Education Management Corporation Presents at Barclay's High Yield Bond and Syndicated Loan Conference, May-21-2013 10:10 AM. Venue: JW Marriott Chicago, 151 W. Adams Street, Chicago, Illinois, United States. Speakers: Edward H. West, Chief Executive Officer and President, Mick J. Beekhuizen, Chief Financial Officer, Executive Vice President and Director.

Education Management Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2013. For the quarter, the company reported loss before interest and income taxes of $242,001,000, loss before income taxes of $277,697,000, net loss of $283,994,000 or $2.28 diluted loss per share on net revenues of $638,903,000 against loss before interest and income taxes of $407,442,000, loss before income taxes of $442,340,000, net loss of $417,116,000 or $3.31 diluted loss per share on net revenues of $702,499,000 for the same period a year ago. EBITDA was $206,967,000 against $376,306,000 for the same period a year ago. The company recorded net loss and EBITDA loss driven by noncash impairment charges of $323,700,000, which primarily impacted The Arts Institutes. Revenue decrease of 9.1% was primarily driven by the year-over-year decrease in its average quarterly enrolled student body of 11.4%. For the nine months, the company reported loss before interest and income taxes of $148,298,000, loss before income taxes of $246,454,000, net loss of $265,943,000 or $2.14 diluted loss per share on net revenues of $1,903,363,000 against loss before interest and income taxes of $206,321,000, loss before income taxes of $294,934,000, net loss of $327,035,000 or $2.57 diluted loss per share on net revenues of $2,121,782,000 for the same period a year ago. Net cash flows provided by operating activities were $286,202,000 against $152,676,000 for the same period a year ago. Expenditures for long-lived assets were $64,586,000 against $64,679,000 for the same period a year ago. EBITDA was $29,863,000 against $97,101,000 for the same period a year ago.

Education Management Corporation provides earnings guidance for the fourth quarter and full year ending June 30, 2013. For the quarter, the company is expecting EBITDA to be between $62 million and $67 million, a net loss between $6 million and $3 million and a loss of $0.05 to $0.02 per diluted share. For the twelve months ending June 30, 2013, the company is expecting EBITDA to be between $370 million and $375 million, net income to be between $51 million and $54 million, EPS to be between $0.41 and $0.43 per diluted share, and finally, CapEx to be approximately 3.5% of net revenues.