Financial Statements for Career Education Corp.

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Career Education Corp. financials

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Income Statement

Balance Sheet

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In Millions of USD (except for per share items)	3 months ending 2013-03-31	3 months ending 2012-12-31	3 months ending 2012-09-30	3 months ending 2012-06-30	3 months ending 2012-03-31
Revenue	340.48	353.41	332.76	368.97	431.36
Other Revenue, Total	-	-	-	-	-
Total Revenue	340.48	353.41	332.76	368.97	431.36
Cost of Revenue, Total	132.88	139.43	133.21	145.85	150.74
Gross Profit	207.60	213.98	199.55	223.12	280.62
Selling/General/Admin. Expenses, Total	206.42	226.57	227.37	225.62	212.97
Research & Development	-	-	-	-	-
Depreciation/Amortization	19.12	20.10	20.43	20.02	19.71
Interest Expense(Income) - Net Operating	-	-	-	-	-
Unusual Expense (Income)	6.87	41.35	0.00	85.58	0.08
Other Operating Expenses, Total	-	-	-	-	-
Total Operating Expense	365.30	427.45	381.00	477.06	383.51
Operating Income	-24.81	-74.04	-48.25	-108.10	47.86
Interest Income(Expense), Net Non-Operating	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-	-
Other, Net	-0.47	0.48	0.08	-0.08	0.00
Income Before Tax	-25.73	-73.34	-47.51	-107.73	48.09
Income After Tax	-14.49	-56.64	-30.83	-93.87	41.66
Minority Interest	-	-	-	-	-
Equity In Affiliates	-	-	-	-	-
Net Income Before Extra. Items	-14.49	-56.64	-30.83	-93.87	41.66
Accounting Change	-	-	-	-	-
Discontinued Operations	-	-	-	-	-
Extraordinary Item	-	-	-	-	-
Net Income	-15.20	-61.49	-33.15	-100.23	52.08
Preferred Dividends	-	-	-	-	-
Income Available to Common Excl. Extra Items	-14.49	-56.64	-30.83	-93.87	41.66
Income Available to Common Incl. Extra Items	-15.20	-61.49	-33.15	-100.23	52.08
Basic Weighted Average Shares	-	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	0.00	-
Diluted Weighted Average Shares	66.43	66.92	66.10	66.03	66.96
Diluted EPS Excluding Extraordinary Items	-0.22	-0.85	-0.47	-1.42	0.62
Diluted EPS Including Extraordinary Items	-	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-	-
Depreciation, Supplemental	-	-	-	-	-
Total Special Items	-	-	-	-	-
Normalized Income Before Taxes	-	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-	-
Normalized Income After Taxes	-	-	-	-	-
Normalized Income Avail to Common	-	-	-	-	-
Basic Normalized EPS	-	-	-	-	-
Diluted Normalized EPS	-0.21	-0.88	-0.36	-0.41	0.54

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Revenue	1,460.96	1,816.75	1,990.14	1,729.50
Other Revenue, Total	28.31	56.62	79.41	72.91
Total Revenue	1,489.27	1,873.37	2,069.55	1,802.40
Cost of Revenue, Total	571.17	626.16	617.42	593.40
Gross Profit	889.79	1,190.59	1,372.72	1,136.10
Selling/General/Admin. Expenses, Total	894.18	932.64	1,070.69	916.72
Research & Development	-	-	-	-
Depreciation/Amortization	80.66	82.35	68.67	64.57
Interest Expense(Income) - Net Operating	-	-	-	-
Unusual Expense (Income)	127.01	191.52	70.43	2.50
Other Operating Expenses, Total	-	-	-	-
Total Operating Expense	1,673.02	1,832.67	1,827.21	1,577.19
Operating Income	-183.75	40.69	242.34	225.21
Interest Income(Expense), Net Non-Operating	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-
Other, Net	0.48	1.97	-0.48	-0.79
Income Before Tax	-181.71	43.48	242.62	226.47
Income After Tax	-134.91	-3.26	163.67	146.87
Minority Interest	-	-	-	-
Equity In Affiliates	-	-	-	-
Net Income Before Extra. Items	-134.91	-3.26	163.67	146.87
Accounting Change	-	-	-	-
Discontinued Operations	-	-	-	-
Extraordinary Item	-	-	-	-
Net Income	-142.80	18.57	157.77	81.22
Preferred Dividends	-	-	-	-
Income Available to Common Excl. Extra Items	-134.91	-3.26	163.67	146.87
Income Available to Common Incl. Extra Items	-142.80	18.57	157.77	81.22
Basic Weighted Average Shares	-	-	-	-
Basic EPS Excluding Extraordinary Items	-	-	-	-
Basic EPS Including Extraordinary Items	-	-	-	-
Dilution Adjustment	0.00	0.00	0.00	-
Diluted Weighted Average Shares	66.47	74.50	80.85	86.42
Diluted EPS Excluding Extraordinary Items	-2.03	-0.04	2.02	1.70
Diluted EPS Including Extraordinary Items	-	-	-	-
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00	0.00
Gross Dividends - Common Stock	-	-	-	-
Net Income after Stock Based Comp. Expense	-	-	-	-
Basic EPS after Stock Based Comp. Expense	-	-	-	-
Diluted EPS after Stock Based Comp. Expense	-	-	-	-
Depreciation, Supplemental	-	-	-	-
Total Special Items	-	-	-	-
Normalized Income Before Taxes	-	-	-	-
Effect of Special Items on Income Taxes	-	-	-	-
Income Taxes Ex. Impact of Special Items	-	-	-	-
Normalized Income After Taxes	-	-	-	-
Normalized Income Avail to Common	-	-	-	-
Basic Normalized EPS	-	-	-	-
Diluted Normalized EPS	-0.79	1.63	2.61	1.73

In Millions of USD (except for per share items)	As of 2013-03-31	As of 2012-12-31	As of 2012-09-30	As of 2012-06-30	As of 2012-03-31
Cash & Equivalents	-	-	242.83	209.31	229.39
Short Term Investments	167.93	167.65	130.50	160.62	160.47
Cash and Short Term Investments	287.77	304.44	373.32	369.93	389.86
Accounts Receivable - Trade, Net	50.42	68.89	65.02	55.58	61.99
Receivables - Other	-	-	-	-	-
Total Receivables, Net	54.83	72.73	67.71	57.67	81.68
Total Inventory	7.50	8.51	9.16	10.00	9.83
Prepaid Expenses	57.71	44.39	75.18	73.24	69.20
Other Current Assets, Total	29.09	113.50	19.59	20.40	30.41
Total Current Assets	436.90	543.56	544.97	531.24	580.98
Property/Plant/Equipment, Total - Gross	-	-	-	-	-
Accumulated Depreciation, Total	-	-	-	-	-
Goodwill, Net	131.72	133.03	131.86	130.88	213.86
Intangibles, Net	61.13	61.67	74.03	74.63	76.67
Long Term Investments	-	-	-	-	-
Other Long Term Assets, Total	99.09	100.20	68.67	66.75	57.26
Total Assets	994.62	1,122.70	1,145.03	1,139.09	1,279.26
Accounts Payable	42.60	38.42	53.24	38.38	34.17
Accrued Expenses	107.93	112.18	108.89	115.76	127.95
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	0.10	80.21	0.31	0.40	0.41
Other Current liabilities, Total	96.02	121.91	148.33	115.63	130.75
Total Current Liabilities	246.66	352.71	310.76	270.17	293.29
Long Term Debt	-	-	0.00	0.00	0.11
Capital Lease Obligations	-	-	-	-	-
Total Long Term Debt	0.00	0.00	0.00	0.00	0.11
Total Debt	0.10	80.21	0.31	0.40	0.52
Deferred Income Tax	-	-	-	-	-
Minority Interest	-	-	-	-	-
Other Liabilities, Total	151.50	158.20	162.60	166.59	176.79
Total Liabilities	398.15	510.91	473.36	436.76	470.18
Redeemable Preferred Stock, Total	-	-	0.00	0.00	0.00
Preferred Stock - Non Redeemable, Net	-	-	-	-	-
Common Stock, Total	0.82	0.82	0.82	0.82	0.82
Additional Paid-In Capital	598.90	596.83	599.53	597.59	594.22
Retained Earnings (Accumulated Deficit)	217.72	232.92	294.31	327.46	427.69
Treasury Stock - Common	-214.44	-213.99	-213.99	-213.97	-213.94
Other Equity, Total	-6.53	-4.79	-9.02	-9.55	0.29
Total Equity	596.47	611.79	671.66	702.33	809.08
Total Liabilities & Shareholders' Equity	994.62	1,122.70	1,145.03	1,139.09	1,279.26
Shares Outs - Common Stock Primary Issue	-	-	-	-	-
Total Common Shares Outstanding	67.05	67.07	67.02	67.18	67.22

In Millions of USD (except for per share items)	As of 2012-12-31	As of 2011-12-31	As of 2010-12-31	As of 2009-12-31
Cash & Equivalents	-	-	-	-
Short Term Investments	167.65	283.88	272.90	304.28
Cash and Short Term Investments	304.44	441.20	420.31	484.71
Accounts Receivable - Trade, Net	68.94	59.96	62.09	57.80
Receivables - Other	-	-	-	-
Total Receivables, Net	72.78	62.86	63.95	63.05
Total Inventory	8.57	11.33	13.14	11.26
Prepaid Expenses	44.44	62.18	51.38	40.75
Other Current Assets, Total	113.33	32.91	77.74	29.07
Total Current Assets	543.56	610.48	626.52	628.84
Property/Plant/Equipment, Total - Gross	776.02	769.14	809.23	701.32
Accumulated Depreciation, Total	-498.45	-419.43	-445.72	-397.29
Goodwill, Net	133.03	212.63	374.59	377.51
Intangibles, Net	61.68	76.29	110.22	180.52
Long Term Investments	-	-	-	-
Other Long Term Assets, Total	100.03	57.70	85.59	51.49
Total Assets	1,122.70	1,316.12	1,572.96	1,563.84
Accounts Payable	38.44	48.36	53.12	51.10
Accrued Expenses	112.20	126.65	205.61	173.13
Notes Payable/Short Term Debt	0.00	0.00	0.00	0.00
Current Port. of LT Debt/Capital Leases	80.21	0.84	0.78	0.88
Other Current liabilities, Total	121.86	153.59	197.58	216.90
Total Current Liabilities	352.71	329.44	457.08	442.01
Long Term Debt	0.00	0.21	1.22	2.26
Capital Lease Obligations	-	-	-	-
Total Long Term Debt	0.00	0.21	1.22	2.26
Total Debt	80.21	1.05	2.01	3.14
Deferred Income Tax	-	-	-	-
Minority Interest	-	-	-	-
Other Liabilities, Total	158.20	180.38	180.27	198.05
Total Liabilities	510.91	510.03	638.58	642.32
Redeemable Preferred Stock, Total	0.00	0.00	-	-
Preferred Stock - Non Redeemable, Net	-	-	-	-
Common Stock, Total	0.82	0.82	0.81	0.95
Additional Paid-In Capital	596.83	590.97	576.85	662.87
Retained Earnings (Accumulated Deficit)	232.92	375.72	356.99	471.18
Treasury Stock - Common	-213.99	-156.28	-0.19	-221.89
Other Equity, Total	-4.79	-5.14	-0.08	8.41
Total Equity	611.79	806.09	934.38	921.52
Total Liabilities & Shareholders' Equity	1,122.70	1,316.12	1,572.96	1,563.84
Shares Outs - Common Stock Primary Issue	-	-	-	-
Total Common Shares Outstanding	67.07	73.62	81.21	85.79

In Millions of USD (except for per share items)	3 months ending 2013-03-31	12 months ending 2012-12-31	9 months ending 2012-09-30	6 months ending 2012-06-30	3 months ending 2012-03-31
Net Income/Starting Line	-15.20	-142.80	-81.30	-48.16	52.08
Depreciation/Depletion	19.30	81.81	60.55	40.13	20.11
Amortization	-	-	-	-	-
Deferred Taxes	-	-42.01	-	-	-
Non-Cash Items	15.44	177.07	123.15	109.46	12.29
Changes in Working Capital	-33.73	-90.87	-69.91	-84.85	-67.11
Cash from Operating Activities	-14.20	-16.80	32.49	16.58	17.35
Capital Expenditures	-4.08	-37.94	-29.50	-19.99	-12.30
Other Investing Cash Flow Items, Total	-2.02	96.30	25.06	-8.82	0.13
Cash from Investing Activities	-6.10	58.35	-4.44	-28.81	-12.18
Financing Cash Flow Items	86.47	-104.01	-6.14	-0.32	-3.56
Total Cash Dividends Paid	-	-	-	-	-
Issuance (Retirement) of Stock, Net	0.30	-54.83	-55.17	-55.55	-55.95
Issuance (Retirement) of Debt, Net	-80.07	79.16	-0.74	-0.64	-0.55
Cash from Financing Activities	6.70	-79.69	-62.05	-56.51	-60.06
Foreign Exchange Effects	-3.19	-1.84	-3.77	-2.54	3.68
Net Change in Cash	-16.79	-39.97	-37.76	-71.28	-51.20
Cash Interest Paid, Supplemental	-	0.20	-	-	-
Cash Taxes Paid, Supplemental	-	19.10	-	-	-

In Millions of USD (except for per share items)	12 months ending 2012-12-31	12 months ending 2011-12-31	12 months ending 2010-12-31	12 months ending 2009-12-31
Net Income/Starting Line	-142.80	18.57	157.77	81.22
Depreciation/Depletion	81.81	85.37	71.62	67.60
Amortization	-	-	-	-
Deferred Taxes	-42.01	14.23	-17.01	-8.70
Non-Cash Items	177.07	233.28	195.93	77.03
Changes in Working Capital	-90.87	-121.00	-136.06	71.11
Cash from Operating Activities	-16.80	230.45	272.26	288.25
Capital Expenditures	-37.94	-78.33	-127.28	-100.42
Other Investing Cash Flow Items, Total	96.30	12.10	34.48	51.12
Cash from Investing Activities	58.35	-66.23	-92.81	-49.30
Financing Cash Flow Items	-104.01	-15.98	-20.91	0.24
Total Cash Dividends Paid	-	-	-	-
Issuance (Retirement) of Stock, Net	-54.83	-146.07	-151.80	-198.32
Issuance (Retirement) of Debt, Net	79.16	-0.99	-1.01	-1.07
Cash from Financing Activities	-79.69	-163.04	-173.72	-199.15
Foreign Exchange Effects	-1.84	-10.07	-1.32	0.41
Net Change in Cash	-39.97	-8.89	4.41	40.21
Cash Interest Paid, Supplemental	0.20	0.12	0.16	0.10
Cash Taxes Paid, Supplemental	19.10	40.19	103.31	54.91