Perdoceo Education (PRDO) 8-K Career Education Corporation Reports

Exhibit 99.1

CAREER EDUCATION CORPORATION REPORTS

RESULTS FOR THIRD QUARTER 2013

Schaumburg, Ill. (November 6, 2013) – Career Education Corporation (NASDAQ: CECO) today reported total revenue of $251.3 million, and a net loss of $87.1 million, or -$1.30 per diluted share, for the third quarter of 2013 compared to total revenue of $316.2 million and net loss of $33.1 million, or -$0.50 per diluted share, for the third quarter of 2012.

INTERNATIONAL SCHOOLS HELD FOR SALE

On October 22, 2013, the Company and one of its subsidiaries entered into a Securities Purchase Agreement with Insignis, a company controlled by funds managed by Apax Partners, pursuant to which the Company will sell and transfer control of its Paris-based INSEEC Group and the International University of Monaco. The closing of the transaction is subject to customary closing conditions, including the receipt of anti-trust regulatory approvals in France. The Company expects the closing to occur no later than December 27, 2013. As a result of the decision to sell our International Schools, the assets and liabilities and the results of operations of the entities to be sold are classified as held for sale within discontinued operations as of, and for the periods ending, September 30, 2013. All prior periods have been recast to be comparable to the current period.

“In addition to recapitalizing Career Education through the agreement to sell our International assets, and thus tapping unrecognized value for our investors, we continue to see improved performance as a result of operational changes made to our business,” said Scott W. Steffey, president and CEO of Career Education. “As an example, new enrollments across our continuing operations, excluding Transitional campuses, were down 10 percent from the same quarter last year. That compares to a decline of 19 percent in the second quarter and 20 percent in the first quarter. Additionally, we expect to reduce our expenses by up to $175 million in 2013, with an incremental $75-$100 million reduction in 2014. While much work remains to be done to continue stemming declines and return to growth, I’m pleased with the progress made to date.”

CONSOLIDATED RESULTS

Quarter Ended September 30, 2013

• Total revenue was $251.3 million for the third quarter of 2013, a 20.5 percent decrease from $316.2 million for the third quarter of 2012.

• Operating losses of $68.6 million and $40.4 million were recorded for the third quarters of 2013 and 2012, respectively. The operating margin was -27.3 percent for the third quarter of 2013 versus -12.8 percent for the third quarter of 2012. The operating loss for the quarter ended September 30, 2013 included $11.6 million ($0.11 per diluted share) of non-cash asset impairment charges primarily related to a $10.7 million Le Cordon Bleu trade name impairment.

• The loss from continuing operations for the third quarter of 2013 was $43.4 million, or -$0.65 per diluted share, versus the loss from continuing operations of $26.1 million, or -$0.40 per diluted share, for the third quarter of 2012.

• The $87.1 million net loss for the third quarter of 2013 included a $39.9 million ($0.60 per diluted share) discrete tax expense related to unremitted earnings of our foreign entities. This charge was recorded within the loss from discontinued operations.

CEC ANNOUNCES 3Q13 RESULTS …PG 2

Year to Date Ended September 30, 2013

• Total revenue was $810.9 million for the year to date ended September 30, 2013, compared to $1,047.8 million for the year to date ended September 30, 2012.

• Operating losses of $159.4 million and $108.3 million were recorded for the years to date ended September 30, 2013 and 2012, respectively. The operating margin decreased to -19.7 percent for the year to date ended September 30, 2013, from-10.3 percent for the year to date ended September 30, 2012.

• The loss from continuing operations for the year to date ended September 30, 2013, was $96.1 million, or -$1.44 per diluted share, compared to the loss from continuing operations of $79.4 million, or -$1.20 per diluted share, for the year to date ended September 30, 2012.

• During the year to date ended September 30, 2013, the Company recorded non-cash asset impairment charges of $15.7 million ($0.15 per diluted share) primarily comprised of $13.0 million related to the Le Cordon Bleu trade name and $1.7 million related to the Sanford-Brown trade name, and a $10.3 million ($0.10 per diluted share) charge related to the settlement of a legal matter reported within the Health Education segment.

• During the year to date ended September 30, 2012, the Company recorded non-cash goodwill and asset impairment charges of $85.5 million ($1.23 per diluted share), comprised mainly of goodwill impairment charges reflected within Health Education ($41.9 million) and Design & Technology ($40.8 million). In addition, the operating results for the year to date ended September 30, 2012 include a $19.0 million ($0.19 per diluted share) insurance recovery related to the settlement of claims under certain insurance policies.

CONSOLIDATED CASH FLOWS AND FINANCIAL POSITION

Cash Flows

• Net cash flows used in operating activities totaled $77.8 million for the year to date ended September 30, 2013, compared to net cash flows provided by operating activities of $32.5 million for the year to date ended September 30, 2012.

• Capital expenditures decreased to $16.6 million during the year to date ended September 30, 2013, from $29.5 million during the year to date ended September 30, 2012. Capital expenditures represented 1.8 percent and 2.6 percent of total revenue of continuing and discontinued operations during the years to date ended September 30, 2013 and 2012, respectively.

Financial Position

• As of September 30, 2013 and December 31, 2012, unrestricted cash, cash equivalents and short-term investments totaled $83.1 million and $176.8 million, respectively.

CEC ANNOUNCES 3Q13 RESULTS …PG 3

TOTAL ENROLLMENTS AND NEW ENROLLMENTS

The enrollment data presented below excludes the campuses previously reported within the International segment, as these are classified as held for sale and are included within discontinued operations effective with the third quarter of 2013.

Total Enrollments

Total enrollments by reportable segment as of September 30, 2013 and 2012 were as follows:

	As of September 30,				% Change
	2013		2012		2013 vs. 2012
Total Enrollments
CTU		20,500		22,000		-7%
AIU		12,000		14,900		-19%
Total University Schools		32,500		36,900		-12%
Health Education		9,000		10,600		-15%
Culinary Arts		8,000		11,200		-29%
Design & Technology		5,000		6,500		-23%
Total Career Schools		22,000		28,300		-22%
Subtotal		54,500		65,200		-16%
Transitional Schools		1,800		7,300		NM
Total		56,300		72,500		-22%

New Enrollments

New enrollments by reportable segment for the quarters ended September 30, 2013 and 2012 were as follows:

	For the Quarter Ended September 30,				% Change
	2013		2012		2013 vs. 2012
New Enrollments
CTU		4,780		5,150		-7%
AIU		2,880		3,700		-22%
Total University Schools		7,660		8,850		-13%
Health Education		3,150		3,310		-5%
Culinary Arts		3,650		3,920		-7%
Design & Technology		990		1,060		-7%
Total Career Schools		7,790		8,290		-6%
Subtotal		15,450		17,140		-10%
Transitional Schools(1)		20		1,720		NM
Total		15,470		18,860		-18%

(1) Campuses within the Transitional Schools segment no longer enroll new students; students who re-enter after 365 days are reported as new enrollments.

CEC ANNOUNCES 3Q13 RESULTS …PG 4

CONFERENCE CALL INFORMATION

Career Education Corporation will host a conference call on Thursday, November 7, 2013 at 10:00 a.m. Eastern time. Interested parties can access the live webcast of the conference call at www.careered.com in the Investor Relations section of the website. Participants can also listen to the conference call by dialing 800-580-9478 (domestic) or 630-691-2769 (international) and citing code 35873930. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. An archived version of the webcast will be accessible for 90 days at www.careered.com in the Investor Relations section of the website. A replay of the call will also be available for seven days by calling 888-843-7419 (domestic) or 630-652-3042 (international) and citing code 35873930.

ABOUT CAREER EDUCATION CORPORATION

The colleges, schools and universities that are part of the Career Education Corporation (“CEC”) family offer high-quality education to a diverse student population across the world in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. The more than 90 campuses that serve these students are located throughout the United States, and in France and Monaco, and offer doctoral, master’s, bachelor’s and associate degrees and diploma and certificate programs.

CEC is an industry leader whose institutions are recognized globally. Those institutions include, among others, American InterContinental University (“AIU”); Brooks Institute; Colorado Technical University (“CTU”); Harrington College of Design; INSEEC Group (“INSEEC”) Schools; International University of Monaco (“IUM”); International Academy of Design & Technology (“IADT”); Le Cordon Bleu North America (“LCB”); and Sanford-Brown Institutes and Colleges (“SBI” and “SBC”, respectively). Through its schools, CEC is committed to providing high-quality education, enabling students to graduate and pursue rewarding career opportunities.

For more information, see CEC’s website at www.careered.com. The website includes a detailed listing of individual campus locations and web links to CEC’s colleges, schools, and universities.

Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “continue”, “project”, “will”, “potential” and similar expressions, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on information currently available to us and are subject to various assumptions, risks, uncertainties and other factors that could cause our results of operations, financial condition, cash flows, performance, business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by the federal securities laws, we undertake no obligation to update or revise such factors or any of the forward-looking statements contained herein to reflect future events, developments or changed circumstances, or for any other reason. These risks and uncertainties, the outcomes of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: declines in enrollment; our ability to implement our strategic initiatives and effective cost reduction strategies; our continued compliance with and eligibility to participate in Title IV Programs under the Higher Education Act of 1965, as amended, and the regulations thereunder (including the “90-10 Rule” and financial responsibility standards prescribed by the U.S. Department of Education), as well as national and regional accreditation standards and state regulatory requirements; our ability to successfully defend litigation and other claims brought against us; rulemaking by the U.S. Department of Education and increased focus by the U.S. Congress and governmental agencies on for-profit education institutions; and changes in the overall U.S. or global economy. Further information about these and other relevant risks and uncertainties may be found in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and its subsequent filings with the Securities and Exchange Commission.

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CEC ANNOUNCES 3Q13 RESULTS …PG5

CONTACT

Investors:	Doug Craney
	Vice President, Investor Relations and Business Development
	(847) 585-3899
Media:	Mark Spencer
	Director, Corporate Communications
	(847) 585-3802

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands)

	September 30, 2013(1)			December 31, 2012(1)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents, unrestricted	$	30,924		$	112,880
Restricted cash		12,564			97,878
Short-term investments		52,210			63,876
Total cash and cash equivalents and short-term investments		95,698			274,634
Student receivables, net		41,694			54,935
Receivables, other, net		39,845			2,096
Prepaid expenses		112,836			38,296
Inventories		7,146			8,437
Deferred income tax assets, net		—			7,095
Other current assets		5,885			4,393
Assets of discontinued operations		254,097			153,675
Total current assets		557,201			543,561
NON-CURRENT ASSETS:
Property and equipment, net		202,125			247,976
Goodwill		87,356			87,356
Intangible assets, net		40,387			56,006
Student receivables, net		5,552			6,832
Deferred income tax assets, net		47,932			47,703
Other assets, net		25,916			30,276
Assets of discontinued operations		18,714			102,993
TOTAL ASSETS	$	985,183		$	1,122,703
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Short-term borrowings	$	—		$	80,000
Accounts payable		33,723			32,094
Accrued expenses:
Payroll and related benefits		37,285			38,772
Advertising and production costs		25,733			20,963
Other		61,383			35,060
Deferred tuition revenue		69,051			69,806
Deferred income tax liabilities, net		32,752			—
Liabilities of discontinued operations		95,975			76,020
Total current liabilities		355,902			352,715
NON-CURRENT LIABILITIES:
Deferred rent obligations		85,805			94,072
Other liabilities		29,794			28,648
Liabilities of discontinued operations		22,555			35,478
Total non-current liabilities		138,154			158,198
STOCKHOLDERS’ EQUITY:
Preferred stock		—			—
Common stock		819			816
Additional paid-in capital		602,735			596,826
Accumulated other comprehensive income (loss)		2,798			(4,785	)
Retained earnings		99,264			232,921
Cost of shares in treasury		(214,489	)		(213,988	)
Total stockholders’ equity		491,127			611,790
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	985,183		$	1,122,703

(1) During 2013, the Company completed the teach-out of SBI Landover and SBC Hazelwood and announced the pending sale of its International Schools. As a result, all current and prior periods results reflect these campuses as components of discontinued operations.

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts and percentages)

	For the Quarter Ended September 30, (1)
	2013			% of Total Revenue		2012			% of Total Revenue
REVENUE:
Tuition and registration fees	$	246,777			98.2%	$	309,947			98.0%
Other		4,536			1.8%		6,208			2.0%
Total revenue		251,313					316,155
OPERATING EXPENSES:
Educational services and facilities		100,053			39.8%		117,929			37.3%
General and administrative		191,301			76.1%		219,919			69.6%
Depreciation and amortization		17,023			6.8%		18,749			5.9%
Goodwill and asset impairment		11,585			4.6%		—			0.0%
Total operating expenses		319,962			127.3%		356,597			112.8%
Operating loss		(68,649	)		-27.3%		(40,442	)		-12.8%
OTHER (EXPENSE) INCOME:
Interest income		194			0.1%		319			0.1%
Interest expense		(209	)		-0.1%		(23	)		0.0%
Loss on sale of business		(39	)		0.0%		—			0.0%
Miscellaneous (expense) income		(62	)		0.0%		74			0.0%
Total other (expense) income		(116	)		0.0%		370			0.1%
PRETAX LOSS		(68,765	)		-27.4%		(40,072	)		-12.7%
Benefit from income taxes		(25,333	)		-10.1%		(13,925	)		-4.4%
LOSS FROM CONTINUING OPERATIONS		(43,432	)		-17.3%		(26,147	)		-8.3%
Loss from discontinued operations, net of tax		(43,632	)		-17.4%		(6,999	)		-2.2%
NET LOSS		(87,064	)		-34.6%		(33,146	)		-10.5%
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Foreign currency translation adjustments		6,474					743
Unrealized gains (losses) on investments		36					(206	)
Total other comprehensive income		6,510					537
COMPREHENSIVE LOSS	$	(80,554	)			$	(32,609	)
NET LOSS PER SHARE - DILUTED:
Loss from continuing operations	$	(0.65	)			$	(0.40	)
Loss from discontinued operations		(0.65	)				(0.10	)
Net loss per share	$	(1.30	)			$	(0.50	)
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING		66,849					66,100

(1) During 2013, the Company completed the teach-out of SBI Landover and SBC Hazelwood and announced the pending sale of its International Schools. As a result, all current and prior periods results reflect these campuses as components of discontinued operations.

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(In thousands, except per share amounts and percentages)

	For the Year to Date Ended September 30, (1)
	2013			% of Total Revenue		2012			% of Total Revenue
REVENUE:
Tuition and registration fees	$	797,748			98.4%	$	1,025,014			97.8%
Other		13,160			1.6%		22,752			2.2%
Total revenue		810,908					1,047,766
OPERATING EXPENSES:
Educational services and facilities		310,948			38.3%		375,705			35.9%
General and administrative		591,382			72.9%		639,280			61.0%
Depreciation and amortization		52,221			6.4%		55,593			5.3%
Goodwill and asset impairment		15,708			1.9%		85,464			8.2%
Total operating expenses		970,259			119.7%		1,156,042			110.3%
Operating loss		(159,351	)		-19.7%		(108,276	)		-10.3%
OTHER (EXPENSE) INCOME:
Interest income		1,199			0.1%		953			0.1%
Interest expense		(1,127	)		-0.1%		(91	)		0.0%
Loss on sale of business		(6,973	)		-0.9%		—			0.0%
Miscellaneous (expense) income		(17	)		0.0%		7			0.0%
Total other (expense) income		(6,918	)		-0.9%		869			0.1%
PRETAX LOSS		(166,269	)		-20.5%		(107,407	)		-10.3%
Benefit from income taxes		(70,145	)		-8.7%		(27,959	)		-2.7%
LOSS FROM CONTINUING OPERATIONS		(96,124	)		-11.9%		(79,448	)		-7.6%
Loss from discontinued operations, net of tax		(37,533	)		-4.6%		(1,856	)		-0.2%
NET LOSS		(133,657	)		-16.5%		(81,304	)		-7.8%
OTHER COMPREHENSIVE INCOME (LOSS), net of tax:
Foreign currency translation adjustments		7,542					(3,553	)
Unrealized gains (losses) on investments		41					(326	)
Total other comprehensive income (loss)		7,583					(3,879	)
COMPREHENSIVE LOSS	$	(126,074	)			$	(85,183	)
NET LOSS PER SHARE - DILUTED:
Loss from continuing operations	$	(1.44	)			$	(1.20	)
Loss from discontinued operations		(0.56	)				(0.03	)
Net loss per share	$	(2.00	)			$	(1.23	)
DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING:		66,663					66,325

(1) During 2013, the Company completed the teach-out of SBI Landover and SBC Hazelwood and announced the pending sale of its International Schools. As a result, all current and prior periods results reflect these campuses as components of discontinued operations.

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	For the Year to Date Ended September 30,
	2013			2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(133,657	)	$	(81,304	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Goodwill and asset impairment		15,708			85,661
Loss on sale of student receivables		—			930
Depreciation and amortization expense		56,619			60,555
Bad debt expense		22,028			28,967
Compensation expense related to share-based awards		5,119			7,302
Loss on sale of business		6,973			—
Loss on disposition of property and equipment		103			293
Changes in operating assets and liabilities		(50,735	)		(69,910	)
Net cash (used in) provided by operating activities		(77,842	)		32,494
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of available-for-sale investments		(40,842	)		(117,188	)
Sales of available-for-sale investments		52,485			146,873
Purchases of property and equipment		(16,602	)		(29,496	)
Proceeds on the sale of assets		(2,525	)		—
Business acquisition, net of acquired cash		—			(3,094	)
Other		31			(1,533	)
Net cash used in investing activities		(7,453	)		(4,438	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of treasury stock		—			(56,431	)
Issuance of common stock		792			1,262
Payments of assumed loans upon business acquisition		—			(318	)
Payments of contingent consideration		—			(5,818	)
Payment on borrowings		(80,000	)		—
Change in restricted cash		85,314			—
Payments of capital lease obligations		(210	)		(741	)
Net cash provided by (used in) financing activities		5,896			(62,046	)
EFFECT OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS:		1,518			(3,774	)
NET DECREASE IN CASH AND CASH EQUIVALENTS		(77,881	)		(37,764	)
DISCONTINUED OPERATIONS CASH ACTIVITY INCLUDED ABOVE:
Add: Cash balance of discontinued operations, beginning of the period		127,742			154,668
Less: Cash balance of discontinued operations, end of the period		131,817			109,683
CASH AND CASH EQUIVALENTS, beginning of the period		112,880			125,924
CASH AND CASH EQUIVALENTS, end of the period	$	30,924		$	133,145

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION

(In thousands, except percentages)

	For the Quarter Ended September 30,
	2013			2012(1)
REVENUE:
CTU	$	82,424		$	86,484
AIU		56,284			71,204
Total University Schools		138,708			157,688
Health Education		34,129			40,469
Culinary Arts(2)		44,256			54,415
Design & Technology		24,752			33,129
Total Career Schools		103,137			128,013
Corporate and Other		—			16
Subtotal		241,845			285,717
Transitional Schools(2)		9,468			30,438
Total	$	251,313		$	316,155
OPERATING (LOSS) INCOME:
CTU	$	9,208		$	10,324
AIU		(5,930	)		1,084
Total University Schools		3,278			11,408
Health Education		(14,783	)		(12,758	)
Culinary Arts(2) (3)		(23,655	)		(10,136	)
Design & Technology		(10,036	)		(6,240	)
Total Career Schools		(48,474	)		(29,134	)
Corporate and Other		(7,561	)		(5,389	)
Subtotal		(52,757	)		(23,115	)
Transitional Schools(2)		(15,892	)		(17,327	)
Total	$	(68,649	)	$	(40,442	)
OPERATING (LOSS) MARGIN:
CTU		11.2%			11.9%
AIU		-10.5%			1.5%
Total University Schools		2.4%			7.2%
Health Education		-43.3%			-31.5%
Culinary Arts		-53.5%			-18.6%
Design & Technology		-40.5%			-18.8%
Total Career Schools		-47.0%			-22.8%
Corporate and Other		NM			NM
Subtotal		-21.8%			-8.1%
Transitional Schools		-167.8%			-56.9%
Total		-27.3%			-12.8%

(1) Prior period financial results have been recast to report the schools that are currently being taught out within the Transitional Schools segment. In addition, effective with the third quarter of 2013, the campuses previously reported within our International segment are classified as held for sale and accordingly are reported within discontinued operations.

(2) During the 2013 quarters ended June 30 and March 31, and the fourth quarter of 2012, the Company completed the teach-out of SBI Landover, SBC Hazelwood and LCB Pittsburgh, respectively. As a result, all current and prior period results for these campuses are reflected as components of discontinued operations.

(3) The third quarter of 2013 includes a $10.7 million non-cash trade name impairment charge.

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION

(In thousands, except percentages)

	For the Year to Date Ended September 30,
	2013			2012(1)
REVENUE:
CTU	$	259,520		$	274,652
AIU		182,518			238,985
Total University Schools		442,038			513,637
Health Education		107,439			140,018
Culinary Arts(2)		134,771			175,148
Design & Technology		82,899			109,654
Total Career Schools		325,109			424,820
Corporate and Other		—			50
Subtotal		767,147			938,507
Transitional Schools(2)		43,761			109,259
Total	$	810,908		$	1,047,766
OPERATING (LOSS) INCOME:
CTU	$	41,708		$	41,584
AIU		(1,763	)		22,623
Total University Schools		39,945			64,207
Health Education(3)		(53,200	)		(64,660	)
Culinary Arts(2) (4)		(52,809	)		(11,991	)
Design & Technology(5)		(24,787	)		(50,912	)
Total Career Schools		(130,796	)		(127,563	)
Corporate and Other(6)		(24,979	)		1,746
Subtotal		(115,830	)		(61,610	)
Transitional Schools(2) (7)		(43,521	)		(46,666	)
Total	$	(159,351	)	$	(108,276	)
OPERATING (LOSS) MARGIN:
CTU		16.1%			15.1%
AIU		-1.0%			9.5%
Total University Schools		9.0%			12.5%
Health Education		-49.5%			-46.2%
Culinary Arts		-39.2%			-6.8%
Design & Technology		-29.9%			-46.4%
Total Career Schools		-40.2%			-30.0%
Corporate and Other		NM			NM
Subtotal		-15.1%			-6.6%
Transitional Schools		-99.5%			-42.7%
Total		-19.7%			-10.3%

(1) Prior period financial results have been recast to report the schools that are currently being taught out within the Transitional Schools segment. In addition, effective with the third quarter of 2013, the campuses previously reported within our International segment are classified as held for sale and accordingly are reported within discontinued operations.

(2) During the 2013 quarters ended June 30 and March 31, and the fourth quarter of 2012, the Company completed the teach-out of SBI Landover, SBC Hazelwood and LCB Pittsburgh, respectively. As a result, all current and prior period results for these campuses are reflected as components of discontinued operations.

(3) Year to date 2013 expenses include $10.3 million related to the settlement of a legal matter and a $1.7 million non-cash trade name impairment charge. 2012 expenses include a $41.9 million non-cash goodwill impairment charge.

(4) Year to date 2013 expenses include a $13.0 million non-cash trade name impairment charge.

(5) Year to date 2012 expenses include a $40.8 million non-cash goodwill impairment charge.

(6) The operating income for the year to date ended September 30, 2012 included a $19.0 million insurance recovery related to the settlement of claims under certain insurance policies.

(7) Year to date 2012 expenses include a $1.0 million non-cash trade name impairment charge, $0.9 million non-cash asset impairment charges recorded as a result of the decision made in the second quarter of 2012 to teach out several schools, and a $0.7 million non-cash goodwill impairment charge.

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION BY QUARTER - 2012

(In thousands)

	For the 2012 Quarters Ended(1)
	March 31			June 30			September 30			December 31			Full Year
REVENUE:
CTU	$	96,329		$	91,839		$	86,484		$	89,283		$	363,935
AIU		88,940			78,841			71,204			65,223			304,208
Total University Schools		185,269			170,680			157,688			154,506			668,143
Health Education		54,092			45,457			40,469			41,559			181,577
Culinary Arts(2)		62,838			57,895			54,415			49,694			224,842
Design & Technology		41,801			34,724			33,129			31,888			141,542
Total Career Schools		158,731			138,076			128,013			123,141			547,961
Corporate and Other		14			20			16			5			55
Subtotal		344,014			308,776			285,717			277,652			1,216,159
Transitional Schools(2)		42,788			36,033			30,438			26,332			135,591
Total	$	386,802		$	344,809		$	316,155		$	303,984		$	1,351,750
OPERATING (LOSS) INCOME:
CTU	$	19,079		$	12,181		$	10,324		$	13,344		$	54,928
AIU		14,661			6,878			1,084			(1,727	)		20,896
Total University Schools		33,740			19,059			11,408			11,617			75,824
Health Education		(1,672	)		(50,230	)		(12,758	)		(13,628	)		(78,288	)
Culinary Arts(2)		1,266			(3,121	)		(10,136	)		(21,863	)		(33,854	)
Design & Technology		334			(45,006	)		(6,240	)		(6,715	)		(57,627	)
Total Career Schools		(72	)		(98,357	)		(29,134	)		(42,206	)		(169,769	)
Corporate and Other		12,585			(5,450	)		(5,389	)		(9,445	)		(7,699	)
Subtotal		46,253			(84,748	)		(23,115	)		(40,034	)		(101,644	)
Transitional Schools(2)		(11,161	)		(18,178	)		(17,327	)		(52,771	)		(99,437	)
Total	$	35,092		$	(102,926	)	$	(40,442	)	$	(92,805	)	$	(201,081	)

(1) Prior period financial results have been recast to report the schools that are currently being taught out within the Transitional Schools segment. In addition, effective with the third quarter of 2013, the campuses previously reported within our International segment are classified as held for sale and accordingly are presented within discontinued operations.

(2) During the 2013 quarters ended June 30 and March 31, and the fourth quarter of 2012, the Company completed the teach-out of SBI Landover, SBC Hazelwood and LCB Pittsburgh, respectively. As a result, all current and prior period results for these campuses are reflected as components of discontinued operations.

CAREER EDUCATION CORPORATION AND SUBSIDIARIES

UNAUDITED SELECTED SEGMENT INFORMATION BY QUARTER - 2012

	As of the 2012 Quarters Ended(1)
	March 31		June 30		September 30		December 31
TOTAL ENROLLMENTS:
CTU		23,500		22,600		22,000		21,600
AIU		18,900		14,500		14,900		14,200
Total University Schools		42,400		37,100		36,900		35,800
Health Education		13,600		10,200		10,600		8,800
Culinary Arts(2)		12,500		12,000		11,200		8,500
Design & Technology		7,800		6,600		6,500		5,400
Total Career Schools		33,900		28,800		28,300		22,700
Subtotal		76,300		65,900		65,200		58,500
Transitional Schools(2)		10,600		8,300		7,300		6,000
Total		86,900		74,200		72,500		64,500
	For the 2012 Quarters Ended(1)
	March 31		June 30		September 30		December 31		Full Year
NEW ENROLLMENTS:
CTU		5,670		5,800		5,150		5,040		21,660
AIU		6,640		3,050		3,700		3,370		16,760
Total University Schools		12,310		8,850		8,850		8,410		38,420
Health Education		3,160		1,470		3,310		1,180		9,120
Culinary Arts(2)		3,160		2,410		3,920		2,810		12,300
Design & Technology		1,080		610		1,060		490		3,240
Total Career Schools		7,400		4,490		8,290		4,480		24,660
Subtotal		19,710		13,340		17,140		12,890		63,080
Transitional Schools(2)		2,520		1,090		1,720		840		6,170
Total		22,230		14,430		18,860		13,730		69,250

(1) Prior period financial results have been recast to report the schools that are currently being taught out within the Transitional Schools segment. In addition, effective with the third quarter of 2013, the campuses previously reported within our International segment are classified as held for sale and accordingly are presented within discontinued operations.

(2) During the 2013 quarters ended June 30 and March 31, and the fourth quarter of 2012, the Company completed the teach-out of SBI Landover, SBC Hazelwood and LCB Pittsburgh, respectively. As a result, all current and prior period results for these campuses are reflected as components of discontinued operations.