Career Education Corporation (CECO) Tuesday posted a loss for the second quarter, compared to a profit last year, as revenues declined. Shares plunged 19 percent on the news.
Net loss for the quarter was $100.2 million or $1.52 per share, compared to net income of $55.4 million or $0.73 per share last year.
The latest second quarter results include non-cash goodwill and asset impairment charges of $85.6 million.
On an adjusted basis, loss from continuing operations were $0.18 per share, as compared to earnings of $0.73 per share last year.
Total revenues dropped 23.9 percent to $369.0 million from $484.9 million last year.
On average, analysts polled by Thomson Reuters expected loss of $0.01 per share on revenues of $383.54 million for the quarter. Analysts' estimates typically exclude one-time items.
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