Concorde Career Colleges, Inc. Announces Financial Results.Business Editors MISSION, Kan Kan, river, China: see Gan. .--(BUSINESS WIRE)--Aug. 3, 2000 Concorde Concorde First supersonic, passenger-carrying, commercial airplane. Built jointly by British and French manufacturers, it entered regular service in 1976. Its maximum cruising speed is 1,354 mph (2,179 kph), more than twice the speed of sound; the London-New York flight Career Colleges, Inc., (Concorde), CCDC CCDC Cambridge Crystallographic Data Centre CCDC Centre City Development Corporation (San Diego, California) CCDC Consultant in Communicable Disease Control CCDC Certified Chemical Dependency Counselor CCDC Colorado Cross-Disability Coalition , a provider of career training in allied health programs, today announced financial results for the six months and quarter ended June June: see month. 30, 2000. A net loss of $378,000 was reported for the six months ended June 30, 2000, resulting in basic and 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. loss per share of $.06. A net loss of $180,000 was reported for the three months ended June 30, 2000, resulting in basic and diluted loss per share of $.03. OPERATING RESULTS Revenue increased 11.9% to $9,426,000 for the three months ended June 30, 2000, from $8,426,000 for the same period in 1999. The increased revenue was the result of improved enrollments and average student population compared to 1999. Student enrollments increased 6.0% for the three months ended June 30, 2000, compared with the same period in 1999. Average student population increased 10.7% to 3,451 compared to 3,117 at June 30, 1999. Concorde's net loss was $180,000 for the quarter compared to a net loss of $183,000 for the same period in 1999. Basic and diluted loss per share was $.03 in 2000 and 1999. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased $998,000 to $9,679,000 compared to $8,681,000 in 1999. Operating expenses increased as a result of additional student enrollments and increased student population. Revenue increased 13.7% to $18,845,000 for the six months ended June 30, 2000, from $16,569,000 for the same period in 1999. Student enrollments increased 6.0% for the six months ended June 30, 2000, compared with the same period in 1999. Average student population increased 11.5% to 3,478 compared to 3,119 at June 30, 1999. Concorde's net loss was $378,000 for the six months ended June 30, 2000, compared to $545,000 for the same period in 1999. The net loss included a charge of $86,000 representing the cumulative effect of change in accounting principle, net of tax in the first quarter of 2000. Basic and diluted loss per share was $.06 in 2000 compared to $.08 in 1999. Total operating expenses increased $1,862,000 to $19,235,000 compared to $17,373,000 in 1999. Operating expenses increased as a result of additional student enrollments and increased student population. As previously announced, Concorde began recognizing registration fees ratably over the life of a student's program, effective January January: see month. 1, 2000, in connection with the recently issued SEC Staff Accounting Bulletin (SAB SAB Spontaneous abortion. See Abortion. ) No. 101. Previously, registration fees were recognized the month a student began the program. Concorde reported a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $86,000 representing the cumulative effect of a change in accounting principle, net of tax in the first quarter 2000. The pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma effect of this change in accounting principle for the second quarter of 1999 would have resulted in a revenue reduction of $4,000 and net income reduction of $2,000 from the previously reported results. The pro forma effect for the six months ended June 30, 1999, would have been a revenue reduction of $18,000 and net income reduction of $11,000 from the previously reported results. The pro forma effect of this change in accounting principle had no effect on the earnings per share for the quarter or six months ended June 30, 1999. Certain statements in this press release may be deemed to be 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. under 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. The Company intends that such forward-looking statements be subject to the "safe-harbor" provisions of that act. Forward-looking statements regarding economic conditions, efforts of employees, year to year improvements, effects of corporate initiatives, future profitability, projections, future revenue opportunities, and their impact on 2000 are forward-looking statements and not historical facts. These statements are estimates or projections involving numerous risks or uncertainties, including but not limited to, consumer demand, acceptance of services offered by the Company, the Company's ability to maintain current expense and revenue levels, actions by competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. , 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 federal funding, legislative action, student default rates, changes in federal or state authorization The right or permission to use a system resource; the process of granting access. See access control. or accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. changes, changes in market needs and technology, political or 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, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , general economic conditions, changes in management strategy and the Company's ability to leverage its curriculum and management infrastructure to build its student base. Actual results or events could differ materially from those discussed in the forward-looking statements. See the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission for further information. The Company disclaims any obligation to publicly update, revise or correct any forward looking statements, whether as a result of new information, future events or otherwise.
CONCORDE CAREER COLLEGES, INC.
Quarter Ended June 30, 2000 and 1999
2000 1999(3)
---- -------
Revenue $ 9,426,000 $8,426,000
Total operating expense 9,679,000 8,681,000
Operating loss (253,000) (255,000)
Net loss (180,000) (183,000)
Basic loss per share (1) $(0.03) $(0.03)
Basic weighted average shares 7,951,000 7,851,000
Diluted loss per share (1) $( 0.03) $(0.03)
Diluted weighted average shares 7,951,000 7,851,000
Six Months Ended June 30, 2000 and 1999
2000 1999(3)
---- -------
Revenue $ 18,845,000 $16,569,000
Total operating expense 19,235,000 17,373,000
Operating loss (390,000) (804,000)
Cumulative effect of change in
accounting principle, net of tax (86,000)
Net loss (378,000) (545,000)
Loss before cumulative effect
of change in accounting principle (0.05)
Cumulative effect of
change in accounting
principle, net of tax (0.01)
Basic loss per share (2) $(0.06) $(0.08)
Basic weighted average shares 7,942,000 7,742,000
Loss before cumulative effect of
change in accounting principle (0.05)
Cumulative effect of change
in accounting principle,
net of tax (0.01)
Diluted loss per share (2) $(0.06) $(0.08)
Diluted weighted average shares 7,942,000 7,742,000
(1) Basic and diluted loss per share is shown after preferred stock
dividends of $46,000 and $41,000 for the three months ended June
30, 2000, and June 30, 1999, respectively.
(2) Basic and diluted loss per share is shown after preferred stock
dividends of $91,000 and $79,000 for the six months ended June 30,
2000, and June 30, 1999, respectively.
(3) Certain prior year amounts have been reclassified to conform to
the fiscal 2000 presentation. These changes had no effect on the
previously reported net loss.
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