National Education Corporation completes sale of five of its Education Centers.IRVINE, Calif.--(BUSINESS WIRE)--July 7, 1995--National Education Corporation (NYSE NYSE See: New York Stock Exchange :NEC (NEC Corporation, Tokyo, www.nec.com, www.necus.com) An electronics conglomerate known in the U.S. for its monitors. In Japan, it had the lion's share of the PC market until the late 1990s (see PC 98). NEC was founded in Tokyo in 1899 as Nippon Electric Company, Ltd. ) has completed the sale of five of its 28 remaining Education Centers. These five schools were included in a letter of intent signed with Corinthian Schools, Inc. (Csi), whose principals include individuals recently employed by the Education Centers. As anticipated, the sale to Csi includes commitments by Csi to acquire an additional seven schools before the end of the year. An additional nine schools, for which NEC has previously signed letters of intent with six separate buyers, are in various stages of completion. Most of these schools are expected to be sold by September 30, 1995, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. NEC's chief executive officer, Sam Yau. NEC continues to discuss the sale of the remaining seven schools with potential buyers. During the third quarter of 1995, the company will determine a final course of action for any of the Education Centers which have not been sold or for which letters of intent have not been signed. This could include teaching-out certain schools. In June 1994, NEC announced plans to discontinue 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: the operation of the National Education Centers subsidiary after an extended period of attempting to restructure the business to operate in an increasingly restrictive regulatory environment. As a result of this decision, a loss on disposal of the Education Centers was recorded during the quarter ended June 30, 1995, in the amount of $40 million. NEC's 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 generated revenues of approximately $242 million during 1994 and include: ICS (1) (Internet Connection Sharing) A Windows feature that enables two or more computers to share one Internet connection. First introduced in Windows 98 Second Edition, sharing is accomplished with network address translation (NAT), which is the common method. Learning Systems, the world's largest and most established provider of distance education opportunities, including computer-based Continuing Professional Education courses; National Education Training Group, a worldwide provider of interactive multimedia products to train MIS professionals and end-users of technology; and Steck-Vaughn Publishing Corporation, one of the country's largest publishers of supplemental education materials which address instructional needs from childhood through adulthood. Contact: Connie McCluskey Director, Investor Relations Investor relations The process by which the corporation communicates with its investors. (714) 474-9483 |
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