DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2014

DISCONTINUED OPERATIONS [Abstract]

DISCONTINUED OPERATIONS

3. DISCONTINUED OPERATIONS

On June 18, 2013, the Company’s Board of Directors approved a plan to cease operations at four campuses in Ohio and one campus in Kentucky consisting of the Company’s Dayton institution and its branch campuses.  Federal legislation implemented on July 1, 2012 that prohibits “ability to benefit” students from participating in federal student financial aid programs led to a dramatic decrease in the number of students attending these five campuses.  Accordingly, the Company ceased operations at these campuses as of December 31, 2013.  The results of operations of these campuses are reflected as discontinued operations in the consolidated financial statements.

The results of operations at these five campuses for the three and nine months ended September 30, 2013 was as follows (in thousands):
 

	Three Months Ended September 30, 2013			Nine Months Ended September 30, 2013
Revenue	$	(18	)	$	7,261
Operating expenses		(3,898	)		(19,322	)
Operating loss	$	(3,916	)	$	(12,061	)

Amounts include impairments of goodwill and long-lived assets for these campuses of $2.3 million for the nine months ended September 30, 2013.