Career Education Corporation Reports Results for 2005 First Quarter; Quarterly Revenue Increased 29%; Income from Continuing Operations Increased 60%.HOFFMAN ESTATES Hoffman Estates A village of northeast Illinois, a suburb of Chicago. Population: 49,700. , Ill. -- Career Education Corporation (Nasdaq:CECO CECO Council of Engineering Companies of Oregon CECO Cost Estimate Change Order CECO Center for Economic and Community Outreach CECO CENTCOM Engineer Contingency Organization CECO Concrete Engineering Company of Omaha (Ceco Concrete Construction LLC) ) today reported financial results for the first quarter ended March 31, 2005. Three Months Ended March 31, 2005 --First quarter 2005 total revenue increased 29% to $512.3 million, from $397.4 million for the same period last year. The increase in revenue is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an approximate ap·prox·i·mate v. To bring together, as cut edges of tissue. adj. 1. Relating to the contact surfaces, either proximal or distal, of two adjacent teeth; proximate. 2. Close together. 21% increase in student population at January January: see month. 31 and an approximate 8% increase in average revenue per student during the first quarter. --Income from operations rose 55% to $98.9 million, from $63.7 million for the same period last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. margin rose to 19.3%, up from 16.0% in the same period last year. --Income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $61.6 million, or $0.59 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, up 60% from the same period last year. Loss from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of $5.7 million, or $0.05 per diluted share, resulted primarily from the sale of our International Academy of Design and Technology The International Academy of Design and Technology (IADT) is a for-profit private media arts college accredited by a national agency, the Accrediting Council for Independent Colleges and Schools (ACICS). ("IADT IADT International Academy of Design and Technology IADT Institute of Art, Design and Technology (Dún Laoghaire, Ireland) IADT Initial Active Duty Training IADT Integrated Automatic Detection & Tracking ") campus in Montreal Montreal (mŏn'trēôl`), Fr. Montréal (môNrāäl`), city (1991 pop. 1,017,666), S Que., Canada, on Montreal island, surrounded by St. Lawrence River and Rivière des Prairies. , Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . The loss includes approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.2 million related to the sale of the IADT Montreal campus as well as a write off of goodwill of approximately $3.5 million for the IADT Montreal and IADT Ottawa Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. campuses. --Net income was $55.9 million, or $0.53 per diluted share, up 45% from last year's first quarter net income of $38.6 million, or $0.37 per diluted share. Net income includes a loss from discontinued operations mentioned above of $5.7 million, or $0.05 per diluted share. Net income includes approximately $2.4 million of pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta expense for legal and other costs related to the SEC investigation, the investigation being conducted by the special committee of our Board of Directors, and the shareholder securities class action and derivative derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. lawsuits. This expense of $1.5 million, net of the related tax benefit of $0.9 million, represented $0.01 per diluted share. --Bad debt expense was 3.4% of total revenue for the quarter ended March 31, 2005, compared to 5.0% for the quarter ended March 31, 2004. The decrease in bad debt expense as a percentage of revenue was primarily a result of decreased accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying exposure. Quarterly days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). ("DSOs") were 13 days at March 31, 2005. This represents a 10-day decrease from the quarterly DSOs of 23 days at March 31, 2004. We calculate DSOs by dividing the sum of net student receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and net other receivables by average daily revenue. Average daily revenue is computed by dividing quarterly "total revenue" by the total number of days in the quarter. --Net student receivables decreased $16.7 million, from $86.0 million as of December December: see month. 31, 2004 to $69.2 million as of March 31, 2005, and our allowance for doubtful accounts Allowance for Doubtful Accounts An estimation made by a company and documented on its balance sheet for receivables that might go uncollected. Notes: It is standard practice for a company to have funds set aside for money that cannot be collected. as a percentage of gross student receivables increased from 41.6% as of December 31, 2004, to 42.4% as of March 31, 2005. --At March 31, 2005, we had cash and cash equivalents of $432.3 million, up 172% from $158.7 million on March 31, 2004. Short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. and capital lease obligations as of March 31, 2005, totaled $21.0 million. --Goodwill decreased $4.3 million to $444.6 million as of March 31, 2005, from $448.9 million as of December 31, 2004. The change is attributable primarily to a $3.5 million write off of goodwill related to our IADT Montreal and IADT Ottawa campuses. --Accrued expenses increased $15.2 million to $128.5 million as of March 31, 2005, from $113.4 million as of December 31, 2004. The increase is due primarily to an increase in our net current income tax liability. --Net cash provided by operating activities for the first quarter of 2005 was $111.8 million, compared to $90.2 million for the same period of 2004. The first quarter cash flow improvement was attributable primarily to the increase in net income from continuing operations. --Purchases of property and equipment for the quarter was $25.5 million compared to $19.8 million for the same period last year. Population Data --Start and population data excludes data for our Academy division schools that have been sold or are being taught out, including IADT Montreal, IADT Fairmont Fairmont, city (1990 pop. 20,210), seat of Marion co., N central W.Va., where the West Fork and Tygart rivers form the Monongahela; settled 1793 around Prickett's Fort (1774), inc. as Fairmont 1843. , and IADT Ottawa. --First quarter 2005 new student starts were approximately 32,500. --Total CEC (Central Electronic Complex) The set of hardware that defines a mainframe, which includes the CPU(s), memory, channels, controllers and power supplies included in the box. Some CECs, such as IBM's Multiprise 2000 and 3000, include data storage devices as well. student population on April 30, 2005 was approximately 96,700, up 12% from approximately 86,700 on April 30, 2004. Total student population of CEC's Online Education Group on April 30, 2005 was approximately 25,500, up 63% from approximately 15,600 students at the same date last year. Information Concerning Special Committee Investigation --As previously reported, our Board of Directors formed a special committee to conduct an independent investigation of allegations of securities laws violations against us, including allegations relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our accounting practices and reported statistics relating to starts, student population and placement. The special committee has informed us that it intends to make a report of its findings, and any proposed recommendations, to our Board of Directors within one to two weeks. Business Outlook Please note that the following is an update from previously issued guidance. While we may make further acquisitions, none are contemplated by these forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . --We expect full year 2005 revenues to be approximately $2.125 billion and full year 2005 earnings per share to be approximately $2.29. The $2.29 earnings per share includes the $0.05 loss from discontinued operations primarily related to the sale of IADT Montreal. We expect the Online Education Group's full year 2005 revenues, included in the preceding amounts, to be approximately $650 million. --We expect full year 2005 operating profit margin Operating profit margin The ratio of operating profit to net sales. improvement to be approximately 150 basis points. --We expect second quarter 2005 revenues to be approximately $510 million and second quarter 2005 earnings per share to be approximately $0.47. We expect diluted weighted average shares outstanding to be approximately 106.0 million for second quarter 2005. --We expect our 2005 effective income tax rate will be approximately 39.25%. --We expect that 2005 capital expenditures will be approximately 7.5% of total revenue. Conference Call Information --Career Education Corporation will host a conference call today at 5:00 PM (Eastern Time). Interested parties can access the live webcast of the conference call at www.careered.com. Participants can also listen to the conference call by dialing (617) 801-9713 (international) or (800) 299-6183 (domestic) and citing code 84157784. Please log-in Verb 1. log-in - enter a computer; "Have you logged in lately?" log in, log on access - obtain or retrieve from a storage device; as of information on a computer or dial-in at least 10 minutes prior to the start time to ensure a connection. After 7:00 PM (Eastern Time) the same day, an archived version of the webcast will be accessible for 90 days at www.careered.com. A replay of the call will also be available for seven days by calling (617) 801-6888 (international) or (888) 286-8010 and citing code 75701279. Career Education Corporation (www.careered.com) is one of the largest providers of private, for-profit for-prof·it adj. Established or operated with the intention of making a profit: a for-profit organization. postsecondary education and has a presence in both on-campus on-campus adjective Referring to an on-site site of a medical complex with multiple buildings. Cf 'Off campus.'. and online education. CEC's Colleges, Schools and Universities Group operates over 80 campuses in the U.S., Canada, France, the United Kingdom and the United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. and offers doctoral degree, master's degree master's degree n. An academic degree conferred by a college or university upon those who complete at least one year of prescribed study beyond the bachelor's degree. Noun 1. , bachelor's bach·e·lor's n. A bachelor's degree. degree, associate degree and diploma DIPLOMA. An instrument of writing, executed by, a corporation or society, certifying that a certain person therein named is entitled to a certain distinction therein mentioned. 2. programs in the career-oriented disciplines of business studies, visual communication and design technologies, health education, information technology, and culinary cu·li·nar·y adj. Of or relating to a kitchen or to cookery. [Latin cul  n arts. The Online
Education Group operates American InterContinental University American InterContinental University, commonly called AIU, is an international for-profit university owned by Career Education Corporation (stock symbol CECO). It was founded in 1977 as the American College of Applied Arts. Online and
Colorado Technical University Colorado Technical University (CTU) is a system of proprietary for-profit colleges in the United States providing career training, accredited programs, and college degrees in a variety of areas. CTU grants bachelor's, master's and doctoral degrees. Online and offers a variety of degrees in
information technology, business, visual communication and education.
CEC's total student population on April 30, 2005 was approximately
96,700 students.Except for the historical and present factual information contained herein, the matters set forth in this release, including statements under "Business Outlook" and statements identified by words such as "anticipates," "expects," "projects," "plans," "will," and similar expressions, are forward-looking statements within the meaning of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such statements are based on information currently available to us and involve risks and uncertainties that could cause our actual growth, results, performance and business prospects and opportunities to differ materially from those expressed in, or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these statements. These risks and uncertainties, the outcome of which could materially and adversely affect our financial condition and operations, include, but are not limited to: risks related to our ability to comply with, and the impact of changes in, legislation and regulations that affect our ability to participate in student financial aid programs; costs, risks and effects of legal and administrative proceedings An administrative proceeding is a non-judicial determination of fault or guilt and may include in some cases penalties of various forms. A "Captain's Mast", held by a commanding officer of a warship is one such proceeding. and investigations and governmental regulations, including the pending Securities and Exchange Commission and Justice Department investigations and, class action, derivative, Qui Tam QUI TAM, remedies. Who as well. When a statute imposes a penalty, for the doing or not doing an act, and gives that penalty in part to whosoever will sue for the same, and the other part to the commonwealth, or some charitable, literary, or other institution, and makes it recoverable by , and other lawsuits; cost and potential impact of findings, and recommendations of the special committee of our Board of Directors that as a result of its investigation of allegations of securities laws violations against CEC; risks related to our ability to comply with accrediting agency requirements or obtain accrediting agency approvals; costs and difficulties related to the integration of acquired businesses; future financial and operational results; competition; general economic conditions; risks related to our ability to manage and continue growth; and other risk factors relating to our industry and business, as detailed in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2004, and from time to time in our other reports filed with the Securities and Exchange Commission. We disclaim dis·claim v. dis·claimed, dis·claim·ing, dis·claims v.tr. 1. To deny or renounce any claim to or connection with; disown. 2. To deny the validity of; repudiate. 3. any responsibility to update or revise these forward-looking statements.
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31, 2005 and 2004
(In thousands, except per share data and percentages)
% of % of
2005 Revenue 2004 Revenue
---------- ------- ---------- -------
(Restated)
Revenue:
Tuition and registration fees $486,781 95.0% $366,903 92.3%
Other 25,555 5.0% 30,462 7.7%
---------- ----------
Total revenue 512,336 100.0% 397,365 100.0%
---------- ----------
Operating expenses:
Educational services and
facilities 158,248 30.8% 128,137 32.3%
General and administration 237,990 46.5% 192,790 48.5%
Depreciation and amortization 17,201 3.4% 12,767 3.2%
---------- ----------
Total operating expenses 413,439 80.7% 333,694 84.0%
---------- ----------
Income from operations 98,897 19.3% 63,671 16.0%
Other income (expense):
Interest income 1,707 0.3% 352 0.1%
Interest expense (436) -0.1% (829) -0.2%
Share of affiliate earnings 1,826 0.4% 1,405 0.4%
Miscellaneous (expense) (558) -0.1% (5) 0.0%
---------- ----------
Total other income 2,539 0.5% 923 0.3%
---------- ----------
Income before provision for
income taxes 101,436 19.8% 64,594 16.3%
Provision for income taxes 39,814 7.8% 26,000 6.6%
---------- ----------
Income from continuing
operations 61,622 12.0% 38,594 9.7%
Loss from discontinued
operations (5,700) -1.1% - 0.0%
---------- ----------
Net income $55,922 10.9% $38,594 9.7%
========== ==========
======================================================================
Income per share - Diluted
Income from continuing
operations $0.586 $0.369
Loss from discontinued
operations (0.054) -
---------- ----------
Net income $0.532 $0.369
========== ==========
Diluted weighted average
shares outstanding 105,195 104,519
======================================================================
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2005 2004
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $432,268 $349,458
Receivables:
Students, net of allowance for
doubtful accounts of $50,880 and
$61,136 as of March 31, 2005 and
December 31, 2004, respectively 69,233 85,982
Other, net 5,552 5,378
Inventories 19,181 17,347
Prepaid expenses 30,942 29,649
Other current assets 3,079 5,980
Deferred income tax assets 18,806 18,806
------------ ------------
Total current assets 579,061 512,600
------------ ------------
Property and equipment, net 358,486 351,140
Goodwill 444,623 448,896
Intangible assets, net 35,683 35,881
Other assets 36,116 38,495
------------ ------------
TOTAL ASSETS $1,453,969 $1,387,012
------------ ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $2,053 $2,274
Accounts payable 27,262 38,263
Accrued expenses:
Payroll and related benefits 32,964 38,193
Income taxes 20,764 4,663
Other 74,815 70,520
Deferred tuition revenue 172,492 166,743
------------ ------------
Total current liabilities 330,350 320,656
------------ ------------
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities 18,970 21,591
Deferred income tax liabilities 39,938 39,972
Other 22,544 19,962
------------ ------------
Total long-term liabilities 81,452 81,525
------------ ------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock - -
Common stock 1,027 1,025
Additional paid-in capital 574,131 571,192
Accumulated other comprehensive income 2,869 4,396
Retained earnings 464,140 408,218
------------ ------------
Total stockholders' equity 1,042,167 984,831
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,453,969 $1,387,012
------------ ------------
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2005 and 2004
(In thousands)
2005 2004
------------ ------------
(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $55,922 $38,594
Adjustments to reconcile net income
to income from continuing operations:
Loss from discontinued operations 5,700 -
------------ ------------
Income from continuing operations 61,622 38,594
Adjustments to reconcile income from
continuing operations to net cash
provided by operating activities:
Depreciation and amortization 17,201 12,767
Royalty expense related to stock
options 118 118
Compensation expense related to stock
options - 13
Amortization of deferred financing
costs 73 85
Loss on disposition of property and
equipment 430 -
Changes in operating assets and
liabilities, net of acquisitions
Tax benefit associated with
option exercises 626 3,083
Other 31,725 35,579
------------ ------------
Net cash provided by operating activities 111,795 90,239
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Business dispositions/acquisitions,
net of cash (908) 35
Acquisition transaction costs - (32)
Purchases of property and equipment (25,537) (19,759)
Change in investment in affiliate (612) (202)
------------ ------------
Net cash used in investing
activities (27,057) (19,958)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock 2,314 3,390
Net (payments of) revolving loans (1,630) (75,000)
Payments of capital lease obligations
and other long-term debt (708) (859)
------------ ------------
Net cash used in financing
activities (24) (72,469)
------------ ------------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS (1,904) (331)
------------ ------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 82,810 (2,519)
CASH AND CASH EQUIVALENTS,
beginning of period 349,458 161,235
------------ ------------
CASH AND CASH EQUIVALENTS, end of period $432,268 $158,716
============ ============
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED SELECTED SEGMENT INFORMATION
For the Three Months Ended March 31, 2005 and 2004
(Dollars in thousands)
2005 2004
----------- -----------
Revenue
CSU (1) $355,066 $321,599
OEG (2) 157,270 75,766
----------- -----------
$512,336 $397,365
=========== ===========
Segment profit
CSU $50,090 $41,790
OEG 68,639 35,544
Corporate and other (18,006) (12,258)
----------- -----------
$100,723 $65,076
=========== ===========
Segment profit percentage
CSU 14.1% 13.0%
OEG 43.6% 46.9%
(1) The Colleges, Schools, and Universities ("CSU") segment represents
an aggregation of our campus-based operating divisions.
(2) The Online Education Group ("OEG") segment represents an
aggregation of our online operating divisions.
(3) Segment profit equals the sum of income from operations and share
of affiliate earnings.
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RESTATED QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
2004
---------------------------------------
1Q 2Q 3Q 4Q
--------- --------- --------- ---------
Revenue:
Tuition and registration
fees $366,903 $375,627 $404,083 $461,837
Other 30,462 28,435 31,951 29,234
--------- --------- --------- ---------
Total revenue 397,365 404,062 436,034 491,071
--------- --------- --------- ---------
Operating expenses:
Educational services and
facilities 128,137 136,932 145,433 146,642
General and administration 192,790 193,617 206,374 229,577
Depreciation and
amortization 12,767 13,220 14,855 16,627
--------- --------- --------- ---------
Total operating expenses 333,694 343,769 366,662 392,846
--------- --------- --------- ---------
Income from operations 63,671 60,293 69,372 98,225
Other income (expense):
Interest income 352 538 651 1,411
Interest expense (829) (713) (525) (735)
Share of affiliate earnings 1,405 1,185 209 1,449
Miscellaneous (expense) (5) (10) (181) (94)
--------- --------- --------- ---------
Total other income 923 1,000 154 2,031
--------- --------- --------- ---------
Income before provision for
income taxes 64,594 61,293 69,526 100,256
Provision for income taxes 26,000 24,670 27,985 37,395
--------- --------- --------- ---------
Net Income $38,594 $36,623 $41,541 $62,861
========= ========= ========= =========
======================================================================
Income per share - Diluted $0.37 $0.35 $0.40 $0.60
Diluted weighted average
shares outstanding 104,519 105,484 104,893 104,946
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RESTATED QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
(continued)
2003
---------------------------------------
1Q 2Q 3Q 4Q
--------- --------- --------- ---------
Revenue:
Tuition and registration
fees $220,662 $232,208 $285,541 $340,159
Other 21,542 21,458 28,121 28,296
--------- --------- --------- ---------
Total revenue 242,204 253,666 313,662 368,455
--------- --------- --------- ---------
Operating expenses:
Educational services and
facilities 92,055 91,969 112,511 116,980
General and administration 114,160 121,680 146,094 153,364
Depreciation and
amortization 9,185 9,843 11,736 13,144
--------- --------- --------- ---------
Total operating expenses 215,400 223,492 270,341 283,488
--------- --------- --------- ---------
Income from operations 26,804 30,174 43,321 84,967
Other income (expense):
Interest income 549 288 37 130
Interest expense (342) (609) (423) (471)
Share of affiliate earnings 1,166 905 96 1,187
Miscellaneous (expense) 884 (140) 256 334
--------- --------- --------- ---------
Total other income 2,257 444 (34) 1,180
--------- --------- --------- ---------
Income before provision for
income taxes 29,061 30,618 43,287 86,147
Provision for income taxes 11,837 12,450 17,572 34,450
--------- --------- --------- ---------
Net Income $17,224 $18,168 $25,715 $51,697
========= ========= ========= =========
======================================================================
Income per share - Diluted $0.18 $0.19 $0.25 $0.50
Diluted weighted average
shares outstanding 96,142 97,633 103,713 104,288
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
SELECTED QUARTERLY OEG SEGMENT DATA
AIU Online CTU Online
--------------------------- ---------------------------
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
------ ------ ------ ------ ------ ------ ------ ------
Revenue
earning days
2005 82 84 79 70 77 77 77 72
2004 81 84 78 72 77 77 77 77
AIU Online CTU Online
--------------------------- ---------------------------
2005 2004 2005 2004
------------- ------------- ------------- -------------
Start Grad Start Grad Start Grad Start Grad
------ ------ ------ ------ ------ ------ ------ ------
January 1/2 - 1/4 - 1/2 - 1/4 -
February 2/13 2/5 2/8 2/7 2/9 2/8 2/11 -
March 3/20 3/19 3/21 3/13 - 3/19 - -
Total 1Q
dates 3 2 3 2 2 2 2 -
April - 4/23 4/25 4/24 4/3 - 4/4 -
May 5/1 - - 5/29 5/11 5/10 5/12 -
June 6/5 6/4 6/6 - - 6/18 - -
Total 2Q
dates 2 2 2 2 2 2 2 -
July 7/17 7/9 7/11 7/10 7/3 - 7/4 -
August 8/21 8/20 8/29 8/14 8/10 8/9 8/11 -
September - 9/24 - - - 9/17 - -
Total 3Q
dates 2 3 2 2 2 2 2 -
October 10/9 - 10/3 10/2 10/2 - 10/3 -
November 11/3 11/12 11/14 11/6 11/9 11/8 11/10 -
December - 12/17 - 12/18 - 12/17 - 12/18
Total 4Q
dates 2 2 2 3 2 2 2 1
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