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Report for: CECO
Operating income for the quarter was positive $7 million, versus prior-year first quarter loss of $24.4 million. This can be attributed to lower operating costs as a result of our strategic initiatives. Also, as a result of our decision to teach-out Culinary Arts, we received a cost benefit from the reduction of our admission costs and marketing expenses. We expect our operating costs will continue to improve throughout the remainder of the year. However, as Todd mentioned, the year-over-year differences will start to normalize in the second half of this year as the impact of our strategic initiatives begin to anniversary.
Adjusted EBITDA performance followed a similar pattern of improvement. We ended the quarter with $189.5 million of cash, cash equivalents, restricted cash, and available-for-sale short-term and long-term investments. As was discussed on previous calls, we are carefully managing our cash.
For the quarter, cash flow from operations was negative $10.6 million, which compares favorably to negative cash flow from operations of $20.2 million for the first quarter of 2015. This improvement in cash flow was primarily attributed to lower operating costs. Capital expenditures for the quarter were less than $1 million.
Moving to slide 5, here we highlight the results of the University Group. You can see the 4.9% improvement year over year in revenue. This can be attributed, in part, to improved retention and degree mix of our students.
Overall enrollment within the University Group has improved slightly. Operating income and adjusted EBITDA, improved $9.4 million and $8.9 million, respectively, versus prior-year quarter. Again, attributed to improvement in revenue and lower operating costs, partially offset by increased reserves for bad debt expense.
Turning now to slide 6. We highlight the result of our Culinary Arts and Transitional segments, which are in teach-out. As previously mentioned, revenue declined year over year in both segments, but the overall financial performance has improved because we have effectively managed our cost structure in response to the declining student enrollment. All while supporting our students as they complete their education.
Results also benefited from the non-recurrence of a $6 million asset impairment charge that occurred in 2015. As a reminder, as the teach-out strategy progresses, revenue will continue to decline. but we will maintain our commitment to our students. The impact this has on our financials will increase as we progress towards completion.
Lastly, we wanted to update everyone on our outlook. Slide 7 is how this was displayed on the previous call, and I do not see any reason to change it. We believe we are on path to achieve the objectives as they are outlined on this page. In particular, our cash balance is in line with this outlook, and nothing material has changed regarding our expectations. Recall, the cash outlook incorporates the impacts of the teach-outs, including severance costs and lease termination costs.
This concludes my summary. For additional information, please refer to the appendix included in this presentation. There you will find a summary of the key assumptions contained within our outlook, as well as reconciliations of GAAP to non-GAAP items.
Source – Reuters
Broad street alerts has not been compensated for the mention of any publicly traded companies in this article nor do we own positions in any of the companies in this article.
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