United Education Records $1.2-Million Profit for Year
United Education and Software said it earned $1.2 million, or 41 cents a share, in the fiscal year ended Jan. 31, a turnaround from a loss of $2.9 million, or $1.03 a share, the year before. Sales rose 18%, to $22.8 million.
The Encino-based chain of trade and technical schools became profitable this year after scrapping its money-losing computer and software marketing operations. Its net income for the fourth quarter was $344,000, or 12 cents a share, versus a loss of $1.4 million, or 51 cents a share, for the same period a year ago.
United Education said its sales increased 31%, to $6.1 million, in the fourth quarter.
The company also said it benefited from tax-loss carry-forwards of $479,000 for the year and $119,000 for the fourth quarter. Tax-loss carry-forwards allow a company to cut current taxable income by taking into account past losses.