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NATIONAL EDUCATION CORP. REPORTS FIRST QUARTER RESULTS; ANNOUNCES PLAN FOR STECK-VAUGHN IPO FILING

 IRVINE, Calif., May 5 /PRNewswire/ -- National Education Corp. today reported a net loss for the three months ended March 31, 1993, of ($4,349,000), or ($.14) per share, compared to a loss of ($2,641,000), or ($.09) per share, for the prior year. Revenues for the period are $83,035,000, compared to last year's $87,319,000.
 The company said that first quarter results were in line with management's expectations. The company added that the seaonality of its training and education businesses historically has an adverse impact on first-half results. Despite the first quarter loss, the company said that cash flow from operations remained positive for the period.
 Jerome W. Cwiertnia, president and chief executive officer, announced that a registration statement is expected to be filed shortly with the Securities and Exchange Commission for an initial public offering of the common stock of the company's Steck-Vaughn Publishing Corp. subsidiary.
 He added that, after completion of the planned offering, National Education Corp. will retain approximately 80 percent of the common shares of Steck-Vaughn. There are no plans for National Education to sell additional shares of Steck-Vaughn and the offering will be made only by means of a written prospectus.
 Cwiertnia said that the offering will generate substantial funds for National Education that will be available for general corporate purposes while also providing funds to support the future growth of Steck-Vaughn.
 NATIONAL EDUCATION CORP.
 Financial Summary
 Three Months Ended
 March 31,
 1993 1992
 Net revenues $83,035,000 $87,319,000
 Net loss ($4,349,000) ($2,641,000)
 Primary loss per share ($0.14) ($0.09)
 Fully diluted loss
 per share ($0.14) ($0.09)
 Average shares
 outstanding:
 Primary 30,208,000 30,355,000
 Fully diluted 37,524,000 37,688,000
 -0- 5/5/93
 /CONTACT: Corporate Communications of National Education Corp., 714-474-9400/


CO: National Education Corp.; Steck-Vaughn Publishing Corp. ST: California IN: PUB SU: ERN OFR

BP-JL -- LA016 -- 4750 05/05/93 09:30 EDT
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Publication:PR Newswire
Date:May 5, 1993
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