UPDATE 1-Career Education 1st-quarter net falls 45 percent

(Adds details legal settlements, student finance)

CHICAGO (Reuters) - Career Education Corp (CECO.O: Quote, Profile, Research) said on Monday its first-quarter profit fell 45 percent as the company, a leading operator of for-profit colleges and trade schools, booked charges to restructure its operations and cut costs.

The company reported a first-quarter profit of $16.4 million, or 18 cents a share, down from $30 million, or 31 cents per share, a year earlier. It said that, in addition to severance payments, the results were weighed down by "the payments of previously settled legal matters."

The Hoffman Estates, Illinois-based company reported revenue of $460.2 million, little changed from $460.4 million a year ago.

Analysts, on average, had forecast earnings of 22 cents a share on revenue of $414.3 million, according to Reuters Estimates.

During the most recent quarter, Sallie Mae -- a leading student lender -- said it would no longer make certain kinds of loans to Career Education students, part of a broader pullback from the market prompted by the U.S. credit crunch.

In its earnings release on Monday, Career Education said it was "actively addressing alternatives to help our students finance their education where needed." (Reporting by James B. Kelleher; Editing by Andre Grenon)