Now, his career is in jeopardy. “Even we don’t know all the details,”Stephen Jones, theCowboys’ executive vice president, told reporters on Tuesday. “We just don’t know.” When asked if McClain’s career is over, Cowboys coach Jason Garrett said, “We’re focused on the guys who are here.” It’s unclear where the Cowboys and McClain go from here. McClain had twice retired in his five-year career before joining the Cowboys in 2014. According to ESPN, McClain who was suspended for four games last season for violating the substance-abuse policy is in the final stage (Stage 3) of the NFL’s substance-abuse program. The NFL could order him to go to a treatment facility, though multiple reports indicate that it’s unclear if he’s been asked to. If he does not go to one at the orders of medical directors, then he could face a one-year suspension. If the Cowboys decide to release McClain, then he would count$750,000 against the salary cap, according to ESPN. It’s a concerning situation for the Cowboys, as McClain isn’t reportedly close to playing shape, and unless he shows up to training camp, then he may not see the field until November.
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The Company also updated its 2016 year end cash and consolidated adjusted EBITDA outlook. Second Quarter Consolidated Results: Revenue of $182.6 million for the quarter as compared to $216.8 million in the prior year quarter, with the decline driven by teach-out campuses Net income improved to $11.8 million as compared to the prior year quarter net loss of $20.7 million Consolidated adjusted EBITDA of $25.6 million compared to negative $4.3 million in the prior year quarter (see reconciliation of GAAP to non-GAAP items attached to this press release) Cash flow generated from operations was $16.7 million, compared to cash usage of $6.4 million in the prior year quarter Year to Date Consolidated Results: Net income improved to $14.9 million as compared to the prior year net loss of $45.6 million Operating expenses decreased by $130.8 million as compared to the prior year driven by continued execution on strategic initiatives Consolidated adjusted EBITDA improved to $38.8 million as compared to negative $16.1 million in the prior year (see reconciliation of GAAP to non-GAAP items attached to this press release) As of June 30, 2016, cash, cash equivalents, restricted cash and available-for-sale short-term and long-term investments, net of borrowings, was $208.8 million Key Business Highlights: University Group revenue increased by 3.0 percent versus the prior year quarter University Group operating income increased by 25.0 percent to $36.8 million compared to the prior year quarter, primarily driven by increased revenue and improved efficiency of operations University Group total enrollments increased by 1.0 percent as compared to the prior year Organization has committed incremental investments to various student-serving operations to further its goal of improving student retention and outcomes Total student enrollment at our Transitional and Culinary Arts campuses is trending better than estimated Strong student retention across most of our institutions, better than estimated total student enrollment at our teach-out campuses, and continued efficiency and stability at our University Group, resulted in another quarter of improvement in year-over-year operating performance, said Todd Nelson, President and Chief Executive Officer. you could try these outThis improvement in our operating performance has enabled us to make incremental investments in various student-serving areas of operations, which we believe will positively impact student experiences in the future. For the remainder of this year, we are focused on optimizing our operating processes with the goal of further enhancing student retention and outcomes. As a result of the positive trends we have been experiencing, we are updating our year end cash and adjusted EBITDA outlook we provided last quarter, and are committed to continue executing against our ongoing initiatives. REVENUE For the quarter and year to date ended June 30, 2016, total revenue was $182.6 million and $381.5 million, respectively, representing a decrease of 15.8 percent and 14.0 percent, respectively, compared to total revenue of $216.8 million and $443.8 million for the quarter and year to date ended June 30, 2015, respectively. Total revenue for the University Group was $142.3 million and $287.3 million for the quarter and year to date ended June 30, 2016, respectively, representing an increase of 3.0 percent and 3.9 percent, respectively. For the Year to Date Ended June 30, (1) Teach-out campuses included in the Transitional Group no longer enroll new students. The Culinary Arts campuses were announced for teach-out during December 2015 and ceased enrolling new students in January 2016. TOTAL AND NEW STUDENT ENROLLMENTS As of the end of the second quarter of 2016, total student enrollments for the University Group were 31,600, compared to 31,300 as of the prior year quarter end, primarily driven by improved student retention at CTU and new enrollment growth at AIU. New student enrollments for the University Group were 7,630 and 17,260 for the quarter and year to date ended June 30, 2016, respectively, compared to new enrollments of 7,950 and 18,080 for the quarter and year to date ended June 30, 2015, respectively.
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