NEW YORK, Oct. 28, 2014 (GLOBE NEWSWIRE) -- AlixPartners, the global business-advisory firm, and Career Education Corporation (NASDAQ: CECO), a provider of postsecondary education programs and services, announced today that they received the Turnaround Management Association's Midwest Chapter's "Large Turnaround of the Year" award. The AlixPartners team was led by Darin Facer and Keith Gillespie, managing directors in the firm's Enterprise Improvement group.
AlixPartners and Career Education worked together to successfully execute a turnaround plan that, along with other actions, saw a reduction of operating expenses by $270 million and an improvement of net cash flow of $118 million in 2013, compared to 2012. Most importantly, the turnaround actions are seen as continuing educational opportunities for the more than 45,000 students who attend Career Education colleges, universities and institutes.
"We're very proud of the team's accomplishments and the fact that Career Education is on more solid financial footing today," Facer said. "In today's low-growth world, creating or even preserving economic value is always a struggle, but with a great working relationship with the Career Education leadership team, we were able to accomplish that together."
Added Gillespie, "AlixPartners' tagline is 'When it really matters,' and I think, working hand-in-hand with the management team at Career Education, this engagement proved that motto true. Together, we acted quickly and decisively to improve financial performance while, importantly, maintaining and even enhancing the aspects of the business that are the most valued by students at Career Education institutions."
"Including our work with AlixPartners, we've implemented changes that have created operational efficiencies," said Career Education President and CEO Scott W. Steffey. "We've continued to right-size our infrastructure while still investing in high-priority areas, such as our innovative adaptive learning technology and the development of new and improved career-focused educational programs. We're grateful for the role AlixPartners played."
The award will be presented at the TMA's Sixth Annual Executive Speaker Forum, an event featuring former Massachusetts Governor Mitt Romney as keynote speaker, held on Nov. 24 in Chicago.
About the Turnaround Management Association
The Chicago-based Turnaround Management Association has more than 9,000 members in 48 regional chapters worldwide who comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants. Visit www.turnaround.org for more information.
AlixPartners is a leading global business-advisory firm of results-oriented professionals who specialize in creating value and restoring performance at every stage of the business lifecycle. We thrive on our ability to make a difference in high-impact situations and deliver sustainable, bottom-line results. The firm's expertise covers a wide range of businesses and industries whether they are healthy, challenged or distressed. Since 1981, we have taken a unique, small-team action-oriented approach to helping corporate boards and management, law firms, investment banks and investors respond to critical business issues. For more information, visit www.alixpartners.com.
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