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OPERATING INCOME (LOSS) For the quarter and year to date ended June 30, 2016, operating income was $17.3 million and $24.3 million, respectively, representing an improvement of 186.9 percent and 154.8 percent compared to an operating loss of $19.9 million and $44.3 million for the quarter and year to date ended June 30, 2015, respectively. Total University Group operating income increased to $36.8 million and $58.0 million for the quarter and year to date ended June 30, 2016, respectively, representing an increase of 25.0 percent and 40.8 percent, respectively. For the Year to Date Ended June 30, Operating Income (Loss) ($ in thousands) 2016 Asset impairment charges of $9.7 million were recorded during the second quarter of 2015. (2) Asset impairment charges of $7.7 million were recorded during the year to date 2015, $1.7 million of which was recorded during the second quarter of 2015. NET INCOME (LOSS) Net income was $11.8 million for the quarter ended June 30, 2016 as compared to a net loss of $20.7 million in the prior year quarter, an improvement of 157.1 percent. For the year to date ended June 30, 2016, net income was $14.9 million representing an improvement of 132.6 percent as compared to net loss of $45.6 million for the prior year to date. ADJUSTED EBITDA The Company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its operations. (See tables below and the GAAP to non-GAAP reconciliation attached to this press release for further details.) As shown in the table below, adjusted EBITDA for the University Group and Corporate was $34.3 million and $54.5 million for the quarter and year to date ended June 30, 2016, respectively, representing an increase of 29.4 percent, or 7.8 million, and 44.0 percent, or $16.7 million, respectively, as compared to the prior year periods. Adjusted EBITDA for the Transitional Group, Culinary Arts and discontinued operations improved to negative $8.7 million and negative $15.7 million for the quarter and year to date ended June 30, 2016, respectively, representing an improvement of 71.8 percent and 71.0 percent, respectively, as compared to the prior year periods. Read More For the Year to Date Ended June 30, Income (loss) from continuing operations (1) $ Provision for (benefit from) income taxes 4,620 Culinary Arts pre-tax (income) loss (362 Unused space charges (2) (3) Adjusted EBITDA–University Group and Corporate $ Transitional Group, Culinary Arts and Discontinued Operations: Loss from discontinued operations (1) $ Benefit from income taxes from discontinued operations (470 Culinary Arts pre-tax income (loss) 362 Loss on sale of business (4) Unused space charges (3) (4) Adjusted EBITDA–Transitional, Culinary Arts and Discontinued Operations $ (1) Income (loss) from continuing operations and loss from discontinued operations make up the components of net income (loss) as reflected on the Companys condensed consolidated statements of income (loss) and comprehensive income (loss).
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