National Education Corp. Reports $8.5-Million Loss
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IRVINE — National Education Corp., steeped in red ink for the past two years, recorded a net loss of $8.5 million, or 29 cents a share, for the first quarter.
The loss for the Irvine supplier of educational and multimedia products was less than the net loss of $13.4 million, or 45 cents a share, for last year’s first three months. Quarterly revenue increased 13% to $56 million from $49.5 million.
The company attributed the quarterly loss to higher advertising, selling and promotion expense and the increased cost of course materials for its computer-related courses.
The quarterly loss comes amid the company’s continuing efforts to sell its remaining national learning centers and after two years of troubled operations that have given the company a total of $73.5 million in red ink.
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