndFacilitiesExpense	39404000
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	ceco	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited Settled In Cash ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedSettledInCash	386000	shares
	ceco	Share Based Compensation Arrangement By Share Based Payment Award Deferred Stock Units Vested Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardDeferredStockUnitsVestedWeightedAverageGrantDateFairValue	4.39
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	ceco	Educational Services And Facilities Expense EducationalServicesAndFacilitiesExpense	108900000
	ceco	Performance Unit Awards Expense PerformanceUnitAwardsExpense	300000
	ceco	Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Settled In Cash ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedSettledInCash	444000	shares
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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	-0.49
CY2014Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	0.159	pure
CY2014Q2	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	-0.20
CY2014Q2	us-gaap	Disposal Group Including Discontinued Operation Revenue DisposalGroupIncludingDiscontinuedOperationRevenue	44195000
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CY2014Q2	us-gaap	Revenues Revenues	186172000
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CY2014Q2	us-gaap	Discontinued Operation Income Loss From Discontinued Operation Before Income Tax DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax	-33046000
CY2014Q2	us-gaap	Restructuring Reserve Accrual Adjustment RestructuringReserveAccrualAdjustment	17000
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CY2014Q2	us-gaap	Comprehensive Income Net Of Tax ComprehensiveIncomeNetOfTax	-46671000
CY2014Q2	us-gaap	Payments For Restructuring PaymentsForRestructuring	308000
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CY2014Q2	us-gaap	Allowance For Doubtful Accounts Receivable Write Offs AllowanceForDoubtfulAccountsReceivableWriteOffs	6069000
CY2014Q2	us-gaap	Disposal Group Including Discontinued Operation General And Administrative Expense DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense	35083000
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CY2014Q2	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	5664000
CY2014Q2	ceco	Allocated Share Based Compensation Expense Benefit AllocatedShareBasedCompensationExpenseBenefit	1152000
CY2014Q2	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Other DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsOther	1778000
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CY2014Q2	ceco	Percentage Of Revenue PercentageOfRevenue	1.000	pure
CY2014Q2	ceco	Revenue From Tuition And Registration Fees RevenueFromTuitionAndRegistrationFees	185136000
CY2014Q2	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments	6026000
CY2014Q2	ceco	Disposal Group Including Discontinued Operation Educational Services And Facilities Expense DisposalGroupIncludingDiscontinuedOperationEducationalServicesAndFacilitiesExpense	29519000
CY2014Q2	ceco	Payments To Acquire Property Plant And Equipment Discontinued Operations PaymentsToAcquirePropertyPlantAndEquipmentDiscontinuedOperations	419000
CY2014Q2	ceco	Educational Services And Facilities Expense EducationalServicesAndFacilitiesExpense	59001000
CY2015Q2	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare	-0.17
CY2015Q2	us-gaap	Earnings Per Share Basic And Diluted EarningsPerShareBasicAndDiluted	-0.31
CY2015Q2	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	0	shares
CY2015Q2	us-gaap	Weighted Average Number Of Share Outstanding Basic And Diluted WeightedAverageNumberOfShareOutstandingBasicAndDiluted	67893000	shares
CY2015Q2	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare	-0.17
CY2015Q2	us-gaap	Effective Income Tax Rate Continuing Operations EffectiveIncomeTaxRateContinuingOperations	-0.073	pure
CY2015Q2	us-gaap	Income Loss From Continuing Operations Per Basic And Diluted Share IncomeLossFromContinuingOperationsPerBasicAndDilutedShare	-0.14
CY2015Q2	us-gaap	Disposal Group Including Discontinued Operation Revenue DisposalGroupIncludingDiscontinuedOperationRevenue	42019000
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CY2015Q2	us-gaap	Discontinued Operation Income Loss From Discontinued Operation Before Income Tax DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax	-11252000
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CY2015Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-747000
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CY2015Q2	ceco	Disposal Group Including Discontinued Operation Educational Services And Facilities Expense DisposalGroupIncludingDiscontinuedOperationEducationalServicesAndFacilitiesExpense	19531000
CY2015Q2	ceco	Sale Agreement Amount SaleAgreementAmount	0
CY2015Q2	ceco	Payments To Acquire Property Plant And Equipment Discontinued Operations PaymentsToAcquirePropertyPlantAndEquipmentDiscontinuedOperations	80000
CY2015Q2	ceco	Retention Bonuses Amount Recorded During Period RetentionBonusesAmountRecordedDuringPeriod	600000
CY2015Q2	ceco	Educational Services And Facilities Expense EducationalServicesAndFacilitiesExpense	53949000
CY2015Q2	ceco	Performance Unit Awards Expense PerformanceUnitAwardsExpense	100000
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CY2015Q2	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	9687000
CY2015Q2	us-gaap	Disposal Group Including Discontinued Operation Depreciation And Amortization DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization	74000
CY2015Q2	us-gaap	Disposal Group Including Discontinued Operation Operating Expense DisposalGroupIncludingDiscontinuedOperationOperatingExpense	53306000
CY2015Q2	us-gaap	Allowance For Doubtful Accounts Receivable Write Offs AllowanceForDoubtfulAccountsReceivableWriteOffs	4177000
CY2015Q2	us-gaap	Disposal Group Including Discontinued Operation General And Administrative Expense DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense	24014000
CY2015Q2	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	121365000
CY2015Q2	us-gaap	Asset Impairment Charges AssetImpairmentCharges	1685000
CY2015Q2	us-gaap	Depreciation And Amortization DepreciationAndAmortization	7113000
CY2015Q2	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	4396000
CY2015Q2	ceco	Allocated Share Based Compensation Expense Benefit AllocatedShareBasedCompensationExpenseBenefit	619000
CY2015Q2	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Other DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsOther	576000
CY2015Q2	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Incurred DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsIncurred	-215000
CY2015Q2	ceco	Percentage Of Revenue PercentageOfRevenue	1.000	pure
CY2015Q2	ceco	Expense For Restricted Stock Units Settled In Cash ExpenseForRestrictedStockUnitsSettledInCash	300000
CY2015Q2	ceco	Revenue From Tuition And Registration Fees RevenueFromTuitionAndRegistrationFees	173963000
CY2015Q2	ceco	Disposal Group Including Discontinued Operation Remaining Lease Obligations Net Cash Payments DisposalGroupIncludingDiscontinuedOperationRemainingLeaseObligationsNetCashPayments	4214000
CY2014Q4	ceco	Line Of Credit Facility Cash Collateral Percentage LineOfCreditFacilityCashCollateralPercentage	1.00	pure

Files In Submission

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report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$PRDO
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2015 Q3 Form 10-Q Financial Statement

#000119312515281081 Filed on August 06, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PRDO PERDOCEO EDUCATION Corp Stock $prdo

2015 Q3 Form 10-Q Financial Statement

#000119312515281081 Filed on August 06, 2015

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PRDO
PERDOCEO EDUCATION Corp Stock $prdo