ITT Educational Services Q4 Loss Widens

(RTTNews) - ITT Educational Services, Inc (ESI), a provider of technology-oriented postsecondary degree programs, Thursday, reported a wider net loss for the fourth quarter, chiefly due to a 12.6 percent decrease in revenue. While the total student enrollment declined, new enrollment showed an increase.

Net loss widened to $11.6 million, or $0.49 per share, from loss of $9.5 million, or $0.41 per share, a year ago.

Revenue for the 3-month period decreased to $262.9 million from $300.8 million a year ago.

New student enrollment increased to 13,995 from 13,398 in the corresponding period last year. Total student enrollment as of December 31 declined by 5.8 percent to 57,542 from 61,059 a year ago.

During the fourth quarter, the company recorded $60.3 million of additional charges related to its guarantee obligations associated with 2009 RSA and the PEAKS program.

For the fiscal year 2014, the company expects EBITDA in the range of $140 million to $170 million.