Covista Inc.
For the period ended Mar 31, 2026. Filed May 7, 2026.
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Mar 31, 2026 · Filed May 7, 2026
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Discontinued Operations
- Discontinued Operations
On December 11, 2018, Covista sold DeVry University to Cogswell Education, LLC (“Cogswell”) for de minimis consideration. The purchase agreement includes an earn-out entitling Covista to payments of up to $20.0 million over aten-year period payable based on DeVry University’s financial results. Covista received $0.5 million and $7.0 million during the second quarter of fiscal year 2026 and 2025, respectively, related to the earn-out. As of the second quarter of fiscal year 2026, we have received the full earn-out of $20.0 million.
We had a loss from discontinued operations of $16.3 million and $15.4 million in the three and nine months ended March 31, 2026, respectively. We had income from discontinued operations of $0.04 million and $4.6 million in the three and nine months ended March 31, 2025, respectively. We continue to have activity associated with ongoing litigation and settlements related to divestitures, which is classified within discontinued operations.
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