ceco

4. Career Education Corporation's (CECO) family of colleges, schools and universities offer high-quality education to a diverse student population of more than 75,000 students across the world in a variety of career-oriented disciplines through online, on-ground and hybrid learning program offerings. The more than 90 campuses that serve these students are located throughout the United States and in France, the United Kingdom and Monaco, and offer doctoral, master's, bachelor's and associate degrees and diploma and certificate programs.
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Financials
The company reported the second-quarter financial results on July 31 with the following highlights:

Revenue	$369.0 million
Net loss	$100.2 million
Cash	$369.9 million
Debt	$0
Net Cash	$369.9 million
Shares outstanding	66.0 million
Net cash per share	$5.60

Outlook
Mike Graham - EVP and CFO commented during the second quarter earnings conference call:

Turning to an outlook, as you know as a matter of policy, we do not provide annual guidance. As you can see from the difficult marketing conditions we've faced, evidenced by our level of new student starts, and the commentary of many other comparable for-profit education firms in the last 10 days, inflection points we have assumed continue to move back causing our anticipated 2012 results, as Steve said, excluding the non-cash impairment charges, now to move into an operating loss level.
While visibility if the inflection point remains unclear, we do not right now anticipate a material improvement in our trend of new student starts as compared to the prior year adjusted for the timing of calendar changes in the third quarter of 2012. Our financial results versus our previously communicated range of 2012 ground school operating losses will also be impacted by the lower level of new student starts. Accordingly, our expectations for the ground schools versus last quarter's earnings release and conference call have fallen as well. Given the current market conditions, we will not provide any further milestones at this time.
Before we open the call for questions, let me quickly update you on the financial position as of June 30, 2012, the company had cash, cash equivalents, and short-term investments of $370 million. Our cash flow for operations for the three months ended June 30, 2012, was approximately a $1 million cash outflow. And capital expenditures were $8 million or 2.1% of revenues.

My analysis
The stock is currently trading at 44% discount to its net cash per share value. I am not expecting the company to be profitable for the full-year 2012. I believe the company could be profitable again in 2013 based on the company's past performance. I would be looking to be a buyer around $3 level.