NEC Reports Loss for 1990; 4th-Quarter Profits Rebound

IRVINE —  National Education Corp., the struggling training and education company, said Tuesday that it lost $14.9 million last year, or roughly half the $29.3-million deficit it had in 1989.

However, the company reported a profit of $1.2 million in the fourth quarter ended Dec. 31, a huge improvement over the $28.3-million loss it had in the corresponding period of 1989. Fourth-quarter revenue fell 8.2% to $102.1 million from $110.5 million a year earlier.

For all of 1990, NEC’s revenue fell 7% to $371.4 million from $400.8 million in 1989.

The Irvine-based firm said the fourth-quarter profits resulted from steady improvement in its business, including the firm’s Applied Learning subsidiary, a corporate training service unit.

The company said its private school Education Centers unit reported a slight increase in revenue resulting from improvement in the enrollment of new students, while the company’s International Correspondence Schools division reported record revenues and earnings.

The company said it has reached an agreement in principle with its bank lenders to amend its existing credit agreement for three years. The amended credit agreement is scheduled to close this week.