EXHIBIT 99.2
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME – RECLASSIFIED
(In thousands, except per share amounts)
For the Three Months Ended, | For the Year Ended December 31, 2007 | |||||||||||||||||||
March 31, 2007 | June 30, 2007 | September 30, 2007 | December 31, 2007 | |||||||||||||||||
REVENUE: | ||||||||||||||||||||
Tuition and registration fees | $ | 439,500 | $ | 417,877 | $ | 407,785 | $ | 445,993 | $ | 1,711,155 | ||||||||||
Other | 20,917 | 17,042 | 25,345 | 21,275 | 84,579 | |||||||||||||||
Total revenue | 460,417 | 434,919 | 433,130 | 467,268 | 1,795,734 | |||||||||||||||
OPERATING EXPENSES: | ||||||||||||||||||||
Educational services and facilities | 162,541 | 161,809 | 165,885 | 173,456 | 663,691 | |||||||||||||||
General and administrative | 237,980 | 250,640 | 230,299 | 233,266 | 952,185 | |||||||||||||||
Depreciation and amortization | 18,781 | 19,662 | 19,301 | 20,439 | 78,183 | |||||||||||||||
Goodwill and asset impairment | — | — | — | 36,765 | 36,765 | |||||||||||||||
Total operating expenses | 419,302 | 432,111 | 415,485 | 463,926 | 1,730,824 | |||||||||||||||
Operating income | 41,115 | 2,808 | 17,645 | 3,342 | 64,910 | |||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest income | 4,706 | 4,127 | 4,271 | 5,843 | 18,947 | |||||||||||||||
Interest expense | (360 | ) | (176 | ) | (343 | ) | (286 | ) | (1,165 | ) | ||||||||||
Share of affiliate earnings | 1,712 | 949 | 209 | 1,865 | 4,735 | |||||||||||||||
Miscellaneous expense | 237 | 479 | 56 | (30 | ) | 742 | ||||||||||||||
Total other income, net | 6,295 | 5,379 | 4,193 | 7,392 | 23,259 | |||||||||||||||
Pretax Income | 47,410 | 8,187 | 21,838 | 10,734 | 88,169 | |||||||||||||||
PROVISION FOR INCOME TAXES | 17,374 | 3,062 | 6,277 | 1,903 | 28,616 | |||||||||||||||
NET INCOME | $ | 30,036 | $ | 5,125 | $ | 15,561 | $ | 8,831 | $ | 59,553 | ||||||||||
NET INCOME PER SHARE - DILUTED | $ | 0.31 | $ | 0.05 | $ | 0.17 | $ | 0.10 | $ | 0.63 | ||||||||||
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING: | 96,812 | 94,659 | 93,455 | 92,412 | 94,407 | |||||||||||||||