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NATIONAL EDUCATION CORP. REPORTS THIRD QUARTER RESULTS

       NATIONAL EDUCATION CORP. REPORTS THIRD QUARTER RESULTS
    IRVINE, Calif., Nov. 7 /PRNewswire/ -- National Education Corp. (NYSE: NEC) today reported a net profit for the three months ended Sept. 30, 1991 of $3,303,000 or $.11 per share compared to a loss of ($1,286,000) or ($.04) per share for the prior year.
    For the nine months ended Sept. 30, 1991, the company reported a loss of ($3,624,000) or ($.12) per share compared to a loss of ($16,097,000) or ($.54) per share for the same period last year.
    The company reported that despite a worsening economy its education and training operations showed improved profitability for the quarter and that cash flow from operations continued to remain positive.
                      NATIONAL EDUCATION CORP.
                               Summary
                                      Three Months Ended Sept. 30,
                                      1991                   1990
    Net revenues               $97,377,000            $95,845,000
    Net income (loss)           $3,303,000            ($1,286,000)
    Primary earnings (loss)
     per share                        $.11                  ($.04)
    Fully diluted earnings (loss)
     per share                        $.11                  ($.04)
    Average shares outstanding:
     Primary                    30,164,000             29,603,000
     Fully diluted              37,464,000             31,903,000
                                       Nine Months Ended Sept. 30,
                                      1991                   1990
    Net revenues              $274,483,000           $269,286,000
    Net loss                   ($3,624,000)          ($16,097,000)(a)
    Primary loss per share           ($.12)                 ($.54)
    Fully diluted loss per share     ($.12)                 ($.54)
    Average shares outstanding:
     Primary                    30,079,000             29,606,000
     Fully diluted              36,599,000             31,906,000
    (a)  Includes net unusual items of $154,000 ($102,000 after tax). Amount reflects the company's insurance underwriter's contribution of $5,500,000 to a class action settlement and an unusual charge of $5,346,000 which reflects severance payments and benefits claimed by the company's former chairman and chief executive officer under his employment agreement.
     -0-                       11/7/91
    /CONTACT:  Corporate Communications of National Education Corp., 714-474-9400/
    (NEC) CO:  National Education Corp. ST:  California IN: SU:  ERN AL-CH -- LA015 -- 2255 11/07/91 13:11 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 7, 1991
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