ITT Educational Services Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Revises Earnings Guidance for the Year 2016; Reports Asset Impairment Charges for the Second Quarter of 2016
For the six months, the company reported revenue of $367.8 million against $444.2 million a year ago. Operating income was $27.5 million against $39.3 million a year ago. Net income was $8.4 million against $11.2 million a year ago. Earnings per diluted share was $0.35 against |$0.47 a year ago. Capital expenditures was $1.0 million against $2.5 million a year ago. Income before provision for income taxes was $14.393 million against $18.936 million a year ago. Net cash flows from operating activities were $5.587 million against $32.027 million a year ago.
For the year 2016, the company updated its internal goals for earnings before interest, taxes, depreciation and amortization (EBITDA) for the year ending December 31, 2016 from the previous range of $55 million to $75 million to a revised range of $110 million to $125 million, which reflects projected net income in the range of $42 million to $48 million.
For the quarter, the company reported asset impairment of $0.317 million.