-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EDJvfwIkhQCmGXUugO7+V/NEZzFfqEpk2422Gpik7s1Kvp7P2guRp2OMjYL2f8jE m0atw/aVv/iv2QeBE32CJA== 0001104659-06-018035.txt : 20060320 0001104659-06-018035.hdr.sgml : 20060320 20060320171131 ACCESSION NUMBER: 0001104659-06-018035 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20060316 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060320 DATE AS OF CHANGE: 20060320 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAREER EDUCATION CORP CENTRAL INDEX KEY: 0001046568 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 363932190 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-23245 FILM NUMBER: 06699306 BUSINESS ADDRESS: STREET 1: 2895 GREENSPOINT STREET 2: SUITE 600 CITY: HOFFMAN ESTATES STATE: IL ZIP: 60195 BUSINESS PHONE: 8477813600 MAIL ADDRESS: STREET 1: 2800 WEST HIGGINS ROAD STREET 2: SUITE 790 CITY: HOFFMAN ESTATES STATE: IL ZIP: 60195 8-K 1 a06-7349_18k.htm CURRENT REPORT OF MATERIAL EVENTS OR CORPORATE CHANGES

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported)

March 16, 2006

 

Career Education Corporation

(Exact name of registrant as specified in its charter)

 

 

 

 

 

Delaware

 

0-23245

 

36-3932190

(State or other jurisdiction

 

(Commission

 

(IRS Employer

of incorporation)

 

File Number)

 

Identification No.)

 

 

 

2895 Greenspoint Parkway, Suite 600, Hoffman Estates, IL

 

60195

(Address of principal executive offices)

 

(Zip Code)

 

 

 

Registrant’s telephone number, including area code

(847) 781-3600

 

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 



 

Item 8.01 Other Events.

 

On March 16, 2006, the Registrant issued a press release to announce that, in its Brooks Institute of Photography’s legal proceeding against the California Beaureau for Private Postsecondary Vocational Education (the Bureau), a trial judge has ruled that the Bureau improperly issued Brooks Institute of Photography a Notice of Conditional Approval to Operate (the Notice), and that the Notice is invalid. A copy of the Registrant’s press release is attached hereto as Exhibit 99.1, and the information contained therein is incorporated herein by reference. The information contained in this Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and it shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(a) None.

 

(b) None.

 

(d) Exhibits

 

Exhibit

 

 

Number

 

Description of Exhibits

 

 

 

99.1

 

Press Release of Registrant dated March 16, 2006, announcing that a trial judge has ruled that the California Bureau for Private Postsecondary Vocational Education improperly issued the Brooks Institute of Photography a Notice of Conditional Approval to Operate, and that the Notice is invalid.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CAREER EDUCATION CORPORATION

 

 

 

 

 

By:

/s/ Janice L. Block

 

 

 

Janice L. Block

 

 

Senior Vice President, General Counsel, and Corporate Secretary

 

 

 

 

 

 

Dated: March 20, 2006

 

 

 

3



 

Exhibit Index

 

Exhibit

 

 

Number

 

Description of Exhibits

 

 

 

99.1

 

Press Release of Registrant dated March 16, 2006, announcing that a trial judge has ruled that the California Bureau for Private Postsecondary Vocational Education improperly issued the Brooks Institute of Photography a Notice of Conditional Approval to Operate, and that the Notice is invalid.

 

4


EX-99.1 2 a06-7349_1ex99d1.htm EXHIBIT 99

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Media Inquiries:

 

Lynne Baker

 

 

847/851-7006

 

 

 

Investor Inquiries:

 

Karen King

 

 

847/585-3899

 

CAREER EDUCATION CORPORATION ANNOUNCES FAVORABLE DECISION
FOR BROOKS INSTITUTE OF PHOTOGRAPHY

 

JUDGE INVALIDATES ACTIONS OF CALIFORNIA BUREAU

 

HOFFMAN ESTATES, IL, March 16, 2006 – Career Education Corporation (NASDAQ:CECO) announced today a victory in its Brooks Institute of Photography’s legal proceeding against a California higher education bureau. A trial judge has ruled that the California Bureau for Private Postsecondary Vocational Education (the Bureau) improperly issued Brooks Institute a Notice of Conditional Approval to Operate, and that the Notice is invalid.

 

“We are gratified that the judge thoughtfully addressed this matter and came to what we believe is the appropriate conclusion based upon the evidence,” said Dr. Greg Strick, President of Brooks Institute. “But more importantly, we hope that this will expedite resolution of the matter. We have always cooperated with the Bureau, despite its actions against us, and our students, faculty and administration will continue to do so. We have only wanted to be heard, to be treated fairly and to exercise our rights in the review process.”

 

In a 16-page, considered opinion, Judge Julie Cabos-Owen of the Office of Administrative Hearings found that the Bureau failed to follow the California Education Code and its own regulations. “[T]he Bureau violated the mandates of the statutes under which it was proceeding,” the judge held. “[T]he Bureau also ignored regulations which govern the duties of a visiting committee and an institution’s right

 



 

to challenge the composition of the committee,” the judge said, “further circumventing procedural safeguards built into the qualitative review process.”

 

The Department of Consumer Affairs, which oversees the Bureau, notified Brooks Institute that it has not adopted Judge Cabos-Owen’s ruling and has requested additional briefing before deciding whether to adopt, reject, or change the administrative law decision.

 

“I am hopeful that in the interests of our school, our students, and the taxpayers of this state, the Department of Consumer Affairs will review the extensive record in this matter, along with the judge’s detailed and considered opinion setting forth the basis for her legal conclusions, and adopt the opinion in its entirety,” said Dr. Strick. “We will continue to be governed by the Bureau, and we welcome the opportunity to demonstrate to them the high quality of our educational programs, the exceptional student experience at our school, and the contributions we make to our local communities as well as to the fields of visual arts throughout the world.”

 

The Brooks Institute of Photography has just celebrated its 60th year educating students in the visual media. With a campus in Santa Barbara, California and a campus in Ventura with two sound stages for filmmaking, the school has over 2200 students pursuing Masters, Bachelors, Associates and diploma programs in fields such as photography, film and video production, visual communications and visual journalism. Graduates have gone on to work for distinguished organizations, such as National Geographic, Smithsonian, the Los Angeles Times and other national media outlets, Hallmark Publishing, Cousteau Society, HBO, Kodak and literally scores of other leaders in visual media fields.

 

“Our students and alumni have always been outstanding,” said Dr. Strick. “Many have garnered high acclaim and won national and international awards for their exceptional work; and many have shaped the future of the photography industry through their use of new techniques and technologies. Many have made a difference in other ways, as well—by giving to their communities through their photography, film or video abilities. We are proud of our legacy and look forward to another 60 years of visionary education.”

 

About Career Education Corporation

Career Education Corporation (www.careered.com), through its colleges, schools and universities, offers quality higher education to more than 100,000 students both on-campus and online in a variety of career-oriented disciplines. CEC reports and discusses its operating results in two separate segments: the Colleges, Schools and Universities segment, which represents the results of the campuses providing education on-ground, and the Online Education Group, which represents the results of its campuses providing education online.

 



 

The Colleges, Schools and Universities segment includes more than 70,000 students attending one of 80-plus campuses owned by CEC. The on-ground campuses are located throughout the U.S., Canada, France, the United Kingdom, and the United Arab Emirates and offer doctoral degree, master’s degree, bachelor’s degree, associate degree, and diploma programs in the career-oriented disciplines of business studies, visual communication and design technologies, health education, information technology, and culinary arts.

 

The Online Education Group segment includes more than 30,000 students attending the web-based virtual campuses of either American InterContinental University Online or Colorado Technical University Online. The online campuses of these two universities collectively offer a variety of degrees in information technology, computer science, business, visual communication, health sciences, criminal justice, and education.

 

Except for the historical and present factual information contained herein, the matters set forth in this release, including statements identified by words such as “anticipate,” “believe,” “plan,” “expect,” “intend,” “project,” “will,” and similar expressions, are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on information currently available to us and are subject to various risks, uncertainties, and other factors, that could cause our actual growth, results of operations, performance and business prospects, and opportunities to differ materially from those expressed in, or implied by, these statements. Except as expressly required by federal securities laws, we undertake no obligation to update such factors or to publicly announce the results of 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 outcome of which could materially and adversely affect our financial condition and operations, include, but are not limited to, the following: risks related to our ability to comply with, and the impact of changes in, legislation and regulations that affect our ability to participate in student financial aid programs; costs, risks and effects of legal and administrative proceedings and investigations and governmental regulations, including the pending Securities and Exchange Commission and Justice Department investigations and, class action, derivative, and other lawsuits; risks related to our ability to comply with accrediting agency requirements or obtain accrediting agency approvals; costs and difficulties related to the integration of acquired businesses; risks related to our ability to manage and continue growth; future financial and operational results; risks related to competition, general economic conditions, and other risk factors relating to our industry and business, and the factors discussed in our Annual Report on Form 10-K for the year ended December 31, 2004, and from time to time in our other reports filed with the Securities and Exchange Commission.

 


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-----END PRIVACY-ENHANCED MESSAGE-----