-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, lEyhk3bUo0W2yr35C+BeNVujV4kmVLeDkBffCPi/uSdtyu4ZYknT/8zw7xldRzxU 0OwbQkhOBnAfM0zpNjjbBA== 0000892569-94-000189.txt : 19940718 0000892569-94-000189.hdr.sgml : 19940718 ACCESSION NUMBER: 0000892569-94-000189 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940628 ITEM INFORMATION: Acquisition or disposition of assets FILED AS OF DATE: 19940713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL EDUCATION CORP CENTRAL INDEX KEY: 0000277821 STANDARD INDUSTRIAL CLASSIFICATION: 8200 IRS NUMBER: 952774428 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06981 FILM NUMBER: 94538641 BUSINESS ADDRESS: STREET 1: 18400 VON KARMAN AVE CITY: IRVINE STATE: CA ZIP: 92715 BUSINESS PHONE: 7144749400 8-K 1 FORM 8-K 1 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 June 28, 1994 ----------------------------------------------- DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) National Education Corporation ------------------------------------------------------ (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) Delaware 1-6981 95-2774428 - - ---------------------------- ------------ ------------------- (STATE OR OTHER JURISDICTION (COMMISSION (IRS EMPLOYER OF INCORPORATION) FILE NUMBER) IDENTIFICATION NO.) 18400 Von Karman Avenue, Irvine, California 92715 ------------------------------------------- ---------- (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) (714) 474-9400 -------------------------------------------------- REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE Page 1 of 3 Exhibit Index appears on Page 2 2 Item 5. Other Events. Attached hereto as Exhibit 99.1 is a copy of National Education Corporation's (the "Company") News Release issued June 28, 1994, announcing the Company's plans to discontinue the operations of its National Education Centers subsidiary. Item 7. Financial Statements and Exhibits. (a) Financial Statements of Businesses Acquired. Not applicable. (b) Pro Forma Financial Information. Not applicable. (c) Exhibits.
Exhibit Number Description Page ---------------------------------------------------------------- 99.1 National Education Corporation 3 News Release dated June 28, 1994
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. NATIONAL EDUCATION CORPORATION By: /s/ PHILIP C. MAYNARD ------------------------------- Philip C. Maynard Vice President, General Counsel and Secretary Date: July 7, 1994 Page 2 of 3 EX-99.1 2 NEWS RELEASE DATED JUNE 28, 1994 1 NATIONAL EDUCATION CORPORATION 18400 Von Karman Avenue Irvine, California 92715-1594 NEWS Telephone 714/474-9400 Fax 714/474-9495 CONTACT: CONNIE MCCLUSKEY DIRECTOR, INVESTOR RELATIONS (714) 474-9483 NATIONAL EDUCATION CORPORATION ANNOUNCES DISCONTINUANCE OF ITS NATIONAL EDUCATION CENTERS IRVINE, CALIFORNIA, JUNE 28, 1994 -- National Education Corporation (NYSE:NEC) announced today plans to discontinue the operations of its National Education Centers subsidiary which operates 33 post-secondary career training schools throughout the United States. Jerome W. Cwiertnia, president and chief executive officer, said that the company will record a loss on disposal of the Education Centers of approximately $40 million ($1.35 loss per share). The company has not provided any tax benefit from the loss. The loss includes a write-down of assets, estimated gain/loss of the sale of certain schools, and the estimated costs of closing certain schools. Estimated proceeds from the sale of schools are expected to offset expenses incurred to teach-out students at the schools to be closed. Cwiertnia said that, after an extended period of attempting to restructure the business to operate in the increasingly restrictive regulatory environment, management concluded that it was inappropriate to continue to incur financial losses at this subsidiary in view of the diminished strategic outlook for the business. Accordingly, the Education Centers will immediately cease enrollments at 6 schools. A letter of intent to purchase all of the schools, including schools with teach-out obligations, has been executed with an interested buyer, Cwiertnia said. All students presently enrolled at those schools to be phased out will be given the opportunity to complete their educational programs. # # # Exhibit 99.1 Page 3 of 3 -----END PRIVACY-ENHANCED MESSAGE-----