Exhibit 99.1
Career Education Corporation | ||||||||||||||||||||||||||||||||||||||||
Reconciliation of Segment Reporting | ||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2007 | ||||||||||||||||||||||||||||||||||||||||
Unaudited | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||
Revenue | University | Culinary | Health | Art & Design | Transitional | International | Colleges | Academy | Corporate | Total | ||||||||||||||||||||||||||||||
As Reported | $ | 682,750 | $ | 365,789 | $ | 189,017 | $ | - | $ | - | $ | 81,907 | $ | 184,355 | $ | 170,917 | $ | 147 | $ | 1,674,882 | ||||||||||||||||||||
Creation of Art & Design (1) | - | - | - | 275,392 | - | - | (134,474 | ) | (140,918 | ) | - | - | ||||||||||||||||||||||||||||
Creation of Transitional (2) | (16,066 | ) | - | (271 | ) | - | 59,262 | - | (12,926 | ) | (29,999 | ) | - | - | ||||||||||||||||||||||||||
Realign two of the schools previously held for sale into Health (3) | - | - | 17,954 | - | - | - | - | - | - | 17,954 | ||||||||||||||||||||||||||||||
Teach-out nine of the schools previously held for sale (4) | - | - | - | - | 102,898 | - | - | - | - | 102,898 | ||||||||||||||||||||||||||||||
Realign Briarcliffe into University | 36,955 | - | - | - | - | - | (36,955 | ) | - | - | - | |||||||||||||||||||||||||||||
As Revised | $ | 703,639 | $ | 365,789 | $ | 206,700 | $ | 275,392 | $ | 162,160 | $ | 81,907 | $ | - | $ | - | $ | 147 | $ | 1,795,734 | ||||||||||||||||||||
Operating Profit | University | Culinary | Health | Art & Design | Transitional | International | Colleges | Academy | Corporate | Total | ||||||||||||||||||||||||||||||
As Reported | $ | 91,342 | $ | 49,133 | $ | 6,980 | $ | - | $ | - | $ | 13,024 | $ | 9,001 | $ | 3,390 | $ | (52,452 | ) | $ | 120,418 | |||||||||||||||||||
Creation of Art & Design (1) | - | - | - | 32,499 | - | - | (19,212 | ) | (13,287 | ) | - | - | ||||||||||||||||||||||||||||
Creation of Transitional (2) | 10,914 | - | 991 | - | (32,128 | ) | - | 10,326 | 9,897 | - | - | |||||||||||||||||||||||||||||
Realign two of the schools previously held for sale into Health (3) | - | - | (1,546 | ) | - | - | - | - | - | - | (1,546 | ) | ||||||||||||||||||||||||||||
Teach-out nine of the schools previously held for sale (4) | - | - | - | - | (53,962 | ) | - | - | - | - | (53,962 | ) | ||||||||||||||||||||||||||||
Realign Briarcliffe into University | 115 | - | - | - | - | - | (115 | ) | - | - | - | |||||||||||||||||||||||||||||
As Revised | $ | 102,371 | $ | 49,133 | $ | 6,425 | $ | 32,499 | $ | (86,090 | ) | $ | 13,024 | $ | - | $ | - | $ | (52,452 | ) | $ | 64,910 | ||||||||||||||||||
(1) Schools previously organized within Academy and Colleges have been realigned to form the Art & Design reporting segment. This excludes the schools within Academy and Colleges which are being taught out. | ||||||||||||||||||||||||||||||||||||||||
(2) Comprised of all schools currently being taught out, including: Brooks, Sunnyvale, CA; Brooks, Long Beach, CA; IADT - Pittsburgh, PA; IADT - Toronto and SBI - Springfield, MA. | ||||||||||||||||||||||||||||||||||||||||
(3) Comprised of Gibbs - Melville, NY and Gibbs - Vienna, VA which were previously held for sale which are being realigned within the Health reporting segment. | ||||||||||||||||||||||||||||||||||||||||
(4) Nine schools previously held for sale that are being taught out, include: McIntosh College; Lehigh Valley College; Gibbs - New York, NY; Gibbs - Norwalk, CT; Gibbs - Norristown, PA; Gibbs - Piscataway, NJ; Gibbs - Boston, MA; Gibbs - Livingston, NJ and Gibbs - Cranston, RI. |
Career Education Corporation | ||||||||||||||||||||
Recast Quarterly Segment Reporting | ||||||||||||||||||||
For the Year Ended December 31, 2007 | ||||||||||||||||||||
Unaudited | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Revenue | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Full Year | |||||||||||||||
University | $ | 185,845 | $ | 178,579 | $ | 166,322 | $ | 172,893 | $ | 703,639 | ||||||||||
Culinary | 88,697 | 84,574 | 98,472 | 94,046 | 365,789 | |||||||||||||||
Art & Design | 69,633 | 64,245 | 68,450 | 73,064 | 275,392 | |||||||||||||||
Health | 49,365 | 51,088 | 51,916 | 54,331 | 206,700 | |||||||||||||||
International | 21,900 | 16,531 | 10,891 | 32,585 | 81,907 | |||||||||||||||
Transitional | 44,852 | 39,891 | 37,076 | 40,341 | 162,160 | |||||||||||||||
Corporate & Other | 125 | 11 | 3 | 8 | 147 | |||||||||||||||
Total revenue | $ | 460,417 | $ | 434,919 | $ | 433,130 | $ | 467,268 | $ | 1,795,734 | ||||||||||
Operating Profit | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Full Year | |||||||||||||||
University | $ | 34,089 | $ | 24,915 | $ | 16,899 | $ | 26,468 | $ | 102,371 | ||||||||||
Culinary | 11,424 | 7,131 | 15,566 | 15,012 | 49,133 | |||||||||||||||
Art & Design | 9,711 | 565 | 8,281 | 13,942 | 32,499 | |||||||||||||||
Health | 3,628 | 2,856 | 2,578 | (2,637 | ) | 6,425 | ||||||||||||||
International | 6,207 | 424 | (3,054 | ) | 9,447 | 13,024 | ||||||||||||||
Transitional | (7,754 | ) | (22,339 | ) | (10,117 | ) | (45,880 | ) | (86,090 | ) | ||||||||||
Corporate & Other | (16,190 | ) | (10,744 | ) | (12,508 | ) | (13,010 | ) | (52,452 | ) | ||||||||||
Total operating profit | $ | 41,115 | $ | 2,808 | $ | 17,645 | $ | 3,342 | $ | 64,910 | ||||||||||