For-profit college ITT rallies 30% after filing earnings a month late
On Friday, ITT Educational Services, the operator of more than 135 for-profit technical institutes across the U.S., filed it's quarterly report for the quarter ending March 31, 2o15 after a one-month delay.
Though it was supposed to be filed by May 11, the one-month delay is an improvement from the 74 additional days it took the firm to file their 10-K for 2014. That form was due on March 16 of this year, but was just filed on May 29.
Earlier, shares had been up as much as 45%.
ITT has been in hot water lately while also struggling financially.
In August, the company lost half of its market value after a plan to sell $120 worth of real estate assets fell through.
Just last month, the SEC announced that it was pursuing fraud charges against company executives because they "fraudulently concealed from ITT's investors the poor performance and looming financial impact of two student loan programs that ITT financially guaranteed." The firm was also accused of hiding information from its auditor.
The filing itself was mixed news. Net income was up to $10.4 million from $3.6 million during the same period last year. But revenue was down $7.9 million year over year.
Investors took the filing for the embattled company as a win, and the firm's stock jumped from $4.15 a share at yesterday's close to $6.05 a share at Friday's opening; over the last 5 years, however, the stock is down more than 94%.