Laureate Education, a for-profit education company with close ties to the Clinton family, suddenly swung to a dramatic third quarter loss of $103 million, a stark contrast to $81 million dollars in positive earnings it reported in the third quarter of 2016, the Daily Caller News Foundation has learned.
The loss was posted by the company on its Form 10-Q that outlines quarterly earnings and losses.
The $103 million loss was most dramatic in its earnings per share. The company enjoyed a positive earnings per share of 66 cent in 2016. The company’s earning per share today is $1.02 loss per share.
Illustrating a potentially fragile financial state, the U.S. Department of Education (DOE) notified Laureate on Oct. 12 the company faced a “failure to meet standards of financial responsibility for the fiscal year ended December 31, 2016,” according to the 10-Q.
A failure to meet financial responsibility means a company has a “failing financial responsibility composite score” devised on a scale by DOE, Section 498(c) of the Higher Education Act of 1965, says. The determination means the federal department did not deem Laureate financially responsible.
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