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Career Education Q1 loss widens YOY

Career Education Corp. said its first-quarter normalized net income amounted to a loss of 18 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 23 cents per share.

The per-share loss widened year over year from 17 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $11.9 million, compared with a loss of $11.6 million in the prior-year period.

The normalized profit margin increased to negative 5.2% from negative 5.8% in the year-earlier period.

Total revenue declined 8.0% year over year to $182.3 million from $198.2 million, and total operating expenses decreased 7.5% from the prior-year period to $200.9 million from $217.2 million.

Reported net income totaled a loss of $24.8 million, or a loss of 37 cents per share, compared to a loss of $21.7 million, or a loss of 32 cents per share, in the prior-year period.