Since it was founded in 1994, CEC has progressed rapidly toward the goal of becoming the world's leading provider of quality educational services. CEC is the world’s largest on-campus provider of private, for-profit postsecondary education and has a rapidly-growing presence in online education. 

The colleges, schools and universities that are part of the Career Education Corporation (CEC) family offer high quality education to more than 95,000 students across the world in a variety of career-oriented disciplines. The 80-plus campuses that serve these students are located throughout the U. S., Canada, France, the United Kingdom, and the United Arab Emirates and offer doctoral, master’s, bachelor’s, and associate degrees and diploma and certificate programs. Approximately one third of students attend the web-based virtual campuses of American InterContinental University Online and Colorado Technical University Online. 
Career Education is an industry leader whose gold-standard brands are recognized globally. Those brands include, among others, the Le Cordon Bleu schools of North America; the Harrington School of Design; the Brooks Institute; the Katharine Gibbs schools; American InterContinental University; Colorado Technical University and Sanford Brown. The mission of CEC, through its schools, its educators, and its employees is education—their primary goal, to enable students to graduate successfully and pursue rewarding careers. 

http://www.careered.com

Career Education Corporation Reports Results for Fourth Quarter and Full Year 2009 
- Fourth quarter revenue increased 19%, operating income increased 95%- Fourth quarter earnings per share from continuing operations increased 80% to $0.72
HOFFMAN ESTATES, Ill., Feb 17, 2010 (BUSINESS WIRE) -- Career Education Corporation (NASDAQ: CECO) today reported total revenue of $507.8 million, and net income of $30.7 million, or $0.36 per diluted share, for the fourth quarter of 2009 compared to total revenue of $425.3 million and net income of $31.2 million, or $0.35 per diluted share, for the fourth quarter of 2008. For the full year 2009, total revenue was $1.84 billion, and net income of $81.2 million, or $0.94 per diluted share compared to total revenue of $1.66 billion and net income of $60.1 million, or $0.67 per diluted share, for the full year 2008. 
On a non-GAAP basis, which excludes significant items, earnings per diluted share from continuing operations were $0.72 in the fourth quarter as compared to $0.45 in the fourth quarter of 2008. (See segment tables below and the GAAP to non-GAAP reconciliation attached to this press release.) 

"The growth of our student population and strong financial results in 2009 clearly reflected the quality of postsecondary education provided by our institutions and the improvements we continued to make in the effectiveness and efficiency of our operations," said Gary E. McCullough, President and Chief Executive Officer. "We are excited about the future as our organization is well positioned to achieve the next level of growth." 

During the year ended December 31, 2009 we completed the teach out activities for McIntosh College - Dover, NH, Lehigh Valley College - Center Valley, PA, Gibbs Colleges - Livingston, NJ and Norwalk, CT, Katharine Gibbs Schools - New York, NY and Norristown, PA. Accordingly, the results of operations for these six campuses are reported as a component of discontinued operations for both current and prior period financial results. Except as otherwise noted, financial data and non-financial metrics reflected in this release exclude discontinued operations. Quarterly income statements for 2008 and 2009 reflecting this change have been provided in the exhibits section of this release. 

Three Months Ended December 31, 2009
 

Total revenue from continuing operations was $507.8 million during the fourth quarter of 2009, a 19.4 percent increase from $425.3 million during the fourth quarter of 2008. 
The financial and operating results for the fourth quarter 2009 and 2008 include significant items as summarized below: 

     Reconciling Items
(In Millions) 
  Diluted
Earnings per
Share Impact 

Three Months Ended December 31, 2009 
 Unused Space Charges   ($14.3  )   ($0.11  ) 
 Performance-based Compensation 
Related to Plan Outperformance 
  2.2    0.02 
 Termination of Insurance Policies   12.0    0.09 
 TOTAL    ($0.1  )   ($0.00  ) 
 
 
Three Months Ended December 31, 2008 
 Legal Settlements    ($3.6  )   ($0.03  ) 
 Unused Space Charges    (1.9  )   (0.01  ) 
 Severance and Stay Bonus Charges   (1.5  )   (0.01  ) 
 TOTAL    ($7.0  )   ($0.05  ) 
 

The company believes it is useful to present non-GAAP financial measures excluding these items as a means to understand the performance of its core business. 
Operating income was $97.0 million during the fourth quarter of 2009, versus operating income of $49.6 million during the fourth quarter of 2008. Operating margin was 19.1 percent during the fourth quarter of 2009, as compared to an operating margin of 11.7 percent during the fourth quarter of 2008. 
Excluding the reconciling items listed in the table above, operating income was $97.1 million in the fourth quarter of 2009, up 71.6 percent from $56.6 million in the fourth quarter of 2008 and operating margin was 19.1 percent during the fourth quarter of 2009, a 5.8 percentage point increase compared to an operating margin percentage of 13.3 percent during the fourth quarter of 2008.