Jan. 19 at 5:34 p.m.
Filed under:
Economy,
Education,
Jobs/employment,
Layoffs
By Dow Jones Newswires
Career Education Corp. said Wednesday that it will cut its U.S. work force by 7 percent, or 600 positions, as the for-profit educator looks to reduce costs in the face of slowing enrollment growth.
The company, whose schools include Le Cordon Bleu North America and American InterContinental University, said the reductions will roll out over the next few months. Career Education will book a charge of up to $8 million in its fiscal fourth quarter on severance and related costs. Get the full story »
Nov. 2, 2010 at 5:11 p.m.
Filed under:
Education,
Investigations,
Jobs/employment
By Ameet Sachdev
Career Education Corp. said Tuesday that it will pay about $40 million to settle lawsuits filed by students in one of its culinary schools.
The settlement was recorded as a pretax charge against the company’s third-quarter earnings. In the quarter ended Sept. 30, Career Education reported net income of $26.1 million, or 33 cents a diluted share. Operating income excluding the $40 million charge was $78.3 million.
In the year ago quarter, the company, which operates for-profit colleges, reported net income of $20.8 million, or 25 cents a diluted share. The year-ago quarter also included a special item for $18.8 million in compensation expense. Get the full story »
Sep. 16, 2010 at 11:03 a.m.
Filed under:
Education,
Jobs/employment,
Policy,
Politics
By Reuters
Education company Career Education forecast a significant slowdown in revenue growth from 2011 to 2014 as U.S. President Obama’s regulations for the for-profit education sector takes effect. Get the full story »
Sep. 1, 2010 at 7:57 a.m.
Filed under:
Education
From Bloomberg News | U.S. education stocks are under pressure after U.S. Sen. Dick Durbin (D-Ill.) said industry practices should be curbed. “We need to consider whether it is wise for companies to profit so handsomely on federal funding when the results don’t match the investment,” Durbin said in a statement. “And we need congressional action to rein in abuses and ensure that taxpayer dollars are being wisely spent.”
Aug. 6, 2010 at 11:13 a.m.
Filed under:
Education,
Stock activity
By Dow Jones Newswires
Shares of for-profit education companies slipped Friday after American Public Education Inc. slashed its third-quarter outlook and said its guidance for the full year shouldn’t be relied upon, as increased operations activity in the U.S. military is hurting its net course registrations. Get the full story »
Aug. 4, 2010 at 6:56 p.m.
Filed under:
Earnings,
Education,
Government
By Dow Jones Newswires
Career Education Corp.’s second-quarter profit soared as the for-profit college’s student population rose 23 percent and margins improved, though revenue fell short of analysts expectations.
College operators have benefited during the recession as out-of-work adults look to re-train, but their rapid growth has garnered the attention of the Department of Education and Congress. Get the full story »
May 17, 2010 at 3:46 p.m.
Filed under:
Education,
Stock activity
From Bloomberg | Education stocks rose after the Chronicle of Higher Education reported that U.S. Education Deputy Undersecretary Robert Shireman will step down. Apollo, the biggest U.S. for-profit education provider, advanced 9.9 percent to $57.98, while Hoffman Estates-based Career Education Corp. jumped 8.7 percent to $31.35, and Oakbrook Terrace-based DeVry Inc. gained 4.9 percent to $62.03.
Get the full story: businessweek.com.
