Treatment Abuse, Behavior Modification, Thought Reform > Aspen Education Group

CRC's 10Q, Sept 2010 (They're about to give up on Aspen)

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Pile of Dead Kids:
http://ir.10kwizard.com/filing.php?ipag ... ource=1321

Same story as the last three months. Their recovery division tries to pull them out (+$28M), but "healthy living" (-$9M) and corporate expenses (-$8M) drag them back down, and coupled with their 604 million dollars in long-term debt and its brutal interest (-$11M), the company is barely treading water.

Aspen is addressed by name in this 10Q, and they're damned:


--- Quote ---The operations and enrollment of the Aspen programs within our healthy living division are highest in the summer months. Additionally, the Aspen programs have limited leading indicators regarding performance. As a result, we have more information in late summer and early fall around Aspen’s performance, which came in below the performance levels expected in July and August 2010. At the end of the third quarter of 2010, we reviewed actual results for graduation, admissions, and average length of stay in the Aspen programs relative to its prior forecast and fiscal year budget. In response to negative results in these areas, we further lowered our view of forecasted future cash flows for the Aspen programs within our healthy living division. As a result, for the three months ended September 30, 2010, we recognized non-cash charges related to goodwill impairment and asset impairment for Aspen in the amount of $9.1 million and $2.5 million, respectively. For the nine months ended September 30, 2010, we had recognized non-cash charges related to goodwill and asset impairment of $52.7 million and $20.5 million, respectively, for the healthy living division including Aspen.
--- End quote ---

This is the sound of a business considering dropping them like a lead brick.

Troll Control:
That sound you hear is Aspen Education circling the toilet drain.

Anne Bonney:

--- Quote from: "Troll Control" ---That sound you hear is Aspen Education circling the toilet drain.
--- End quote ---


Couldn't happen to a more deserving shithole.

Whooter:
I think it would be great if Aspen could break away from CRC and maybe find some investors who will put more money towards expansion.



...

Troll Control:
It would be great if it just went under and wasn't able to continue sytematically abusing children like so many of its facilities have been found to do.  Several Aspen programs have been shut down by Johnny Law for abusing and even killing kids.  It's only a matter of time before it dies off.

My sources were dead on over a year ago when I was informed Aspen was being shopped.  I hope they don't find a buyer and just deep-six those shitholes.

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