Bennett, a former Yreka High School pitching standout, is heading to Texas Lutheran University, a NCAA Division III program in Seguin, TX, located around 35 miles from San Antonio. Im excited, he said. Its a good program and school, and its an opportunity to keep playing baseball. Bennett spent the past two years pitching at Shasta College in Redding, Calif. After playing sparingly his first year at the junior college, Bennett had a memorable year as a sophomore and became the Knights ace pitcher. http://milamasonhome.haralsoncounty.org/2016/08/04/top-guidelines-for-2015-on-picking-fundamental-elements-of-interview/He finished last spring for Shasta College with 13 starts and went 5-5 with a 4.52 ERA and 38 strikeouts. Bennett said the coaches at Texas Lutheran expressed interest in him and invited him for a visit earlier this month. Bennett said he came away impressed with the school and the Bulldogs baseball program and decided to accept their offer to play for them and attend the school. Last season, Texas Lutheran finished 26-15 overall and 14-4 in SCAC play and was tied for first place in league play, as the team fell a game short of playing in the regionals. Bennett said the program lost a number of pitchers from last season and Bennett said he has been told he will have the opportunity to earn a spot on the starting rotation next spring. He is also excited that fellow Shasta College pitcher Clint Johns, who also was recruited by Texas Lutheran, will be joining him as a member of the Bulldogs.
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The Company also updated its 2016 year end cash and consolidated adjusted EBITDA outlook. Second Quarter Consolidated Results: Revenue of $182.6 million for the quarter as compared to $216.8 million in the prior year quarter, with the decline driven by teach-out campuses Net income improved to $11.8 million as compared to the prior year quarter net loss of $20.7 million Consolidated adjusted EBITDA of $25.6 million compared to negative $4.3 million in the prior year quarter (see reconciliation of GAAP to non-GAAP items attached to this press release) Cash flow generated from operations was $16.7 million, compared to cash usage of $6.4 million in the prior year quarter Year to Date Consolidated Results: Net income improved to $14.9 million as compared to the prior year net loss of $45.6 million Operating expenses decreased by $130.8 million as compared to the prior year driven by continued execution on strategic initiatives Consolidated adjusted EBITDA improved to $38.8 million as compared to negative $16.1 million in the prior year (see reconciliation of GAAP to non-GAAP items attached to this press release) As of June 30, 2016, cash, cash equivalents, restricted cash and available-for-sale short-term and long-term investments, net of borrowings, was $208.8 million Key Business Highlights: University Group revenue increased by 3.0 percent versus the prior year quarter University Group operating income increased by 25.0 percent to $36.8 million compared to the prior year quarter, primarily driven by increased revenue and improved efficiency of operations University Group total enrollments increased by 1.0 percent as compared to the prior year Organization has committed incremental investments to various student-serving operations to further its goal of improving student retention and outcomes Total student enrollment at our Transitional and Culinary Arts campuses is trending better than estimated Strong student retention across most of our institutions, better than estimated total student enrollment at our teach-out campuses, and continued efficiency and stability at our University Group, resulted in another quarter of improvement in year-over-year operating performance, said Todd Nelson, President and Chief Executive Officer. This improvement in our operating performance has enabled us to make incremental investments in various student-serving areas of operations, which we believe will positively impact student experiences in the future. For the remainder of this year, we are focused on optimizing our operating processes with the goal of further enhancing student retention and outcomes. As a result of the positive trends we have been experiencing, we are updating our year end cash and adjusted EBITDA outlook we provided last quarter, and are committed to continue executing against our ongoing initiatives. REVENUE For the quarter and year to date ended June 30, 2016, total revenue was $182.6 million and $381.5 million, respectively, representing a decrease of 15.8 percent and 14.0 percent, respectively, compared to total revenue of $216.8 million and $443.8 million for the quarter and year to date ended June 30, 2015, respectively. Total revenue for the University Group was $142.3 million and $287.3 million for the quarter and year to date ended June 30, 2016, respectively, representing an increase of 3.0 percent and 3.9 percent, respectively. For the Year to Date Ended June 30, (1) Teach-out campuses included in the Transitional Group no longer enroll new students. The Culinary Arts campuses were announced for teach-out during December 2015 and ceased enrolling new students in January 2016. TOTAL AND NEW STUDENT ENROLLMENTS As of the end of the second quarter of 2016, total student enrollments for the University Group were 31,600, compared to 31,300 as of the prior year quarter end, primarily driven by improved student retention at CTU and new enrollment growth at AIU. New student enrollments for the University Group were 7,630 and 17,260 for the quarter and year to date ended June 30, 2016, respectively, compared to new enrollments of 7,950 and 18,080 for the quarter and year to date ended June 30, 2015, respectively. For the Year to Date Ended June 30, (1) Teach-out campuses within the Transitional Group and Culinary Arts no longer enroll new students, effective upon their teach-out announcement; students who re-enter after 365 days are reported as new student enrollments.
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