Operating income increased 110% in comparison
to prior year quarter
Company generates $11.1 million of cash from
operations
Career Education Corporation (NASDAQ: CECO) today reported
operating and financial results for the first quarter ended March
31, 2018.
FIRST QUARTER 2018 RESULTS
Total Company • Operating income of
$20.5 million as compared to operating income of $9.8 million in
the prior year quarter • Ended the quarter with $187.6 million in
cash, cash equivalents, restricted cash and available-for-sale
short-term investments, an increase of $7.5 million from December
31, 2017
University Group
andCorporate
• Revenue of $147.7 million as compared to $148.3 million in the
prior year quarter • Operating income of $26.8 million as compared
to $23.1 million in the prior year quarter • Operating expenses
decreased $4.2 million for the first quarter as compared to the
prior year quarter primarily driven by optimization of media spend
offset with investments in student-serving processes and
initiatives • Adjusted operating income of $29.2 million as
compared to $25.7 million in the prior year quarter (See GAAP to
non-GAAP reconciliation attached to this press release for further
details)
University Group Key
Metrics
• New student enrollments at CTU increased 4.6 percent versus the
prior year quarter driving total enrollment growth of 2.8 percent •
As expected, new student enrollments at AIU decreased versus the
prior year quarter due to the timing impact of the academic
calendar redesign
Teach-Outs
• Operating loss of $6.3 million as compared to $13.3 million in
the prior year quarter, with the improvement primarily driven by
substantial completion of the teach-outs • Approximately 60
students remain as of March 31, 2018 within our teach-out campuses,
who are expected to complete their programs of study by the end of
2018
“2018 has started with positive momentum in key operating
metrics with first quarter adjusted operating income ahead of our
expectations,” said Todd Nelson, President and Chief Executive
Officer. “Accelerating strength of our cash generation and
substantial completion of our teach-outs has enabled and encouraged
us to focus on our growth enablers and sequentially increase our
investments in technology and student-serving processes and
initiatives. Overall student interest is strong and we remain
committed to further improving retention and delivering quality
academic outcomes while executing against our objectives of
sustainable and responsible growth.”
REVENUE
For the quarter ended March 31, 2018, total revenue was $148.1
million, representing an 8.7 percent decrease from $162.1 million
in comparison to the prior year quarter. The decrease was primarily
driven by declining revenues within our teach-out campuses. As of
March 31, 2018, there are six campuses remaining to complete their
teach-outs during the remainder of 2018 as compared to 28 campuses
as of March 31, 2017.
For The Quarter Ended March 31, Revenue ($
in thousands) 2018 2017
Increase(Decrease)
CTU $ 94,607 $ 94,035 0.6 % AIU 53,121 54,253
-2.1 % Total University Group 147,728 148,288 -0.4 % Corporate and
Other — — NM Subtotal 147,728 148,288 -0.4 % All
Other Campuses (1) 337 13,821 -97.6 % Total $ 148,065
$ 162,109 -8.7 % (1) Campuses included in All Other Campuses
are in the process of being taught out or have completed their
teach-out as of March 31, 2018. Previously, these campuses were
reported within two segments, the former Transitional Group and
Culinary Arts segments.
TOTAL AND NEW STUDENT ENROLLMENTS
For the first quarter of 2018, total student enrollments for the
University Group were 33,100 compared to 34,100 in the prior year
quarter, representing a 2.9 percent decrease. The decrease
in enrollments at AIU was primarily driven by the timing impact of
the academic calendar redesign.
As of March 31, Total Student
Enrollments 2018 2017
Increase(Decrease)
CTU 22,200 21,600 2.8 % AIU 10,900
12,500 -12.8 % Total University Group 33,100
34,100 -2.9 % All Other Campuses (1) 60 2,100 NM
Total 33,160 36,200 -8.4 %
For The Quarter
Ended March 31, New Student Enrollments
2018 2017
Increase(Decrease)
CTU 5,260 5,030 4.6 % AIU 2,390
4,930 -51.5 % Total University Group 7,650 9,960
-23.2 % (1) All Other Campuses no longer enroll new
students.
OPERATING INCOME (LOSS)
For the quarter ended March 31, 2018, the Company recorded
operating income of $20.5 million compared to operating income of
$9.8 million in the prior year quarter. The University Group and
Corporate recorded operating income of $26.8 million for the first
quarter of 2018, compared to operating income of $23.1 million in
the prior year quarter.
Operating income reported for the current year improved by $10.7
million primarily driven by reduced operating expenses associated
with the substantial completion of the teach-out of the All Other
Campuses segment, as well as continued efficiencies of marketing
and advertising costs within the University Group.
For The Quarter Ended March 31, Operating
Income (Loss) ($ in thousands) 2018
2017
Increase(Decrease)
CTU $ 27,185 $ 23,020 18.1 % AIU 4,136 4,656
-11.2 % Total University Group 31,321 27,676 13.2 % Corporate and
Other (4,542 ) (4,549 ) 0.2 % Subtotal 26,779 23,127
15.8 % All Other Campuses (6,250 ) (13,346 ) 53.2 %
Total $ 20,529 $ 9,781 109.9 %
ADJUSTED OPERATING INCOME (LOSS)
The Company believes it is useful to present non-GAAP financial
measures, which exclude certain significant and non-cash items, as
a means to understand the performance of its operations. (See
tables below and the GAAP to non-GAAP reconciliation attached to
this press release for further details.)
As shown in the table below, adjusted operating income for the
University Group and Corporate was $29.2 million for the quarter
ended March 31, 2018 compared to adjusted operating income of $25.7
million in the prior year quarter. Adjusted operating loss for All
Other Campuses was $3.4 million for the quarter ended March 31,
2018 compared to an adjusted operating loss of $9.8 million in the
prior year quarter.
For The Quarter Ended March 31,
Adjusted
Operating Income (Loss)
2018 2017
University Group
and Corporate:
Operating income $ 26,779 $
23,127 Depreciation and amortization 2,467
2,531
Adjusted Operating Income -- University Group and
Corporate $ 29,246 $ 25,658
Increase (Decrease)
14.0 %
All Other
Campuses
Operating loss $ (6,250 ) $
(13,346 ) Depreciation and amortization 115 1,379
Unused space charges (1) (751 ) 2,157 Significant legal settlements
3,491 —
Adjusted Operating Loss -- All
Other Campuses $ (3,395 ) $
(9,810 ) Increase (Decrease)
65.4
% (1) Unused space charges represent the net present
value of remaining lease obligations for vacated space less an
estimated amount for sublease income. As terminations or subleases
for leased spaces occur, estimated amounts may be reversed or
increased.
BALANCE SHEET AND CASH FLOW
Net cash provided by operating activities was $11.1 million for
the quarter ended March 31, 2018 as compared to net cash used in
operating activities of $39.1 million for the quarter ended March
31, 2017. The improvement in cash flow from operations was
primarily driven by $32.0 million of legal settlement payments in
the prior year quarter and reduced operating losses at our
teach-out campuses in the current quarter.
For The Quarter Ended March 31,
Selected Cash
Flow Items
2018 2017
Increase(Decrease)
Net cash provided by (used in) operating activities $ 11,096 $
(39,053 ) 128.4 % Capital expenditures $ 1,360 $ 735 85.0 %
As of March 31, 2018 and December 31, 2017, cash, cash
equivalents, restricted cash and available-for-sale short-term
investments (“cash balances”) totaled $187.6 million and $180.1
million, respectively.
OUTLOOK
Consistent with the objective of sustainable and responsible
growth, the Company is affirming its previously provided full year
outlook for adjusted operating income and ending cash balances for
2018 and 2019. The Company currently expects the following results,
subject to the key assumptions identified below (see the GAAP to
non-GAAP reconciliation for adjusted operating income (loss)
attached to this press release for further details):
Financial Outlook:
- Full year 2018: total company adjusted
operating income in the range of $99 million to $106 million and
University Group and Corporate in the range of $110 million to $115
million.
- Second quarter 2018: total company
adjusted operating income in the range of $19.5 million to $21.5
million and University Group and Corporate in the range of $22.5
million to $24 million.
- Year end 2018 cash, cash equivalents,
restricted cash and short-term investments to be in the range of
$220 million to $225 million.
- Adjusted operating income for the total
company to grow in 2019 as compared to 2018 and our ending cash
balance for 2019 to increase as compared to 2018.
University Group Enrollment Outlook:
- CTU
- New student enrollments for the second
quarter of 2018 are expected to increase as compared to the prior
year quarter.
- AIU:
- We expect growth in new student
enrollments in the second and third quarter. This growth is
expected to approximately offset the decline in the first quarter
of 2018.
- We expect 2018 full year revenue growth
at AIU.
Operating income (loss), which is the most directly comparable
GAAP measure to adjusted operating income (loss), may not follow
the same trends as discussed in the outlook above because of
adjustments made for unused space charges that represent the
present value of future remaining lease obligations for vacated
space less an estimated amount for sublease income as well as
depreciation, amortization, asset impairment charges and
significant legal settlements. The operating income (loss) and
adjusted operating income (loss), enrollment and cash outlook
provided above for 2018 and 2019 are based on the following key
assumptions and factors, among others: (i) prospective student
interest in the Company’s programs continues to trend in line with
recent experiences, (ii) initiatives and investments in
student-serving processes and initiatives continue to positively
impact enrollment trends within the University Group, (iii)
achievement of anticipated recovery rates for the Company’s real
estate obligations and timing of any associated lease termination
payments in line with current expectations, (iv) no material
changes in the current legal or regulatory environment, and
excludes legal and regulatory liabilities and other related impacts
which are not probable and estimable at this time, and any impact
of new or proposed regulations, including the “borrower defense to
repayment” and gainful employment regulations and any modifications
thereto, and (v) no material changes in the estimated amount of
compensation expense that could be impacted by changes in the
Company’s stock price. Although these estimates and assumptions are
based upon management’s good faith beliefs regarding current events
and actions that may be undertaken in the future, actual results
could differ materially from these estimates.
CONFERENCE CALL INFORMATION
Career Education Corporation will host a conference call on
Wednesday, May 2, 2018 at 5:30 p.m. Eastern time to discuss its
first quarter 2018 results. Interested parties can access the live
webcast of the conference call and the related presentation
materials at www.careered.com in the
Investor Relations section of the website. Participants can also
listen to the conference call by dialing 844-378-6484 (domestic) or
412-542-4179 (international). 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.
ABOUT CAREER EDUCATION CORPORATION
Career Education’s academic institutions offer a quality
education to a diverse student population in a variety of
disciplines through online, campus-based and blended learning
programs. The Company’s two universities – American
InterContinental University (“AIU”) and Colorado Technical
University (“CTU”) – provide degree programs through the master’s
or doctoral level as well as associate and bachelor’s levels. Both
universities predominantly serve students online with
career-focused degree programs that are designed to meet the
educational demands of today’s busy adults. AIU and CTU continue to
show innovation in higher education, advancing new personalized
learning technologies like their intellipath™ learning
platform. Career Education is committed to providing quality
education that closes the gap between learners who seek to advance
their careers and employers needing a qualified workforce.
A listing of University Group campus locations and web links to
these institutions can be found at www.careered.com.
Except for the historical and present factual information
contained herein, the matters set forth in this release, including
statements identified by words such as “believe,” “will,” “expect,”
“estimate,” “continue,” “on track,” “outlook,” “remain” 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 or interest in
our programs; 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
gainful employment, 90-10, financial responsibility and
administrative capability standards prescribed by the U.S.
Department of Education), as well as applicable accreditation
standards and state regulatory requirements; the impact of recently
issued “defense to repayment” regulations and any modifications
thereto; rulemaking by the U.S. Department of Education or any
state or accreditor and increased focus by Congress and
governmental agencies on, or increased negative publicity about,
for-profit education institutions; our ability to successfully
defend litigation and other claims brought against us; the success
of our initiatives to improve student experiences, retention and
academic outcomes; the ability of our new student admissions and
advising centers near Phoenix, Arizona, to achieve anticipated
operating performance; negative trends in the real estate market
which could impact the costs related to teaching out campuses and
the success of our initiatives to reduce our real estate
obligations; our ability to achieve anticipated cost savings and
business efficiencies; increased competition; the impact of
management changes; and changes in the overall U.S. 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 year ended December 31, 2017 and its subsequent
filings with the Securities and Exchange Commission.
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31, 2018 2017
(unaudited) ASSETS CURRENT ASSETS: Cash and
cash equivalents, unrestricted $ 24,198 $ 18,110 Restricted cash
789 789 Restricted short-term investments 4,570 5,070 Short-term
investments 158,038 156,178 Total cash and cash
equivalents, restricted cash and short-term investments 187,595
180,147 Student receivables, net 23,915 18,875 Receivables,
other, net 1,335 1,163 Prepaid expenses 10,182 7,722 Inventories
1,013 1,112 Other current assets 833 1,319 Assets of discontinued
operations 513 382 Total current assets
225,386 210,720
NON-CURRENT ASSETS: Property
and equipment, net 32,027 33,230 Goodwill 87,356 87,356 Intangible
assets, net 7,900 7,900 Student receivables, net 2,784 2,548
Deferred income tax assets, net 94,380 98,084 Other assets 5,918
5,673 Assets of discontinued operations 1,585 1,585
TOTAL ASSETS $ 457,336 $ 447,096
LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT
LIABILITIES: Accounts payable $ 11,694 $ 8,515 Accrued
expenses: Payroll and related benefits 20,345 32,910 Advertising
and production costs 13,069 9,245 Income taxes 1,730 2,185 Other
32,671 31,233 Deferred tuition revenue 30,278 22,897 Liabilities of
discontinued operations 4,301 5,701 Total current
liabilities 114,088 112,686
NON-CURRENT
LIABILITIES: Deferred rent obligations 14,522 15,277 Other
liabilities 15,755 22,143 Liabilities of discontinued operations
- 785 Total non-current liabilities 30,277
38,205
STOCKHOLDERS' EQUITY: Preferred stock -
- Common stock 850 843 Additional paid-in capital 623,378 621,008
Accumulated other comprehensive loss (296 ) (164 ) Accumulated
deficit (90,625 ) (108,127 ) Cost of shares in treasury
(220,336 ) (217,355 ) Total stockholders' equity
312,971 296,205
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $ 457,336 $ 447,096
CAREER EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME
(In thousands, except per share amounts
and percentages)
For The Quarter Ended March 31, % of
% of Total Total 2018
Revenue 2017 Revenue REVENUE:
Tuition and fees $ 147,510 99.6 % $ 161,377 99.5 % Other
555 0.4 % 732 0.5 % Total revenue 148,065
162,109
OPERATING EXPENSES: Educational services and
facilities 26,946 18.2 % 40,173 24.8 % General and administrative
98,008 66.2 % 108,245 66.8 % Depreciation and amortization
2,582 1.7 % 3,910 2.4 % Total operating expenses
127,536 86.1 % 152,328 94.0 % Operating income 20,529
13.9 % 9,781 6.0 %
OTHER INCOME (EXPENSE): Interest
income 634 0.4 % 390 0.2 % Interest expense (109 ) -0.1 % (113 )
-0.1 % Miscellaneous income 328 0.2 % 40 0.0 % Total
other income 853 0.6 % 317 0.2 %
PRETAX INCOME
21,382 14.4 % 10,098 6.2 % Provision for income taxes 3,498
2.4 % 4,501 2.8 %
INCOME FROM CONTINUING
OPERATIONS 17,884 12.1 % 5,597 3.5 % Loss from discontinued
operations, net of tax (382 ) -0.3 % (420 ) -0.3 %
NET INCOME 17,502 11.8 % 5,177 3.2 %
OTHER COMPREHENSIVE (LOSS) INCOME, net of tax: Foreign
currency translation adjustments 86 41 Unrealized (loss) gain on
investments (218 ) 23 Total other comprehensive
(loss) income (132 ) 64
COMPREHENSIVE INCOME $
17,370 $ 5,241
NET INCOME (LOSS) PER SHARE - BASIC:
Income from continuing operations $ 0.26 $ 0.08 Loss from
discontinued operations (0.01 ) — Net income per
share $ 0.25 $ 0.08
NET INCOME (LOSS) PER SHARE -
DILUTED: Income from continuing operations $ 0.25 $ 0.08 Loss
from discontinued operations — (0.01 ) Net income per
share $ 0.25 $ 0.07
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic 69,216 68,578 Diluted 71,119
70,319
CAREER EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
For The Quarter Ended March 31, 2018
2017 CASH FLOWS FROM OPERATING ACTIVITIES: Net income
$ 17,502 $ 5,177 Adjustments to reconcile net income to net cash
provided by (used in) operating activities: Depreciation and
amortization expense 2,582 3,910 Bad debt expense 6,982 8,224
Compensation expense related to share-based awards 1,501 1,111
Deferred income taxes 3,704 3,792 Changes in operating assets and
liabilities: (21,175 ) (61,267 ) Net cash provided by
(used in) operating activities 11,096 (39,053 )
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of
available-for-sale investments (50,799 ) (39,992 ) Sales of
available-for-sale investments 49,257 44,316 Purchases of property
and equipment (1,360 ) (735 ) Net cash (used in)
provided by investing activities (2,902 ) 3,589
CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of
common stock 875 138 Payments of employee tax associated with stock
compensation (2,981 ) (928 ) Net cash used in
financing activities (2,106 ) (790 )
EFFECT
OF FOREIGN CURRENCY EXCHANGE RATE CHANGES ON CASH
AND CASH EQUIVALENTS:
— 15
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS 6,088 (36,239 )
CASH AND CASH EQUIVALENTS,
beginning of the period 18,899 50,882
CASH AND
CASH EQUIVALENTS, end of the period $ 24,987 $ 14,643
CAREER EDUCATION CORPORATION AND SUBSIDIARIES UNAUDITED
SELECTED SEGMENT INFORMATION
(In thousands, except percentages)
For The Quarter Ended March 31, 2018
2017 REVENUE: CTU $ 94,607 $ 94,035 AIU
53,121 54,253 Total University Group 147,728 148,288
Corporate and Other — — Subtotal 147,728 148,288 All
Other Campuses 337 13,821 Total $ 148,065 $ 162,109
OPERATING INCOME (LOSS): CTU $ 27,185 $ 23,020 AIU
4,136 4,656 Total University Group 31,321 27,676
Corporate and Other (4,542 ) (4,549 ) Subtotal 26,779
23,127 All Other Campuses (6,250 ) (13,346 ) Total $
20,529 $ 9,781
OPERATING MARGIN (LOSS): CTU 28.7 %
24.5 % AIU 7.8 % 8.6 % Total University Group 21.2 %
18.7 % Corporate and Other NM NM Subtotal 18.1 % 15.6 % All Other
Campuses NM NM Total 13.9 % 6.0 %
CAREER
EDUCATION CORPORATION AND SUBSIDIARIES
UNAUDITED RECONCILIATION OF GAAP TO
NON-GAAP ITEMS (1)
(In thousands, unless otherwise noted)
For The Quarter Ended March 31, ACTUAL
Adjusted
Operating Income (Loss)
2018 2017
University Group
and Corporate:
Operating income (2) (3) $ 26,779
$ 23,127 Depreciation and amortization (3)
2,467 2,531
Adjusted Operating Income --
University Group and Corporate
(5)
$ 29,246 $ 25,658
All Other
Campuses:
Operating loss (2) (6) $ (6,250
) $ (13,346 ) Depreciation and
amortization (6) 115 1,379 Unused space charges (4) (6) (751 )
2,157
Significant legal settlements (6)
3,491 —
Adjusted Operating Loss --
All Other Campuses (5)
$ (3,395 ) $ (9,810 )
For the Second Quarter
For the Year EndingDecember
31,
OUTLOOK OUTLOOK 2018 2018
Total
Company
Operating income (2) $14M - $16M
$81M - $88M Depreciation and amortization ~2.5 ~10 Unused
space charges (4) ~3 ~4.5 Significant legal settlements —
3.5
Adjusted Operating Income $19.5M - $21.5M
$99M - $106M
University Group
and Corporate:
Operating income (2) $20.0M - $21.5M $100M
- $105M Depreciation and amortization ~2.5 ~10M
Adjusted
Operating Income $22.5M - $24M $110M - $115M (1)
The Company believes it is useful to present non-GAAP
financial measures which exclude certain significant and non-cash
items as a means to understand the performance of its operations.
As a general matter, the Company uses non-GAAP financial measures
in conjunction with results presented in accordance with GAAP to
help analyze the performance of its operations, assist with
preparing the annual operating plan, and measure performance for
some forms of compensation. In addition, the Company believes that
non-GAAP financial information is used by analysts and others in
the investment community to analyze the Company’s historical
results and to provide estimates of future performance. The
Company believes adjusted operating income (loss) allows it to
analyze and assess its ongoing operations and compare current
operating results with the operational performance of other
companies in its industry because it does not give effect to
potential differences caused by items it does not consider
reflective of underlying operating performance, such as unused
space charges and significant legal reserves. In evaluating
adjusted operating income (loss), investors should be aware that in
the future the Company may incur expenses similar to the
adjustments presented above. The presentation of adjusted operating
income (loss) should not be construed as an inference that the
Company's future results will be unaffected by expenses that are
unusual, non-routine or non-recurring. Adjusted operating income
(loss) has limitations as an analytical tool, and it should not be
considered in isolation, or as a substitute for net income (loss),
operating income (loss), or any other performance measure derived
in accordance and reported under GAAP or as an alternative to cash
flow from operating activities or as a measure of liquidity.
Non-GAAP financial measures, when viewed in a reconciliation to
corresponding GAAP financial measures, provide an additional way of
viewing the Company’s results of operations and the factors and
trends affecting the Company’s business. Non-GAAP financial
measures should be considered as a supplement to, and not as a
substitute for, or superior to, the corresponding financial results
presented in accordance with GAAP. (2) Operating income for
the University Group and Corporate and operating loss for All Other
Campuses make up the components of operating income. A
reconciliation of these components for the quarters ended March 31,
2018 and 2017 is presented below:
For The Quarter Ended March 31, ACTUAL
2018 2017 Operating income for University
Group and Corporate $ 26,779 $ 23,127 Operating loss for All Other
Campuses (6,250 ) (13,346 )
Operating income
$ 20,529 $ 9,781 (3) Amounts
relate to the University Group and Corporate. (4) Unused
space charges represent the net present value of remaining lease
obligations for vacated space less an estimated amount for sublease
income. These charges relate to exiting leased space as the Company
continues to right-size the organization and therefore are not
considered representative of ongoing operations. (5)
Management assesses results of operations for the University Group
and Corporate separately from All Other Campuses. As All Other
Campuses have been announced for teach-out or have been taught out,
management views these operations as not reflective of the ongoing
business. As a result, management views adjusted operating income
from the University Group and Corporate separately from the
remainder of the organization, to assess results and make
decisions. (6) Amounts relate to All Other Campuses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180502006644/en/
Investors:Alpha IR GroupChris Hodges or Sam Gibbons(312)
445-2870CECO@alpha-ir.comOrMedia:Career Education
Corporation(847) 585-2600media@careered.com
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