National Education Corp. Posts Profit in 2nd Quarter
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IRVINE — Despite a drop in training revenue, National Education Corp. on Thursday reported net income of $270,000 for the second quarter compared to a loss of $1.3 million a year earlier.
NEC quarterly revenue was $91.4 million, down 1% from $92.4 million a year earlier. The company earned 1 cent a share for the quarter, compared to a loss of 4 cents a share in the same period last year.
It publishes school workbooks, operates vocational schools and trains people on the job.
For the six months ended June 30, the company reported a loss of $2.4 million, or 8 cents a share, compared to a loss of $6.9 million, or 23 cents a share, a year earlier.
Revenue for the six-month period were $178.7 million, compared to $177.1 million a year earlier. The company said that its training group is lagging behind financial expectations, but its other groups are meeting their goals.
Ronald Tapper resigned last month from his post as president of NEC’s training group after the company said that division would report disappointing earnings.
Tapper’s departure was viewed by analysts as one of the final phases of a three-year restructuring at NEC.
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