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Earnings

February 12, 1988

National Education Corp., which operates vocational schools around the country and which provides technical training for corporations and governments, said its 1987 net income was $3.6 million, down 78% from net income of $16.6 million in 1986. NEC, based in Irvine, reported 1987 sales of $378 million, a 23% increase from the $307 million reported in 1986. Despite the higher revenues, net income was depressed significantly by one-time expenses associated with the $250-million acquisition of Advanced Systems, a Chicago-based technical training company, according to David H. Bright, president and chief executive of NEC. Those expenses included a charge of $20.4 million resulting from the merging of Advanced Systems with Deltak Training Corp, a NEC subsidiary, said Jerry Cwiertnia, executive vice president, finance.

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