My guess is CECO will exceed earnings expectations. Whenever there is a change in CFO the new leader tends to write down as many assets and recognize as much expense in their initial quarter at the helm, attributing the poor performance to their predecessor. Colleen was able to do that in Q4-2012. Now that the slate has been wiped clean, Q1-2013 is her opportunity to shine.
I'm optimistic the worst is behind CECO. Accreditation/regulatory issues in the recent past created a real drag on creating new programs and attracting new students. On a positive note, CECO has no major accreditation/regulatory issues hanging over their head, as in previous quarters -- which is cause for optimism. (e.g. ACICS, ACCSC, HLC, DOE, VA). New student starts should show some improvement/stabilization. If CECO can show incremental improvement (and I expect they will), that's a god sign moving forward.