Perdoceo Education (PRDO) 8-K Regulation FD Disclosure

Exhibit 99.1

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME

(In thousands, except per share amounts)

	For the Year Ended December 31, 2007
	(Audited)			(Unaudited)
	As Reported			Adjustment (1)			Reclassified
REVENUE:
Tuition and registration fees	$	1,595,326		$	115,829		$	1,711,155
Other		79,556			5,023			84,579
Total revenue		1,674,882			120,852			1,795,734
OPERATING EXPENSES:
Educational services and facilities		593,659			70,032			663,691
General and administrative		876,801			75,384			952,185
Depreciation and amortization		78,183			—			78,183
Goodwill and asset impairment		5,821			30,944			36,765
Total operating expenses		1,554,464			176,360			1,730,824
Operating income		120,418			(55,508	)		64,910
OTHER INCOME (EXPENSE):
Interest income		18,948			(1	)		18,947
Interest expense		(1,185	)		20			(1,165	)
Share of affiliate earnings		4,735			—			4,735
Miscellaneous income (expense)		761			(19	)		742
Total other income, net		23,259			—			23,259
Income from continuing operations before provision for income taxes		143,677			(55,508	)		88,169
PROVISION / (BENEFIT) FOR INCOME TAXES		48,175			(19,559	)		28,616
INCOME FROM CONTINUING OPERATIONS	$	95,502		$	(35,949	)	$	59,553
DISCONTINUED OPERATIONS:
Loss from discontinued operations, net of income tax benefit		(35,949	)		35,949			—
NET INCOME	$	59,553		$	—		$	59,553
NET INCOME PER SHARE - DILUTED:
Income from continuing operations	$	1.01		$	(0.38	)	$	0.63
Loss from discontinued operations		(0.38	)		0.38			—
Net income	$	0.63		$	—		$	0.63
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING:		94,407			—			94,407

(1) In February 2008, the Company announced plans to teach-out all programs at nine of the eleven campuses previously held for sale. The remaining two campuses will be converted to Sanford-Brown schools. As the eleven campuses are no longer being held for sale, the results of operations will be reflected within continuing operations. This adjustment reclassifies the results of operations of these eleven campuses from discontinued operations into continuing operations.