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CECO

Career Education

$11.70

0.21 (1.83%)

12:58
01/03/19
01/03
12:58
01/03/19
12:58

Career Education reaches agreements with 48 states, sees $6.3M charge

Career Education announced that it has reached agreements with attorneys general from 48 states and the District of Columbia to bring closure to the multi-state attorneys general inquiry on-going since January 2014. As part of the agreements the company denied any allegations of wrongdoing or liability. In addition, the attorneys general have provided a release of potential claims that they may have brought. In connection with these agreements, Career Education expects to record a total pre-tax charge of $6.3M, consisting of a $5M payment to the attorneys general to cover expenses incurred during the course of their inquiry over the last five years and the write-off of approximately $1.3M of accounts receivable. It added, "Although the Company agreed to forgo efforts to collect on approximately $556 million of old accounts receivable that were incurred during the last 30 years by students at more than 100 campuses who reside in participating states, all but approximately $1.3 million of these old accounts receivable were written-off in prior reporting periods in the ordinary course of the Company's operations. The agreement to forgo efforts to collect on previously written-off receivables does not require additional write-off expense to the Company's financial statements." Career Education will work with a third-party administrator over the next three years who will provide ongoing oversight and review of the company's implementation of the terms of the agreements. The vompany will reimburse the administrator a total of $2M for fees and expenses to be paid over the next three years.

CECO Career Education
$11.70

0.21 (1.83%)

12/03/18
12/03/18
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Autohome (ATHM) initiated with an Outperform at Macquarie. 2. Livent (LTHM) initiated with a Buy at HSBC while Albemarle (ALB) was initiated with a Hold. 3. Career Education (CECO) initiated with an Outperform at Barrington. 4. NRC Group (NRCG) initiated with a Buy at Stifel. 5. Waitr Holdings (WTRH) initiated with a Buy at Craig-Hallum. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
12/03/18
BRRR
12/03/18
INITIATION
Target $18
BRRR
Outperform
Career Education initiated with an Outperform at Barrington
Barrington analyst Alexander Paris started Career Education with an Outperform rating and $18 price target. The company has a "strong" balance sheet and cash position with its restructuring essentially complete, Paris tells investors in a research note. The analyst finds the current valuation as attractive and believes management should be able to align the company's universities with the "favorable" long-term demand trends in post-secondary education.
04/18/18
SIDC
04/18/18
INITIATION
Target $21
SIDC
Buy
Career Education initiated with a Buy at Sidoti
Sidoti initiated Career Education with a Buy and $21 price target.

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