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NATIONAL EDUCATION CORP. REPORTS SECOND QUARTER RESULTS

    IRVINE, Calif., Aug. 5 /PRNewswire/ -- National Education Corp. (NYSE: NEC) today reported a net loss for the three months ended June 30, 1993, of ($3,546,000) or ($.12) per share compared to net income of $270,000 or $.01 per share for the prior year period. Revenues for the period are $89,180,000 compared to last year's $91,421,000.
    The net loss for the first six months of 1993 is ($7,895,000) or ($.26) per share as compared to a loss of ($2,371,000) or ($.08) per share for the same period last year.  Revenues for the first six months of 1993 were $172,215,000 compared to $178,740,000 for the prior year period.
    The company said that underperformance in its training and vocational school operations has offset gains in its publishing and independent study businesses.  It added that its Education Centers subsidiary has experienced lower enrollments because of economic conditions in certain markets and to more restrictive admissions standards which are designed to improve student default rates.
    NEC also reported that in July the company completed the successful initial public offering of 2,320,000 shares of the common stock of its Steck-Vaughn Publishing Corp. subsidiary at $12.00 per share.  Steck- Vaughn is one of the nation's leading publishers of education materials and publications for the children's library market.
                        NATIONAL EDUCATION CORP.
                                Summary
                                         Three Months Ended June 30,
                                              1993          1992
    Net revenues                          $89,180,000   $91,421,000
    Net income (loss)                     ($3,546,000)     $270,000
    Primary earnings (loss) per share          ($0.12)        $0.01
    Fully diluted earnings (loss) per share    ($0.12)        $0.01
    Average shares outstanding:
     Primary                               30,072,000    30,357,000
     Fully diluted                         37,398,000    37,657,000
                                           Six Months Ended June 30,
                                              1993          1992
    Net revenues                         $172,215,000  $178,740,000
    Net loss                              ($7,895,000)  ($2,371,000)
    Primary loss per share                     ($0.26)       ($0.08)
    Fully diluted loss per share               ($0.26)       ($0.08)
    Average shares outstanding:
     Primary                               30,097,000    30,357,000
     Fully diluted                         37,446,000    37,657,000
    -0-             08/05/93
    CONTACT:  Corporate Communications of National Education Corp., 714-474-9400
    (NEC) CO:  NATIONAL EDUCATION CORP. IN:  PUB SU:  ERN ST:  CA


-- LA035 -- X446 08/05/93
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Publication:PR Newswire
Date:Aug 5, 1993
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