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News Breaks
January 4, 2013
16:39 EDTESIITT Educational reports $13.2M after-tax charge in Q4, will cut EPS by 56c
On December 28, ITT Educational entered into a settlement agreement and release with Sallie Mae to settle the previously disclosed litigation matter between the company and Sallie Mae relating to the risk sharing loan program agreement, dated as of July 17, 2007, between the company and Sallie Mae. Under the terms of the settlement agreement, the company has agreed to pay a one-time payment of $46M to Sallie Mae on or before January 29, 2013. The company expects to record an after-tax charge to net income of approximately $13.2M in Q4. The company also expects that this after-tax charge to net income will reduce its EPS by approximately 56c in Q4.
News For ESI From The Last 14 Days
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August 26, 2014
07:25 EDTESIITT Educational has negative read through from Corinthian, says Wells Fargo
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August 25, 2014
08:52 EDTESIITT Educational volatility elevated into Q2 and outlook
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07:23 EDTESIGovernment not looking to push other colleges out of business, says Wells Fargo
In the wake of Corinthian Colleges' (COCO) dissolution due to actions taken by the Department of Education, Wells Fargo thinks the government did not intend for this scenario to unfold. After speaking with unnamed "knowledgeable sources" about the issue, the firm does not expect the department to take similar actions in the future because doing so would create too much of a workload for the department, Wells believes. Publicly traded companies in the space include American Public Education (APEI), Apollo Education (APOL), Bridgepoint Education (BPI), Career Education (CECO), Corinthian Colleges (COCO), DeVry (DV), Grand Canyon (LOPE), ITT Educational (ESI) and Strayer (STRA).

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