tough day. about the only good thing are that it was not on heavy volume and the market was down big as well. i still think this is carving out a longer term bottom and am encouraged by signs of improving enrollments. they're inching toward breakeven and paring down non performing assets. if they can get to breakeven and get a little momentum behind themselves then this is one dirt cheap stock.
They're still trading at a massive discount to book value and below cash and are now debt free so if they can get to breakeven then it makes the bearish argument go away completely. If that happens then this could trade up to book which is around $8/share. EDMC by comparison, trades at 4X book, and has a massive debt load (about the same as entire market cap). EDMC is currently profitable and trades at 30 to 40X earnings. All it takes is a defined target date for CECO to get to breakeven and this thing is off to the races.