Career Education Corporation Reports Results for Third Quarter 2007.(Financial report)

HOFFMAN ESTATES, Ill. -- Career Education Corporation (NASDAQ: CECO) today reported consolidated revenue from continuing operations of $404.4 million and consolidated net income from continuing operations of $19.8 million, or $0.21 per diluted share, during the third quarter of 2007, compared to consolidated net income from continuing operations of $27.0 million, or $0.28 per diluted share, during the third quarter of 2006.

"During the third quarter, we continued to make progress in key metrics that serve as positive indicators for future performance," said Gary E. McCullough, president and chief executive officer. "We have begun several key initiatives designed to produce consistent, profitable growth and long-term value. These include recruiting new experienced senior management for key roles; improving controls and procedures throughout our operations to ensure quality performance and adherence to regulatory and ethical standards; implementing new values and measurable performance principles; and completing the development of a five-year plan with performance benchmarks."

RESULTS OF CONTINUING OPERATIONS

As previously reported in November 2006, the company entered into a process of selling 11 of its schools and campuses, including the nine campuses that comprise the Gibbs division, McIntosh College, and Lehigh Valley College. The results of these 11 schools and campuses are reflected in this release as discontinued operations. Except as otherwise noted, financial data and non-financial metrics reflected in this release exclude…