There are some who viewed the results positively but I'd hold the excitement for now. New student starts were down 19% and total enrollment down 20% and those trends worsened vs. the prior quarter. They burned a bunch of cash and their adjusted cash balance (removed restricted cash, cash used for non-profits and the estimated PV of their leases) is now down to $119 million, or $1.77/share. Until there's better visiblity in the enrollment trends and whether they bottom out, I'm not sold. Their leases (unfortunately, the poster would claimed they had undervalued real estate was dead wrong) as shown in the 10k represent a significant contractual obligation and simply closing the school doesn't make that go away.
There's a reason this stock trades at a significant discount to its peers and has done so for a long time. Maybe today's call will provide a better view into the future and when they believe enrollment trends will stabilize. Cost reduction is good but without the top-line revenue, this is a melting ice cube.