Not sure why there hasn't been even more of a turn, CECO stock currently down ~35% from Feb 20 (Q4 2012 and full 2012 earnings announced Feb 28).
In the Q&A section of the conference call, it seemed that CECO was projecting an enrollment decrease of 2% for 2013. This is a big break from the 23% decline of last year and the 18% decline in 2011. There was not information from the CFO about how this remarkable trend break would happen, nor insight on the timing.
Investors who are timing their losses for their own balance sheet purposes may be running a risk by simply perusing the non-GAAP reports issued, from here things look considerably more risky to the downside.
There have been considerable costs to closing campuses in 2012, but there was also a statement about continuing to examine performance of each school site of each brand, leaving the door open to further announcements of closures and teachouts.
I hold no current financial positions in CECO or the for-profit education sector.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.