TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

EDMC's $9.5M quarterly loss narrower than expected; revenue, enrollment decline

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

By Thomas Olson
Thursday, Oct. 31, 2013, 12:01 a.m.
 

Education Management Corp., the nation's second-biggest operator of for-profit post-secondary schools, posted a slightly narrower-than-expected quarterly loss on Wednesday on revenue that declined with lower student enrollment.

EDMC lost $9.5 million, or 8 cents a share, for the fiscal quarter ended Sept. 30. The company had projected in August that it would lose $11 million to $12 million. The company lost $13.1 million, or 11 cents a share, the year earlier.

Results include a $1.6 million charge for restructuring. EDMC laid off several hundred administrative and support staffers across the country this month, including an unspecified number in Pittsburgh.

Revenue fell 6.2 percent to $357 million, from $380 million the year before.

The company, based Downtown, operates 110 schools in 32 states and Canada. Average total enrollment over the summer quarter fell 9.3 percent to 116,790 from 128,710 a year earlier.

Its schools, which include the Art Institute of Pittsburgh, recorded 30,770 new students in the July-September quarter, a decrease of 6.1 percent from 32,700 a year ago.

CEO Edward West said the financial results are “in line with our expectations.”

EDMC reiterated that it expects to earn $27 million to $36 million in the fiscal year ending June 30. It expects to earn $9 million to $10 million in the quarter ending Dec. 30.

EDMC released results after markets closed. Its stock closed up 84 cents at $16.52.

Thomas Olson is a staff writer for Trib Total Media.

Subscribe today! Click here for our subscription offers.

 

 


Show commenting policy

Most-Read Business Headlines

  1. If you get this letter from the IRS, it’s legitimate
  2. Home appraisal is below sales price — now what?
  3. Heinz merging with Kraft in mega-deal; headquarters to stay in Pittsburgh
  4. Increased credit card use reflects confidence, flat wages
  5. Corporate missteps hurt reputations, profits, sometimes in long run
  6. Stop foreign dumping, U.S. Steel CEO Longhi tells Congress
  7. Stafford: Hirers bemoan wasted time with some applicants
  8. U.S. Steel to idle Illinois plant, shed up to 2,080 more workers
  9. France plane crash victim’s father calls for airlines to focus on pilot welfare
  10. Farmers fund research on gluten-free wheat
  11. Tourists rush to visit Cuba before American influence felt