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Career Education swings to profit in Q4

Career Education Corp. said its normalized net income for the fourth quarter came to 24 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 6 cents per share.

The per-share result swung to a profit from the prior-year loss of 44 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $16.1 million, compared with a loss of $29.7 million in the prior-year period.

The normalized profit margin climbed to 2.7% from negative 8.6% in the year-earlier period.

Total revenue fell 5.4% year over year to $328.1 million from $346.8 million, and total operating expenses declined 23.4% year over year to $302.2 million from $394.6 million.

Reported net income came to $99.1 million, or $1.45 per share, compared to a loss of $74.5 million, or a loss of $1.11 per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 11 cents per share, compared with the S&P Capital IQ consensus normalized EPS estimate of a loss of 61 cents.

EPS was a loss of 91 cents in the prior year.

Normalized net income was a loss of $7.2 million, compared with a loss of $61.4 million in the prior year.

Full-year total revenue decreased 7.3% on an annual basis to $847.3 million from $914.0 million, and total operating expenses declined 15.2% on an annual basis to $858.4 million from $1.01 billion.

The company said reported net income totaled $53.3 million, or 78 cents per share, in the full year, compared with a loss of $142.4 million, or a loss of $2.12 per share, the prior year.