Education Management Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported loss before interest and income taxes of $468,850,000, loss before income taxes of $499,926,000, net loss of $467,646,000 or $3.71 diluted loss per share on net revenues of $595,202,000 against loss before interest and income taxes of $218,415,000, loss before income taxes of $254,111,000, net loss of $260,408,000 or $2.09 diluted loss per share on net revenues of $638,903,000 for the same period a year ago. EBITDA was $431,741,000 against $183,381,000 for the same period a year ago. Primarily as a result of non-cash goodwill and indefinite-lived intangible asset impairment charges of $509.2 million, the company reported a net loss.

For the nine months, the company reported loss before interest and income taxes of $427,701,000, loss before income taxes of $522,258,000, net loss of $476,072,000 or $3.80 diluted loss per share on net revenues of $1,769,255,000 against loss before interest and income taxes of $124,712,000, loss before income taxes of $222,868,000, net loss of $242,357,000 or $1.95 diluted loss per share on net revenues of $1,903,363,000 for the same period a year ago. Net cash flows provided by operating activities were $172,175,000 against $286,202,000 for the same period a year ago. Expenditures for long-lived assets were $52,766,000 against $64,586,000 for the same period a year ago. EBITDA was $313,394,000 against $6,277,000 for the same period a year ago. The decrease in cash flow from operations in the current quarter compared to the prior year quarter was primarily due to lower operating results. EBITDA excluding certain expenses was $95.0 million against $122.0 million a year ago.

For the quarter, the company reported long-lived assets impairment of $509,248,000 against $300,104,000 for the same period a year ago.

For the fiscal year ending June 30, 2014, the company expects its capital expenditures to be approximately $80 million, compared to $83.2 million in the fiscal year ended June 30, 2013. The company expects loss to be in the range of $497 million to $494 million, loss per diluted share to be in the range of $3.96 to $3.94, net interest expense to be $128 million, depreciation and amortization to be $152 million and EBITDA excluding long-lived asset impairments and certain other expenses to be in the range of $270 million to $275 million.

For the fourth quarter ending June 30, 2014, the company expects loss to be in the range of $21 million to $18 million, loss per diluted share to be in the range of $0.17 to $0.14, net interest expense to be $33 million, depreciation and amortization to be $37 million and EBITDA to be in the range of $36 million to $41 million.