Career Education Corporation Reports Results for Second Quarter 2006.HOFFMAN ESTATES Hoffman Estates A village of northeast Illinois, a suburb of Chicago. Population: 49,700. , Ill. -- Career Education Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 revenue of $486.8 million and a net loss of $47.5 million for the second quarter ended June June: see month. 30, 2006. The net loss includes an estimated non-cash, after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge for goodwill impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. of $85.0 million. "In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite pressures on our business and our industry, our goal continues to be long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. , strategic and sustainable growth," said John M. Larson Larson may refer to: People with the surname Larson:
See also: Fully to resolving the issues that are impacting our performance so that we can better serve our students, grow our business, and return maximum value to our stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. ." RESULTS OF OPERATIONS Three Months Ended June 30, 2006 --Consolidated revenue was $486.8 million during the second quarter of 2006, a 2.1 percent decrease from $497.5 million during the second quarter of 2005. Revenue generated by the University segment's online platforms increased 4.2 percent, to $166.6 million during the second quarter of 2006 from $159.9 million during the second quarter of 2005. --In connection with reporting its second quarter 2006 results, the company tested the goodwill balance for its Health Education segment for impairment in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with Statement of Financial Accounting Standards No. 142 "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ." The preliminary results of the test, which was performed because the Health Education segment did not achieve student enrollment, 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. , and cash flow targets in the second quarter of 2006, indicated that the value of goodwill attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Health Education segment had been impaired See assistive technology. . The estimate of the segment's fair value was less than the segment's carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. as of the date of the test. As a result, the company recognized an estimated impairment charge of $85.0 million during the three months ended June 30, 2006. This charge reduced the carrying value of the Health Education segment's goodwill balance from $216.0 million to $131.0 million. The company estimates that only $6.5 million of the Health Education segment goodwill impairment charge will be deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). for income tax reporting purposes. The goodwill impairment charge is based on a best current estimate, and the ultimate amount of the impairment charge will be determined in the third quarter of 2006 upon finalization Writing the table of contents (TOC) on a recordable CD or DVD disc. The finalization process ensures that the disc can be played back on most CD and DVD players. See disc-at-once. of the goodwill impairment testing. --On January January: see month. 1, 2006, the company adopted Statement of Financial Accounting Standards No. 123R "Share-Based Payment," which requires that the costs related to share-based payment transactions with employees be recognized as expense in the financial statements and measured based on the estimated fair value of the equity instruments issued. Second quarter 2006 operating results include non-cash share-based compensation expense of $4.5 million. Share-based compensation expense recognition was not required during the second quarter of 2005 and, thus, second quarter 2005 operating results do not include such expense. --Operating loss margin percentage was 6.9 percent during the second quarter of 2006, a 23.3 percentage point decrease relative to an operating profit margin Operating profit margin The ratio of operating profit to net sales. of 16.4 percent during the second quarter of 2005. Of the total 23.3 percentage point operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: decline during the second quarter of 2006, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 17.5 percentage points were attributable to Health Education segment goodwill impairment charge. The remainder of the decline was primarily attributable to increases in administration expense, advertising expense, and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expense as a percentage of revenue, offset, in part, by decreases in bad debt expense as a percentage of revenue. --Consolidated net loss during the second quarter of 2006 was $47.5 million, or $0.49 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, relative to net income of $52.8 million, or $0.50 per diluted share, during the second quarter of 2005. As discussed above, second quarter 2006 net income includes the following non-cash charges Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. (in millions, except per share data):
Impact on
Earnings
Per
Pretax Tax Diluted
Charge Benefit Net Charge Share
----------------------------------------------------------------------
Goodwill impairment charge -
Health Education segment $(85.0) $2.4 (1) $(82.6) $(0.85)
----------------------------------------------------------------------
Share-based compensation
expense $(4.5) $1.7 $(2.8) $(0.03)
----------------------------------------------------------------------
Total $(89.5) $4.1 $(85.4) $(0.88)
----------------------------------------------------------------------
(1) The company estimates that only $6.5 million of the Health
Education segment goodwill impairment charge will be deductible
for income tax reporting purposes.
Six Months Ended June 30, 2006 --Consolidated revenues were $1.02 billion during the six months ended June 30, 2006, relative to $1.01 billion during the six months ended June 30, 2005. Revenue generated by the University segment's online platforms increased 13.7 percent, to $347.5 million during the six months ended June 30, 2006, from $305.6 million during the six months ended June 30, 2005. --Income from operations declined to $45.4 million during the six months ended June 30, 2006, from $180.7 million during the six months ended June 30, 2005. Operating income margin decreased to 4.5 percent during the six months ended June 30, 2006, from 17.9 percent during the six months ended June 30, 2005. --Net income during the six months ended June 30, 2006, was $5.2 million, or $0.05 per diluted share, relative to $108.7 million, or $1.03 per diluted share, during the six months ended June 30, 2005. The results during the three months and six months ended June 30, 2006, were negatively impacted by a number of factors, all of which the company is actively addressing. These factors include: the continued probationary pro·ba·tion n. 1. A process or period in which a person's fitness, as for work or membership in a social group, is tested. 2. a. status of AIU AIU American Intercontinental University AIU Allegheny Intermediate Unit (Homestead, PA) AIU Atlantic International University AIU Association of Indian Universities AIU Association Internationale des Universités , the continued negative impact of legal and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. matters, recent negative publicity, the pricing of the AIU associate's degree as·so·ci·ate's degree n. An academic degree conferred by a two-year college after the prescribed course of study has been successfully completed. programs prior to the price change, and the lower than expected conversion of some sourced internet leads. The company continues to take proactive steps to address current challenges: --Leadership at AIU is intensely focused on working actively to resolve the concerns of its accreditor, SACS Sauk also Sac n. pl. Sauk or Sauks also Sac or Sacs 1. a. A Native American people formerly inhabiting parts of Wisconsin, Illinois, and Iowa, with a present-day population mainly in --During the quarter, the company adjusted the tuition For tuition fees in the United Kingdom, see . Tuition means instruction, teaching or a fee charged for educational instruction especially at a formal institution of learning or by a private tutor usually in the form of one-to-one tuition. price for AIU's associate degree to make it more competitive --The company has engaged a new hiring firm to ensure the highest quality of admissions representatives and is launching new admissions representative training --Reputation management initiatives are underway at many schools PROVISION FOR INCOME TAXES Provision for income taxes during the three months and six months ended June 30, 2006, was $18.5 million and $50.0 million, respectively, relative to income (loss) before provision for income taxes during the three months and six months ended June 30, 2006, of $(29.0) million and $26.3 million. This represents an effective income tax rate of (63.7) percent and 90.6 percent, respectively, for the three months and six months ended June 30, 2006. The unusual relationship between income (loss) before provision for income taxes and our provision for income taxes for the three months and six months ended June 30, 2006, is attributable to the fact that only $6.5 million of our total $85.0 million Health Education division goodwill impairment charge recognized during the second quarter of 2006 is deductible for income tax reporting purposes. As such, an income tax benefit has not been provided for the non-deductible portion of the charge. Excluding the effect of the second quarter Health Education goodwill impairment charge, the company's effective income tax rate for the three months and six months ended June 30, 2006, was 37.4%. CASH FLOWS AND FINANCIAL POSITION Cash Flows --Net cash provided by operating activities was $8.8 million during the second quarter of 2006, compared to $69.9 million during the second quarter of 2005. The decrease is primarily attributable to decreases in net operating assets Operating Assets Another term for working capital. and net income, excluding the non-cash effect of our second quarter 2006 goodwill impairment charge, during the second quarter of 2006. --Capital expenditures decreased to $25.6 million during the second quarter of 2006 from $45.4 million during the first quarter of 2005. Capital expenditures represented 5.3 percent of consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenue during the second quarter of 2006 and 9.1 percent of consolidated revenue during the second quarter of 2005. Financial Position --As of June 30, 2006, and March 31, 2006, cash and cash equivalents and investments totaled $378.0 million and $489.0 million, respectively. --During the three months ended June 30, 2006, we repurchased approximately 3.2 million shares of our common stock for approximately $99.9 million at an average price of approximately $31.63 per share. These repurchases did not have a significant impact on the company's diluted weighted average shares outstanding. --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 as of June 30, 2006, were $52.6 million, a 14.9 percent decrease from net student receivables of $61.8 million as of March 31, 2006. 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 to 42.4 percent as of June 30, 2006, from 39.8 percent as of March 31, 2006. --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). (DSO See CSO. ) were 11 days as of June 30, 2006, a one-day decrease from DSO as of March 31, 2006, of 12 days, and a two-day decrease from DSO as of June 30, 2005. Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program Since July July: see month. 2005, CEC's Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the use of $500 million to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares of the company's outstanding common stock. Stock repurchases under this program may be made on the open market or in privately negotiated transactions from time to time, depending on factors including market conditions and corporate and regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . The stock repurchase program does not have an expiration date Expiration Date The day on which an options or futures contract is no longer valid and, therefore, ceases to exist. Notes: The expiration date for all listed stock options in the U.S. and may be suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. or discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: at any time. Since inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of the program, the company has repurchased approximately 9.1 million shares of its common stock for approximately $325.0 million at an average price of approximately $35.63 per share. SEGMENT REPORTING segment reporting A type of financial reporting in which the firm discloses information by identifiable industry segments. For example, Union Pacific Corporation reports revenues, income, assets, depreciation, and capital expenditures for each of four Pursuant to Statement of Financial Accounting Standards No. 131, Disclosure about Segments of an Enterprise and Related Information, as of January 1, 2006, 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. identified five reportable segments: the University segment, the Culinary cu·li·nar·y adj. Of or relating to a kitchen or to cookery. [Latin cul  n Arts segment, the Health Education
segment, the Gibbs Gibbs , Josiah Willard 1839-1903.American mathematician and physicist who formulated the theoretical foundation of physical chemistry, developed vector analysis, and conducted optical and thermodynamic research. Noun 1. segment, and the Other Schools segment. The University segment includes AIU and CTU CTU Colorado Technical University CTU Czech Technical University in Prague CTU Counter Terrorist Unit CTU Clinical Trials Unit CTU Catholic Theological Union CTU Chicago Teachers Union CTU Computer Training Unit CTU Control Unit , including both universities' on-ground and online campuses. The Culinary Arts segment includes the Le Cordon Bleu For the Schnitzel variant, see . Le Cordon Bleu (French for "blue ribbon") is an international group of hospitality management and cooking schools teaching French cuisine. Schools of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Kitchen Academy schools. The Health Education segment primarily includes the Sanford-Brown Colleges Sanford-Brown College is a system of for-profit colleges in the United States providing career training programs in a variety of areas, including of health care, business, criminal justice and computers. and Institutes. The Gibbs segment includes the Katharine Katharine or Katherine. For some persons thus named, use Catherine. Gibbs Schools and Gibbs Colleges Katharine Gibbs College is a private for-profit institution of higher learning based in the United States of America, founded by Katharine Gibbs. As the Providence School in Rhode Island, it was originally founded by Katharine Gibbs in 1911 as a selective institution to schools. The Other Schools segment includes the Academy, College East, College West, and INSEEC INSEEC Institut de Hautes Etudes Economiques et Commerciales (French: Institute of Economic Studies) division schools. POPULATION AND NEW STUDENT START DATA Student Population The company's total student population by reportable segment as of July 31, 2006 and 2005, was as follows:
Population Population
July 31, July 31, Percentage
2006 2005 Difference
----------------------------------------------------------------------
University segment (1) 37,700 41,200 (8%)
----------------------------------------------------------------------
Culinary Arts segment 10,600 11,550 (8%)
----------------------------------------------------------------------
Health Education segment 10,650 10,000 6%
----------------------------------------------------------------------
Gibbs segment 6,200 7,450 (17%)
----------------------------------------------------------------------
Other Schools segment 19,550 21,800 (10%)
----------------------------------------------------------------------
CEC Consolidated 84,700 92,000 (8%)
----------------------------------------------------------------------
(1) University segment population includes approximately 28,500 and
30,000 students as of July 31, 2006 and 2005, respectively, who
are enrolled in fully-online academic programs offered by
University segment schools.
New Student Starts New student starts by reportable segment during the second quarter of 2006 and 2005 were as follows:
Second Second
Quarter Quarter Percentage
2006 2005 Difference
----------------------------------------------------------------------
University segment (1) 10,500 13,000 (19%)
----------------------------------------------------------------------
Culinary Arts segment 1,700 1,950 (13%)
----------------------------------------------------------------------
Health Education segment 3,000 2,800 7%
----------------------------------------------------------------------
Gibbs segment 1,200 1,250 (4%)
----------------------------------------------------------------------
Other Schools segment 2,600 3,100 (16%)
----------------------------------------------------------------------
CEC Consolidated 19,000 22,100 (14%)
----------------------------------------------------------------------
(1) University segment starts includes approximately 9,000 and 11,000
students as of second quarter 2006 and second quarter 2005,
respectively, who are enrolled in fully-online academic programs
offered by University segment schools.
GROWTH INITIATIVES The company launched a significant number of new initiatives during the quarter, all designed to enhance ease-of-use for students, support student retention efforts and promote graduation Graduation is the action of receiving or conferring an academic degree or the associated ceremony. The date of event is often called degree day. The event itself is also called commencement, convocation or invocation. . These new initiatives included the following: --automated enrollment sites --mandatory pre-enrollment orientation orientation, in architecture, the disposition of the parts of a building with reference to the points of the compass. From remote antiquity the traditional belief in the efficacy of religious ceremonials performed at dawn toward the rising sun has influenced the --improved hiring processes and training for admissions representatives "In the near term, we will be executing a realistic and workable plan, which includes these new initiatives, to stabilize stabilize See peg. our population," said Larson. "Over the long term, our focus will be on providing quality educational programs and flexible offerings with a focus on return on invested capital, creating satisfied and employable students. We remain confident that the demand for high-quality, flexible post-secondary education options will increase and that we will be positioned to take advantage of this demand in the future." CONFERENCE CALL INFORMATION Career Education Corporation will host a conference call today, August 3, 2006 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 617-614-4911 (international) or 800-591-6945 (domestic) and citing code 31528628. 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. 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 22576732. About Career Education Corporation The colleges, schools and universities that are part of the Career Education Corporation (CEC) family offer high quality education to approximately 90,000 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 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 , 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 offer doctoral, master's mas·ter's n. A master's degree. , bachelor's bach·e·lor's n. A bachelor's degree. , and associate degrees 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. and certificate programs. Approximately one third of students attend the web-based virtual campuses of 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. Career Education is an industry leader whose gold-standard brands are recognized globally. Those brands include, among others, the Le Cordon Bleu Schools North America, the Harrington College of Design Harrington College of Design is located in the Loop area of Chicago, Illinois. It offers students programs leading to either a bachelor's or associate's degree upon completion of the Interior Design Program, Digital Photography Program, or Communication Design Program. , the Brooks Institute of Photography The Brooks Institute of Photography is a for-profit college based in Santa Barbara, California and Ventura, California. Brooks offers four majors. The Still photography program is based in Santa Barbara, and the Visual communications (Graphic Design), Motion Picture/Video and , the Katharine Gibbs Schools, American InterContinental University, Colorado Technical University and Sanford-Brown Institutes Sanford-Brown Institute is a system of for-profit colleges in the United States providing career training programs in health care and criminal justice. Several of its campuses were originally known as the Ultrasound Diagnostic School, before the system was purchased by its current and Colleges. The mission of CEC, through its schools, its educators This is a list of educators. See also: Education, List of education topics.
General
For more information see www.careered.com. The company's website also has a detailed listing of individual campus locations and web links for more than 80 colleges, schools and universities. Except for the historical and present factual information contained herein, the matters set forth in this release, including statements under "Growth Initiatives" and statements identified by words such as "anticipate," "believe," "plan," "expect," "intend," "project," "will," and similar expressions, are 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. as defined in Section 21E of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . These statements are based on information currently available to us and are subject to various risks, uncertainties, and other factors, that could cause our actual growth, results of operations, 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. Except as expressly required by federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , or for any other reason. These risks and uncertainties, the outcome of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: future financial and operational results, including the impact of impairment of goodwill and other intangible assets; risks related to our ability to comply with accrediting agency requirements or obtain accrediting agency approvals, including the adverse impact of negative publicity concerning the continued probation probation, method by which the punishment of a convicted offender is conditionally suspended. The offender must remain in the community and under the supervision of a probation officer, who is usually a court-appointed official. status of American InterContinental University and ongoing review by its accrediting body; 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 derivative: see calculus. derivative In mathematics, a fundamental concept of differential calculus representing the instantaneous rate of change of a function. , and other lawsuits; costs and difficulties related to the integration of acquired businesses; risks related to our ability to manage and continue growth; risks related to competition, general economic conditions, and other risk factors relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc our industry and business, and the factors discussed 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 December: see month. 31, 2005, and from time to time in our other reports filed with the Securities and Exchange Commission.
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three Months Ended June 30, 2006 and 2005
(In thousands, except per share amounts and percentages)
% of % of
2006 Revenue 2005 Revenue
---------- ------- ---------- -------
REVENUE:
Tuition and registration
fees $468,401 96.2% $475,932 95.7%
Other 18,384 3.8% 21,531 4.3%
---------- ----------
Total revenue 486,785 100.0% 497,463 100.0%
---------- ----------
OPERATING EXPENSES:
Educational services and
facilities 156,539 32.2% 153,451 30.9%
General and administrative 257,144 52.7% 242,403 48.7%
Depreciation and amortization 21,942 4.5% 19,833 4.0%
Goodwill impairment charge 84,975 17.5% - - %
---------- ----------
Total operating expenses 520,600 106.9% 415,687 83.6%
---------- ----------
Income (loss) from operations (33,815) -6.9% 81,776 16.4%
---------- ----------
OTHER INCOME (EXPENSE):
Interest income 4,681 1.0% 4,280 0.9%
Interest expense (337) -0.1% (420) -0.1%
Share of affiliate earnings 696 0.1% 1,416 0.3%
Miscellaneous expense (250) -0.1% (200) 0.0%
---------- ----------
Total other income 4,790 0.9% 5,076 1.1%
---------- ----------
Income (loss) before provision
for income taxes (29,025) -6.0% 86,852 17.5%
PROVISION FOR INCOME TAXES 18,484 3.8% 34,089 6.9%
---------- ----------
NET INCOME (LOSS) $(47,509) -9.8% $52,763 10.6%
========== ==========
NET INCOME (LOSS) PER SHARE -
DILUTED: $(0.49) $0.50
========== ==========
Diluted weighted average shares
outstanding (1) 96,989 105,200
========== ==========
(1) In accordance with applicable accounting standards, weighted
average common stock equivalents of approximately 2,078 have been
excluded from diluted weighted average shares outstanding during
the three months ended June 30, 2006, as the inclusion of such
common stock equivalents would be anti-dilutive to diluted
earnings per share during the period.
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2006 and 2005
(In thousands, except per share amounts and percentages)
% of % of
2006 Revenue 2005 Revenue
---------- ------- ---------- -------
REVENUE:
Tuition and registration
fees $975,078 96.0% $960,813 95.3%
Other 40,337 4.0% 47,086 4.7%
---------- ----------
Total revenue 1,015,415 100.0% 1,007,899 100.0%
---------- ----------
OPERATING EXPENSES:
Educational services and
facilities 318,498 31.4% 309,799 30.7%
General and administrative 513,202 50.5% 480,393 47.7%
Depreciation and amortization 42,951 4.2% 37,034 3.7%
Goodwill impairment charge 95,364 9.4% - - %
---------- ----------
Total operating expenses 970,015 95.5% 827,226 82.1%
---------- ----------
Income from operations 45,400 4.5% 180,673 17.9%
---------- ----------
OTHER INCOME (EXPENSE):
Interest income 8,978 0.9% 5,987 0.6%
Interest expense (688) -0.1% (856) -0.1%
Share of affiliate earnings 1,599 0.2% 3,242 0.3%
Miscellaneous expense (129) -0.1% (758) -0.1%
---------- ----------
Total other income 9,760 0.9% 7,615 0.8%
---------- ----------
Income before provision for
income taxes 55,160 5.4% 188,288 18.7%
PROVISION FOR INCOME TAXES 49,970 4.9% 73,903 7.3%
---------- ----------
Income (loss) from continuing
operations 5,190 0.5% 114,385 11.4%
DISCONTINUED OPERATIONS:
Loss from discontinued
operations - - % (5,700) -0.6%
---------- ----------
NET INCOME $5,190 0.5% $108,685 10.8%
========== ==========
NET INCOME PER SHARE - DILUTED:
Income from continuing
operations $0.05 $1.09
Loss from discontinued
operations - (0.06)
---------- ----------
Net income $0.05 $1.03
========== ==========
Diluted weighted average shares
outstanding 99,631 105,196
========== ==========
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30, December 31,
2006 2005
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $90,589 $132,308
Investments 287,369 272,093
------------ ------------
Total cash and cash equivalents
and investments 377,958 404,401
Receivables:
Students, net of allowance for
doubtful accounts of $38,716
and $44,839 as of June 30, 2006,
and December 31, 2005, respectively 52,583 76,447
Other, net 7,922 5,015
Prepaid expenses 48,805 37,412
Inventories 14,979 14,090
Deferred income tax assets 10,122 10,122
Other current assets 18,756 31,067
------------ ------------
Total current assets 531,125 578,554
------------ ------------
PROPERTY AND EQUIPMENT, net 408,266 411,144
GOODWILL 349,582 443,584
INTANGIBLE ASSETS, net 35,487 35,286
OTHER ASSETS 36,245 37,537
------------ ------------
TOTAL ASSETS $1,360,705 $1,506,105
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Current maturities of long-term debt $584 $627
Accounts payable 26,335 28,627
Accrued expenses:
Payroll and related benefits 31,551 39,471
Income taxes - 23,509
Other 84,884 82,513
Deferred tuition revenue 131,936 152,007
------------ ------------
Total current liabilities 275,290 326,754
------------ ------------
LONG-TERM LIABILITIES:
Long-term debt, net of current maturities 17,499 16,358
Deferred rent obligations 96,387 89,680
Deferred income tax liabilities 31,212 31,212
Other 5,827 5,854
------------ ------------
Total long-term liabilities 150,925 143,104
------------ ------------
STOCKHOLDERS' EQUITY:
Common stock 1,037 1,033
Additional paid-in capital 609,230 591,287
Accumulated other comprehensive income 1,939 1,989
Retained earnings 647,287 642,096
Cost of shares in treasury (325,003) (200,158)
------------ ------------
Total stockholders' equity 934,490 1,036,247
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,360,705 $1,506,105
============ ============
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended June 30, 2006 and 2005
(In thousands)
2006 2005
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(47,509) $52,763
Adjustments to reconcile net income (loss)
to net cash provided by operating
activities:
Goodwill impairment charge 84,975 -
Depreciation and amortization 21,942 19,833
Compensation expense related to share-
based awards 4,471 -
Loss on disposition of property and
equipment 232 120
Share of affiliate earnings, net of
dividends received (696) (770)
Tax benefit associated with stock option
exercises - 1,790
Other 266 209
Changes in operating assets and
liabilities (54,857) (4,041)
---------- ----------
Net cash provided by operating
activities 8,824 69,904
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Business dispositions/acquisitions, net
of cash - (26)
Purchases of property and equipment (25,608) (45,359)
Purchases of available-for-sale investments (190,831) (416,624)
Sales of available-for-sale for sale
investments 293,513 174,395
Other (105) 1,458
---------- ----------
Net cash provided by (used in)
investing activities 76,969 (286,156)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of treasury stock (99,920) -
Issuance of common stock 4,479 4,638
Tax benefit associated with stock option
exercises 1,330 -
Payments of revolving loans - (249)
Payments of capital lease obligations and
other long-term debt (95) (797)
---------- ----------
Net cash provided by (used in)
financing activities (94,206) 3,592
---------- ----------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS (20) (2,564)
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (8,433) (215,224)
CASH AND CASH EQUIVALENTS, beginning of period 99,022 432,268
---------- ----------
CASH AND CASH EQUIVALENTS, end of period $90,589 $217,044
========== ==========
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six Months Ended June 30, 2006 and 2005
(In thousands)
2006 2005
---------- ----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $5,190 $108,685
Adjustments to reconcile net income to
net cash provided by operating
activities:
Goodwill impairment charge 95,364 -
Loss from discontinued operations - 5,700
Depreciation and amortization 42,951 37,034
Compensation expense related to share-
based awards 8,486 -
Loss on disposition of property and
equipment 255 550
Share of affiliate earnings, net of
dividends received (1,599) (1,382)
Tax benefit associated with stock option
exercises - 2,416
Other 470 400
Changes in operating assets and
liabilities (19,656) 27,684
---------- ----------
Net cash provided by operating
activities 131,461 181,087
---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Business dispositions/acquisitions, net
of cash - (934)
Purchases of property and equipment (43,151) (70,898)
Purchases of available-for-sale investments (552,450) (416,624)
Sales of available-for-sale for sale
investments 537,285 174,395
Other (110) 1,460
---------- ----------
Net cash used in investing
activities (58,426) (312,601)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchases of treasury stock (124,845) -
Issuance of common stock 7,411 6,952
Tax benefit associated with stock option
exercises 2,050 -
Payments of revolving loans - (1,879)
Payments of capital lease obligations and
other long-term debt (184) (1,505)
---------- ----------
Net cash provided by (used in)
financing activities (115,568) 3,568
---------- ----------
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE
CHANGES ON CASH AND CASH EQUIVALENTS 814 (4,468)
---------- ----------
NET DECREASE IN CASH AND CASH EQUIVALENTS (41,719) (132,414)
CASH AND CASH EQUIVALENTS, beginning of period 132,308 349,458
---------- ----------
CASH AND CASH EQUIVALENTS, end of period $90,589 $217,044
========== ==========
CAREER EDUCATION CORPORATION
SELECTED SEGMENT INFORMATION
(Dollars in thousands)
For the Three Months
Ended June 30,
----------------------
2006 2005
---------- ----------
REVENUE:
University segment (1) $226,322 $221,030
Culinary Arts segment (2) 82,706 90,908
Health Education segment (3) 41,082 37,508
Gibbs segment (4) 26,662 33,116
Other Schools segment (5) 109,869 114,901
Corporate and other (6) 144 -
---------- ----------
$486,785 $497,463
========== ==========
SEGMENT PROFIT (LOSS) (7):
University segment $67,494 $75,682
Culinary Arts segment 8,384 15,049
Health Education segment (8) (85,225) (389)
Gibbs segment (10,465) (5,013)
Other Schools segment 6,051 11,705
Corporate and other (19,358) (13,842)
---------- ----------
$(33,119) $83,192
========== ==========
SEGMENT PROFIT (LOSS) PERCENTAGE:
University segment 29.8% 34.2%
Culinary Arts segment 10.1% 16.6%
Health Education segment -207.5% -1.0%
Gibbs segment -39.3% -15.1%
Other Schools segment 5.5% 10.2%
----------------------------------------------------------------------
(1) University segment includes AIU and CTU schools.
(2) Culinary Arts segment includes Le Cordon Bleu and Kitchen
Academy schools.
(3) Health Education segment primarily includes Sanford-Brown schools.
(4) Gibbs segment includes Gibbs College and Katharine Gibbs Schools
schools.
(5) Other Schools segment represents an aggregation of the Academy,
College East, College West, and INSEEC school operating divisions.
(6) Corporate and other revenue represents advertising revenue
realized by our JDV Online operating division.
(7) Segment profit equals the sum of income from operations and share
of affiliate earnings.
(8) Health Education segment loss for the three months ended June 30,
2006, includes a goodwill impairment charge of $84,975.
CAREER EDUCATION CORPORATION
SELECTED SEGMENT INFORMATION
(Dollars in thousands)
For the Six Months Ended
June 30,
--------------------------
2006 2005
------------ ------------
REVENUE:
University segment (1) $469,904 $432,749
Culinary Arts segment (2) 173,334 183,464
Health Education segment (3) 81,660 75,429
Gibbs segment (4) 56,167 71,388
Other Schools segment (5) 234,099 244,869
Corporate and other (6) 251 -
------------ ------------
$1,015,415 $1,007,899
============ ============
SEGMENT PROFIT (LOSS) (7):
University segment $149,884 $154,212
Culinary Arts segment 22,393 33,385
Health Education segment (8) (84,012) (1,392)
Gibbs segment (8) (28,018) (5,968)
Other Schools segment 21,823 31,918
Corporate and other (35,071) (28,240)
------------ ------------
$46,999 $183,915
============ ============
SEGMENT PROFIT (LOSS) PERCENTAGE:
University segment 31.9% 35.6%
Culinary Arts segment 12.9% 18.2%
Health Education segment -102.9% -1.8%
Gibbs segment -49.9% -8.4%
Other Schools segment 9.3% 13.0%
--------------------------------------------------------
(1) University segment includes AIU and CTU schools.
(2) Culinary Arts segment includes Le Cordon Bleu and Kitchen
Academy schools.
(3) Health Education segment primarily includes Sanford-Brown schools.
(4) Gibbs segment includes Gibbs College and Katharine Gibbs Schools
schools.
(5) Other Schools segment represents an aggregation of the Academy,
College East, College West, and INSEEC school operating divisions.
(6) Corporate and other revenue represents advertising revenue
realized by our JDV Online operating division.
(7) Segment profit equals the sum of income from operations and share
of affiliate earnings.
(8) Health Education and Gibbs segment loss for the six months ended
June 30, 2006, include goodwill impairment charges of $84,975 and
$10,389, respectively.
CAREER EDUCATION CORPORATION
SELECTED OTHER INFORMATION
(Dollars in thousands)
DAYS SALES OUTSTANDING
June 30,
-------------------
2006 2005
--------- ---------
Total revenue during the
quarter ended $486,785 $497,463
Number of days in the
quarter ended 91 91
Total revenue per day $5,349 $5,467
Receivables, net $60,505 $69,767
Days sales outstanding 11 13
ALLOWANCE AS A PERCENTAGE OF STUDENT RECEIVABLES
June 30,
-------------------
2006 2005
--------- ---------
Allowance for doubtful accounts $38,716 $50,726
Gross student receivables $91,299 $114,569
Allowance as a percentage of
student receivables 42.4% 44.3%
STUDENT RECEIVABLES VALUATION ALLOWANCE
Balance,
Beginning Charges Amounts Balance,
of to Written- End of
Period Expense Off Period
--------- --------- --------- --------
For the three months ended
June 30, 2006 $40,869 $17,787 $(19,940) $38,716
For the three months ended
June 30, 2005 $50,880 $21,538 $(21,692) $50,726
For the six months ended
June 30, 2006 $44,839 $32,263 $(38,386) $38,716
For the six months ended
June 30, 2005 $61,136 $39,034 $(49,444) $50,726
For the Three
Months Ended
-------------------
STUDENT STARTS: March 31, June 30,
2006 2006
--------- ---------
University segment 17,019 10,513
Culinary Arts segment 2,545 1,693
Health Education segment 3,787 3,064
Gibbs segment 1,276 1,191
Other Schools segment 3,700 2,600
--------- ---------
28,327 19,061
========= =========
STUDENT POPULATION AS OF: April 30, July 31,
2006 2006
--------- ---------
University segment 44,016 37,734
Culinary Arts segment 10,627 10,623
Health Education segment 11,092 10,646
Gibbs segment 6,457 6,178
Other Schools segment 24,927 19,542
--------- ---------
97,119 84,723
========= =========
(1) Effective January 1, 2006, we changed the composition of our
reportable segments. The historical segment information reflected
in this table is categorized in accordance with our new segment
structure.
CAREER EDUCATION CORPORATION
HISTORICAL SEGMENT INFORMATION (1)
(Dollars in thousands)
2005:
----- For the
For the Three Months Ended, Year
--------------------------------------- Ended
September December December
March 31, June 30, 30, 31, 31,
--------- --------- --------- --------- -----------
REVENUE:
University
segment $211,719 $221,030 $215,281 $222,095 $870,125
Culinary Arts
segment 92,556 90,907 100,406 99,461 383,330
Health Education
segment 37,921 37,508 38,309 40,135 153,873
Gibbs segment 38,272 33,116 30,756 31,728 133,872
Other Schools
segment 129,968 114,902 112,730 135,741 493,341
Corporate and
other - - - 14 14
--------- --------- --------- --------- -----------
$510,436 $497,463 $497,482 $529,174 $2,034,555
========= ========= ========= ========= ===========
SEGMENT PROFIT:
University
segment $78,530 $75,682 $63,410 $69,887 $287,509
Culinary Arts
segment 18,336 15,049 25,439 23,847 82,671
Health Education
segment (1,003) (389) 683 1,797 1,088
Gibbs segment (955) (5,013) (6,985) (3,920) (16,873)
Other Schools
segment 20,213 11,705 13,711 23,255 68,884
Corporate and
other (14,398) (13,842) (12,119) (8,781) (49,140)
--------- --------- --------- --------- -----------
$100,723 $83,192 $84,139 $106,085 $374,139
========= ========= ========= ========= ===========
SEGMENT PROFIT PERCENTAGE:
University
segment 37.1% 34.2% 29.5% 31.5% 33.0%
Culinary Arts
segment 19.8% 16.6% 25.3% 24.0% 21.6%
Health Education
segment -2.6% -1.0% 1.8% 4.5% 0.7%
Gibbs segment -2.5% -15.1% -22.7% -12.4% -12.6%
Other Schools
segment 15.6% 10.2% 12.2% 17.1% 14.0%
NEW STUDENT STARTS:
University
segment 20,034 13,010 15,248 16,599
Culinary Arts
segment 2,708 1,940 4,298 2,098
Health Education
segment 3,217 2,833 4,045 2,573
Gibbs segment 1,616 1,254 1,652 1,804
Other Schools
segment 4,922 3,095 8,541 5,163
--------- --------- --------- ---------
32,497 22,132 33,784 28,237
========= ========= ========= =========
STUDENT POPULATION AS OF:
April 30, July 31, October 31, January 31,
2005 2005 2005 2006
--------- --------- --------- ------------
University
segment 39,401 41,193 46,378 46,401
Culinary Arts
segment 11,559 11,545 12,509 11,520
Health Education
segment 10,744 10,041 11,199 10,903
Gibbs segment 8,114 7,446 7,549 6,977
Other Schools
segment 26,897 21,799 29,760 28,416
--------- --------- --------- -----------
96,715 92,024 107,395 104,217
========= ========= ========= ===========
(1) Effective January 1, 2006, we changed the composition of our
reportable segments. The historical segment information reflected
in this table is categorized in accordance with our new segment
structure.
CAREER EDUCATION CORPORATION
HISTORICAL SEGMENT INFORMATION (1)
(Dollars in thousands)
2004:
----- For the
For the Three Months Ended, Year
--------------------------------------- Ended
September December December
March 31, June 30, 30, 31, 31,
--------- --------- --------- --------- -----------
REVENUE:
University
segment $123,049 $145,556 $155,840 $173,103 $597,548
Culinary Arts
segment 78,861 79,433 92,749 98,558 349,601
Health Education
segment 33,771 34,855 37,732 38,637 144,995
Gibbs segment 46,781 41,650 41,289 42,049 171,769
Other Schools
segment 114,903 102,568 108,424 138,724 464,619
--------- --------- --------- --------- -----------
$397,365 $404,062 $436,034 $491,071 $1,728,532
========= ========= ========= ========= ===========
SEGMENT PROFIT:
University
segment $41,302 $48,452 $44,737 $48,517 $183,008
Culinary Arts
segment 15,033 14,328 23,322 26,821 79,504
Health Education
segment (552) (634) 1,344 2,819 2,977
Gibbs segment 877 (3,133) (4,755) (5,191) (12,202)
Other Schools
segment 17,148 10,023 10,817 29,327 67,315
Corporate and
other (8,732) (7,558) (5,884) (2,619) (24,793)
--------- --------- --------- --------- -----------
$65,076 $61,478 $69,581 $99,674 $295,809
========= ========= ========= ========= ===========
SEGMENT PROFIT PERCENTAGE:
University
segment 33.6% 33.3% 28.7% 28.0% 30.6%
Culinary Arts
segment 19.1% 18.0% 25.1% 27.2% 22.7%
Health Education
segment -1.6% -1.8% 3.6% 7.3% 2.1%
Gibbs segment 1.9% -7.5% -11.5% -12.3% -7.1%
Other Schools
segment 14.9% 9.8% 10.0% 21.1% 14.5%
NEW STUDENT STARTS:
University
segment 12,191 9,251 12,839 14,492
Culinary Arts
segment 2,758 2,120 4,532 2,622
Health Education
segment 3,809 3,006 4,104 2,629
Gibbs segment 2,832 2,304 2,685 2,625
Other Schools
segment 5,203 3,857 9,383 6,253
--------- --------- --------- ---------
26,793 20,538 33,543 28,621
========= ========= ========= =========
STUDENT POPULATION AS OF:
April 30, July 31, October 31, January 31,
2004 2004 2004 2005
--------- --------- --------- -----------
University
segment 28,531 29,635 35,648 39,763
Culinary Arts
segment 10,523 11,048 12,673 12,204
Health Education
segment 10,831 10,438 11,114 10,793
Gibbs segment 11,028 10,202 10,298 9,255
Other Schools
segment 25,802 21,127 29,734 29,505
--------- --------- --------- -----------
86,715 82,450 99,467 101,520
========= ========= ========= ===========
(1) Effective January 1, 2006, we changed the composition of our
reportable segments. The historical segment information reflected
in this table is categorized in accordance with our new segment
structure.
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
SELECTED QUARTERLY DATA FOR UNIVERSITY SEGMENT
2006 2005
---------------------------- ---------------------------
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
------- ------ ------ ------ ------ ------ ------ ------
Revenue
earning days
AIU Online 83 84 78 70 82 84 79 70
CTU Online 77 77 77 77 77 77 77 77
------- ------ ------ ------ ------ ------ ------ ------
Total 160 161 155 147 159 161 156 147
======= ====== ====== ====== ====== ====== ====== ======
AIU Online CTU Online
---------------------------- ---------------------------
2006 2005 2006 2005
-------------- ------------- ------------- -------------
Start Grad Start Grad Start Grad Start Grad
------- ------ ------ ------ ------ ------ ------ ------
January 1/1 none 1/2 none 1/1 none 1/2 none
February 2/5 2/4 2/13 2/5 2/8 2/7 2/9 2/8
March 3/19 3/11 3/20 3/19 none 3/18 none 3/19
Total 1Q
dates 3 2 3 2 2 2 2 2
April 4/23 4/22 none 4/23 4/2 none 4/3 none
May none 5/27 5/1 none 5/17 5/9 5/11 5/10
June 6/4 none 6/5 6/4 none 6/24 none 6/18
Total 2Q
dates 2 2 2 2 2 2 2 2
July 7/9 7/8 7/17 7/9 7/2 none 7/3 none
August 8/27 8/12 8/21 8/20 8/16 8/8 8/10 8/9
September none 9/30 none 9/24 none 9/23 none 2/17
Total 3Q
dates 2 3 2 3 2 2 2 2
October 10/1 none 10/9 none 10/1 none 10/2 none
November 11/12 11/4 11/13 11/12 11/15 11/7 11/9 11/8
December none 12/16 none 12/17 none 12/23 none 12/17
Total 4Q
dates 2 2 2 2 2 2 2 2
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