United Education Shows $29-Million Quarterly Loss
- Share via
United Education & Software Inc. of Encino, a troubled trade school operator whose principal subsidiary filed for Chapter 11 bankruptcy protection December 4, reported a $29-million loss in the fiscal third quarter that ended Oct. 31. UES lost $6.7 million in the year-earlier quarter.
Revenues in the latest quarter fell 7%--to $18.4 million from $19.8 million a year earlier.
For the nine months that ended in October, UES lost $33.9 million, compared with a $4.5-million loss in the first nine months of the previous year. Revenues were $56.5 million, down 9% from $62 million.
UES said its third-quarter results included a $24.5-million pretax charge for reorganization costs, asset sales and writedowns. Since the bankruptcy filing, UES has sold six trade schools, closed four and merged two and has consolidated three corporate offices into one.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
