Concorde Reports 2004 Results -- Revenue Increase of 9.1%, Earnings De

Concorde Reports 2004 Results -- Revenue Increase of 9.1%, Earnings Decrease of 36.4% and Earnings per Share Decrease of 37.4%

    Business Editors

    MISSION, Kan.--(BUSINESS WIRE)--March 15, 2005--Concorde Career Colleges, Inc. (Nasdaq:CCDC), a provider of career training in allied health programs, today announced results for the year ended December 31, 2004. Revenue increased 9.1% to $81.5 million in 2004 compared to $74.7 million in 2003. Net income decreased 36.4% to $3,922,000 or $.62 per diluted share compared to $6,163,000 or $.99 in 2003.
    In 2004, enrollments decreased 1.4% compared to 2003 which negatively impacted the Company's revenue and profits. Expenses increased in several operating categories that lowered the Company's net income compared to 2003. The increases were primarily due to additional staff and higher wages, increases in advertising, occupancy, bad debt and professional fee expenses.
    We were successful in adding eleven new programs in 2004. We anticipate adding eight new programs in 2005.

    Operating Results

    Concorde's results for the year ended December 31, 2004, included the following:

--	Revenue grew 9.1% to $81.5 million in 2004 compared to $74.7 million in 2003.
--	Diluted earnings per share was $.62 in 2004 compared to $.99.
--	Student enrollments decreased 1.4% to 9,323 in 2004 compared to 9,454 in 2003.
--	Student population decreased 10.2% to 5,148 at December 31, 2004, compared to 5,732 at December 31, 2003.
--	Net income decreased $2,241,000 to $3,922,000 in 2004 compared to $6,163,000 in 2003.

    Certain statements in this press release may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the 'safe-harbor' provisions of that act. Forward-looking statements regarding economic conditions, efforts of employees, year to year improvements, and effects of corporate initiatives, future profitability, projections, future revenue opportunities, and their impact on 2005 are forward-looking statements and not historical facts. These statements are estimates or projections involving numerous risks or uncertainties, including, but not limited to, consumer demand, acceptance of services offered by the Company, the Company's ability to maintain current expense and revenue levels, actions by competitors, impairment of federal funding, legislative action, student default rates, changes in federal or state authorization or accreditation changes, changes in market needs and technology, political or regulatory matters, litigation, general economic conditions, changes in management strategy and the Company's ability to leverage its curriculum and management infrastructure to build its student base. Actual results or events could differ materially from those discussed in the forward-looking statements. See the Company's reports on Forms 14A, 10-K and 10-Q filed with the Securities and Exchange Commission for further information. The Company disclaims any obligation to publicly update, revise or correct any forward-looking statements, whether as a result of new information, future events or otherwise. To find out more about Concorde Career Colleges, Inc. (Nasdaq:CCDC), visit our website at www.concordecareercolleges.com.

Year Ended December 31, 2004 and 2003

2004 2003 ---- ---- Revenue $81,507,000 $74,714,000 Instruction costs and services 26,226,000 22,482,000 Selling and promotional 11,435,000 9,839,000 General and administrative 34,044,000 29,584,000 Provision for uncollectible accounts 3,523,000 2,893,000 ---------- ---------- Total operating expense 75,228,000 64,798,000 ---------- ----------

Operating income 6,279,000 9,916,000 Interest income and interest expense, net 207,000 155,000 Provision for income taxes 2,564,000 3,908,000 ---------- ----------

Net income $3,922,000 $6,163,000 ========== ==========

Basic income per share $0.66 $1.05 Basic weighted average shares 5,980,000 5,880,000 Diluted income per share $0.62 $0.99 Diluted weighted average shares 6,322,000 6,250,000

Condensed Balance Sheet Information Dec. 31, 2004 Dec. 31, 2003

Cash and short term investments $19,613,000 $19,813,000 Accounts receivable, net 22,220,000 22,595,000 Other current assets 4,992,000 3,233,000 ---------- ----------

Total current assets 46,825,000 45,641,000 Fixed assets, net 9,896,000 5,397,000 Other long term assets 2,188,000 2,117,000 ---------- ---------- Total assets 58,909,000 53,155,000 ========== ==========

Deferred revenue 24,582,000 25,540,000 Other current liabilities 7,248,000 6,104,000 ---------- ----------

Total current liabilities 31,830,000 31,644,000 Other long term liabilities 2,915,000 848,000 Stockholders' Equity 24,164,000 20,663,000 ---------- ---------- Total liabilities and Stock holders' Equity $58,909,000 $53,155,000 ========== ==========

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CONTACT: Concorde Career Colleges, Inc. Jack L. Brozman, 913-831-9977 Paul Gardner, 913-831-9977

KEYWORD: KANSAS INDUSTRY KEYWORD: MEDICAL EDUCATION EARNINGS SOURCE: Concorde Career Colleges, Inc.

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