UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
CAREER EDUCATION CORPORATION
-----------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
-----------------------------
(Title of Class of Securities)
141665109
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 12, 2006
--------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and
is filing this schedule because of Section 240.13d-1(e), 240.13d-1(f)
or 240.13d-1(g), check the following box [ ].
Note: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Section
240.13d-7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
Page 1 of 14
CUSIP NO. 141665109 SCHEDULE 13D Page 2 of 14
------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,550,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,550,000**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,550,000**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN, IA
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 141665109 SCHEDULE 13D Page 3 of 14
------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
------------------------------------------------------------------------------
3. SEC USE ONLY
------------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,550,000**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,550,000**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,550,000**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 141665109 SCHEDULE 13D Page 4 of 14
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,550,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,550,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,550,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 141665109 SCHEDULE 13D Page 5 of 14
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,550,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,550,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,550,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 141665109 SCHEDULE 13D Page 6 of 14
-----------------------------------------------------------------------------
1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 83-0424234
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 6,550,000**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 6,550,000**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 6,550,000**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.9%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 141665109 SCHEDULE 13D Page 7 of 14
Item 1. Security and Issuer
----------------------------
This Schedule 13D relates to shares of common stock, $0.01 par value per
share (the "Common Stock") of Career Education Corporation, a Delaware
corporation (the "Issuer"). The principal executive office and mailing
address of the Issuer is 2895 Greenspoint Parkway, Suite 600, Hoffman
Estates, Illinois 60169.
Item 2. Identity and Background
--------------------------------
This Schedule 13D is being filed by Blum Capital Partners, L.P., a
California limited partnership, ("Blum LP"); Richard C. Blum & Associates,
Inc., a California corporation ("RCBA Inc."); Blum Strategic GP III,
L.L.C., a Delaware limited liability company ("Blum GP III"); Blum Strategic
GP III, L.P., a Delaware limited partnership ("Blum GP III LP"); and
Saddlepoint Partners GP, L.L.C., a Delaware limited liability company
("Saddlepoint GP") (collectively, the "Reporting Persons").
Blum LP is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing
investment advisory services. Blum LP is an investment advisor registered
with the Securities and Exchange Commission. The sole general partner
of Blum LP is RCBA Inc.
The principal business office address of Blum LP and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The
names of the executive officers and directors of RCBA Inc., their
addresses, citizenship and principal occupations are as follows:
Name and Business Citizenship Principal Occupation
Office Held Address or Employment
-------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum LP
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Partner Suite 400 Norway Blum LP
& Director San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
CUSIP NO. 141665109 SCHEDULE 13D Page 8 of 14
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
David H.S. Chung 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Partner, Chief Suite 400 Operating Officer,
Operating Officer, San Francisco, CA 94133 General Counsel and
General Counsel and Secretary, Blum LP
Secretary
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum LP
Assistant Secretary
& Director
William Scott Hartman 909 Montgomery St. USA Partner,
Partner Suite 400 Blum LP
San Francisco, CA 94133
Blum GP III is a Delaware limited liability company whose principal business
is acting as the general partner of Blum GP III LP, a Delaware limited
partnership, whose principal business is acting as the general partner of
Blum Strategic Partners III, L.P., a Delaware limited partnership
("Blum Strategic III") whose principal office is 909 Montgomery Street,
Suite 400, San Francisco, California 94133.
The principal business office address of Blum GP III and Blum GP III LP
is 909 Montgomery Street, Suite 400, San Francisco, California 94133.
The names of the managing members and members of Blum GP III, their
addresses, citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. USA and Managing Partner,
Managing Member Suite 400 Norway Blum LP
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum LP
San Francisco, CA 94133
Jane J. Su 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
CUSIP NO. 141665109 SCHEDULE 13D Page 9 of 14
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
David H.S. Chung 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Gregory D. Hitchan 909 Montgomery St. USA Partner, Chief
Managing Member Suite 400 Operating Officer,
San Francisco, CA 94133 General Counsel and
Secretary, Blum LP
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum LP
William Scott Hartman 909 Montgomery St. USA Partner,
Member Suite 400 Blum LP
San Francisco, CA 94133
Saddlepoint GP is a Delaware limited liability company whose principal business
is acting as the general partner of Saddlepoint Partners, L.P., a Delaware
limited partnership ("Saddlepoint LP"), and Saddlepoint Partners (Cayman),
L.P., a Cayman Islands exempted limited partnership ("Saddlepoint (Cayman)
LP"). The principal business office address of Saddlepoint GP, Saddlepoint
LP and Saddlepoint (Cayman) LP is 909 Montgomery Street, Suite 400, San
Francisco, California 94133. Blum LP is the managing member of Saddlepoint
GP. RCBA Inc. is the sole general partner of Blum LP. The principal
business office for Blum LP and RCBA Inc. and the names of the executive
officers and directors of RCBA Inc. and their addresses, citizenship and
principal occupations are disclosed above.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or
similar misdemeanors), nor been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Considerations
-----------------------------------------------------------
The source of funds for the purchases of securities was the working
capital of Blum LP's limited partnerships and investment advisory clients,
the partnership for which Blum GP III LP serves as the sole general
partner and the partnerships for which Saddlepoint GP serves as the
general partner.
Item 4. Purpose of Transaction
-------------------------------
The purpose of the acquisition of the Common Stock is for investment,
and the acquisitions of the Common Stock were made in the ordinary course
of business and were not made for the purpose of acquiring control of the
Issuer.
CUSIP NO. 141665109 SCHEDULE 13D Page 10 of 14
Although no Reporting Person has any specific plan or proposal to acquire
or dispose of the Common Stock, consistent with its investment purpose,
each Reporting Person at any time and from time to time may acquire
additional Common Stock or dispose of any or all of its Common Stock
depending upon an ongoing evaluation of the investment in the Common
Stock, prevailing market conditions, other investment opportunities,
liquidity requirements of the Reporting Persons and/or other investment
considerations.
Also, consistent with the investment purpose, the Reporting Persons
may engage in communications with one or more shareholders of the Issuer,
one or more officers of the Issuer and/or one or more members of the
board of directors of the Issuer and/or one or more representatives of
the Issuer regarding the Issuer, including but not limited to its
operations. The Reporting Persons may discuss ideas that, if effected
may result in any of the following: the acquisition by persons of
additional Common Stock of the Issuer, an extraordinary corporate
transaction involving the Issuer, and/or changes in the board of
directors or management of the Issuer.
Except to the extent the foregoing may be deemed a plan or proposal,
none of the Reporting Persons has any plans or proposals which relate
to, or could result in, any of the matters referred to in paragraphs
(a) through (j), inclusive, of the instructions to Item 4 of Schedule
13D. The Reporting Persons may, at any time and from time to time,
review or reconsider their position and/or change their purpose and/or
formulate plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to the Issuer's Form 10-Q filed with the Securities
and Exchange Commission on November 7, 2006, there were 94,774,003
shares of Common Stock issued and outstanding as of November 6, 2006.
Based on such information, after taking into account the transactions
described in Item 5(c) below, the Reporting Persons report beneficial
ownership of the following shares of Common Stock: (i) 1,997,404
shares of Common Stock held by Blum LP and RCBA Inc. on behalf of
the limited partnerships for which Blum LP serves as the general
partner, which represents 2.1% of the outstanding shares of the Common
Stock; (ii) 4,126,896 shares of the Common Stock held by Blum GP III
which serves as general partner of Blum GP III LP which, in turn,
serves as the general partner of Blum Strategic III, which represents
4.4% of the outstanding shares of the Common Stock; (iii) 270,900 shares
of the Common Stock held by Saddlepoint GP on behalf of a partnership for
which it serves as the general partner, which represents 0.3% of the
outstanding shares of the Common Stock; and (iv) 77,400 shares of the
Common Stock that are legally owned by The Nuclear Decommissioning Trust
of Dominion Nuclear Connecticut, Inc. ("Dominion Connecticut"), which
represents 0.1% of the outstanding shares of the Common Stock and 77,400
shares of the Common Stock that are legally owned by Virginia Electric
and Power Company Qualified Nuclear Decommissioning Trust ("Virginia
Electric"), which represents 0.1% of the outstanding shares of the
Common Stock (collectively, the "Investment Advisory Clients"), with
respect to which Blum LP has voting and investment power. Each
Investment Advisory Client has entered into an investment management
agreement with Blum LP, but neither Investment Advisory Client has
any contract, arrangement or understanding with the other Investment
Advisory Client, or any other Reporting Person, with respect to the
acquisition, ownership, disposition or voting of any shares of the
Common Stock. Each Investment Advisory Client disclaims membership
in a group with any Reporting Person or with the other Investment
Advisory Client, and each disclaims beneficial ownership of any shares
beneficially owned by the Reporting Persons other than for their own
account.
CUSIP NO. 141665109 SCHEDULE 13D Page 11 of 14
Voting and investment power concerning the above shares are held solely
by Blum LP, Blum GP III and Saddlepoint GP. The Reporting Persons
therefore may be deemed to be members in a group, in which case the
group would be deemed to have beneficial ownership of an aggregate
of 6,550,000 shares of the Common Stock, which is 6.9% of the
outstanding Common Stock. As the sole general partner of Blum LP,
RCBA Inc. is deemed the beneficial owner of the securities over which
Blum LP has voting and investment power. The filing of this Schedule
shall not be construed as an admission that any of the shareholders,
directors or executive officers of RCBA Inc. or the managing members
and members of Blum GP III, Blum GP III LP and Saddlepoint GP, is,
for any purpose, the beneficial owner of any of the securities that
are beneficially owned by RCBA Inc., Blum GP III LP, Blum GP III or
Saddlepoint GP.
c) The Reporting Persons effected the following transactions in the
Common Stock during the last 60 days:
The Reporting Persons purchased the following number of shares of
Common Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- -------- ------------
Investment partnerships for 10-23-06 15,400 21.7500
which Blum LP serves as the 10-23-06 5,900 21.7604
general partner. 10-23-06 8,800 21.8000
10-23-06 12,200 21.8450
10-24-06 166,600 20.8835
10-24-06 129,100 21.1884
10-27-06 700 20.9827
12-12-06 130,000 26.0050
12-12-06 16,800 26.1500
12-13-06 23,000 25.2356
12-14-06 74,600 25.3129
12-14-06 23,700 25.6797
12-15-06 300 24.8467
12-15-06 24,700 24.8500
12-18-06 126,900 24.7580
12-19-06 1,100 24.4781
12-20-06 51,100 24.7023
12-21-06 70,100 24.6131
12-21-06 58,200 24.6235
Entity Trade Date Shares Price/Share
------ ---------- -------- ----------
For Blum Strategic III for 10-23-06 108,731 21.7500
which Blum GP III LP 10-23-06 40,941 21.7604
serves as the general partner 10-23-06 61,858 21.8000
and for Blum GP III which 10-23-06 85,300 21.8450
serves as the general 10-24-06 120,000 20.8835
partner for Blum GP III LP. 10-27-06 2,000 20.9827
12-12-06 180,300 26.0050
12-12-06 31,800 26.1500
12-13-06 74,000 25.2356
12-14-06 273,008 25.3129
12-14-06 97,300 25.6797
12-15-06 1,493 24.8467
12-15-06 101,200 24.8500
12-18-06 115,007 24.7580
12-19-06 2,835 24.4781
12-20-06 45,065 24.7023
12-21-06 116,600 24.6131
12-21-06 107,400 24.6235
CUSIP NO. 141665109 SCHEDULE 13D Page 12 of 14
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The partnership for which 10-23-06 1,600 21.7500
Saddlepoint GP serves as 10-23-06 600 21.7604
general partner. 10-23-06 900 21.8000
10-23-06 1,300 21.8450
10-24-06 17,400 20.8835
10-24-06 13,500 21.1884
12-12-06 35,500 26.0050
12-12-06 600 26.1500
12-13-06 1,200 25.2356
12-14-06 4,400 25.3129
12-14-06 1,600 25.6797
12-15-06 1,700 24.8500
12-18-06 10,700 24.7580
12-19-06 100 24.4781
12-20-06 10,800 24.7023
12-21-06 64,700 24.6131
12-21-06 2,000 24.6235
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
The Investment Advisory 10-23-06 1,400 21.7500
Clients for which Blum LP 10-23-06 600 21.7604
serves as investment advisor. 10-23-06 800 21.8000
10-23-06 1,200 21.8450
10-24-06 16,000 20.8835
10-24-06 12,400 21.1884
12-12-06 4,200 26.0050
12-12-06 800 26.1500
12-13-06 1,800 25.2356
12-14-06 6,600 25.3129
12-14-06 2,400 25.6797
12-15-06 2,400 24.8500
12-18-06 15,600 24.7580
12-20-06 13,000 24.7023
12-21-06 4,600 24.6131
12-21-06 2,400 24.6235
The Reporting Persons sold the following number of shares of Common
Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- -------- ------------
Investment partnerships for 11-28-06 23,000 25.2000
which Blum LP serves as the 11-29-06 3,600 24.9853
general partner and on behalf 11-29-06 25,000 25.0209
of an entity for which Blum LP 11-30-06 40,040 25.2762
serves as investment advisor. 12-01-06 3,668 25.1382
12-04-06 16,000 25.9381
(d) and (e) Not applicable.
CUSIP NO. 141665109 SCHEDULE 13D Page 13 of 14
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
----------------------------------------------------------------------
None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, the other persons named in Item 2, is a party to any contract,
arrangement, understanding or relationship with respect to any securities
of the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits
or loss, or the giving or withholding of proxies, except as noted above,
Blum LP has voting and investment power of the shares held by it for the
benefit of The Investment Advisory Clients.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 141665109 SCHEDULE 13D Page 14 of 14
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: December 21, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
----------------------------
Gregory D. Hitchan,
Partner, Chief Operating Officer,
General Counsel and Secretary
CUSIP NO. 141665109 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement
of the below-named parties, in accordance with the rules promulgated
pursuant to the Securities Exchange Act of 1934, to file this Schedule
jointly on behalf of each such party.
Dated: December 21, 2006
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Partner, Chief Operating Officer, Partner, Chief Operating Officer,
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Managing Member Managing Member
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
----------------------------
Gregory D. Hitchan,
Partner, Chief Operating Officer,
General Counsel and Secretary