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SOURCE ITT Educational Services, Inc.
CARMEL, Ind., April 29, 2014 /PRNewswire/ -- ITT Educational Services, Inc. (NYSE: ESI), a leading provider of post-secondary degree programs, today announced that it intends to release preliminary, select operational and financial results from its first quarter 2014 before the market opens on Thursday, May 22, 2014. ITT/ESI also will conduct a conference call with financial analysts that morning at 11:00 a.m. ET to discuss the information released.
As previously disclosed, issues relating to the accounting treatment for the variable interest entity involved in the PEAKS Private Student Loan Program (the "PEAKS Program") have caused delays associated with completing the company's financial statements, footnotes and related disclosures for its Annual Report on Form 10-K for the fiscal year ended December 31, 2013 ("2013 Form 10-K") and its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014 (the "First Quarter 2014 Form 10-Q"). ITT/ESI has submitted a preclearance request to the Office of the Chief Accountant of the Securities and Exchange Commission relative to the accounting treatment for the variable interest entity involved in the PEAKS Program.
Although ITT/ESI's financial statements, footnotes and related disclosures for the fiscal year ended December 31, 2013 and the fiscal quarter ended March 31, 2014 may not be finalized by May 22, 2014, the company intends to release on that date its first quarter 2014 operational results and preliminary, select first quarter 2014 financial results that are available at that time. ITT/ESI also intends to provide an update in the release and on the conference call regarding the status of the 2013 Form 10-K and the First Quarter 2014 Form 10-Q.
The public is invited to listen to a live webcast of the conference call. It may be accessed by following the "Live Webcast" directions on ITT/ESI's Web site, located at www.ittesi.com. Webcast participants are encouraged to log in prior to the 11:00 a.m. start time to ensure connection before the beginning of the call. An archived version of the webcast also will be available on the Web site for replay until May 22, 2015.
About ITT Educational Services, Inc.
ITT Educational Services, Inc. (NYSE: ESI) provides technology-oriented undergraduate and graduate degree programs through its accredited ITT Technical Institutes and Daniel Webster College to help students develop skills and knowledge that they can use to pursue career opportunities in a variety of fields. It owns and operates more than 135 ITT Technical Institutes and Daniel Webster College. ITT/ESI serves more than 55,000 students at its campuses in 39 states and online. Through the Center for Professional Development @ ITT Technical Institute, ITT/ESI provides short-term information technology and business learning solutions for career advancers and other professionals. Headquartered in Carmel, IN, ITT/ESI has been actively involved in the higher education community since 1969 and can be found online at www.ittesi.com.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are made based on the current expectations and beliefs of the company's management concerning future developments and their potential effect on the company. The company cannot assure you that future developments affecting the company will be those anticipated by its management. These forward-looking statements involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: the inability of the company to file the 2013 Form 10-K during any available cure period; the NYSE's failure to grant a further extension of time in which the company can file the 2013 Form 10-K; changes in federal and state governmental laws and regulations with respect to education and accreditation standards, or the interpretation or enforcement of those laws and regulations, including, but not limited to, the level of government funding for, and the company's eligibility to participate in, student financial aid programs utilized by the company's students; business conditions and growth in the postsecondary education industry and in the general economy; the company's failure to comply with the extensive education laws and regulations and accreditation standards that it is subject to; effects of any change in ownership of the company resulting in a change in control of the company, including, but not limited to, the consequences of such changes on the accreditation and federal and state regulation of its campuses; the company's ability to implement its growth strategies; the company's failure to maintain or renew required federal or state authorizations or accreditations of its campuses or programs of study; receptivity of students and employers to the company's existing program offerings and new curricula; the company's ability to collect internally funded financing from its students; the company's exposure under its guarantees related to private student loan programs; the company's ability to successfully defend litigation and other claims brought against it; and other risks and uncertainties detailed from time to time in the company's filings with the U.S. Securities and Exchange Commission. The company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future developments or otherwise.
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