This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Corinthian Beats, Plans Layoffs

SANTA ANA, Calif. ( TheStreet) -- Corinthian Colleges (COCO) beat top- and bottom-line expectations for its 2011 fiscal second quarter, but the postsecondary education provider forecast slower student enrollment growth and said it plans to raise tuition fees and trim its workforce.

Corinthian said early Tuesday it earned adjusted quarterly profits of $19.1 million, or 23 cents per share, beating Wall Street's expectations for earnings of $19 million, or 22 cents per share.

Corinthian said it took $206.0 million in impairment, facility closing and severance charges in the recent quarter. Unadjusted for those one-time items, Corinthian booked net losses of $163.7 million, or $1.94 loss per share, compared with year-earlier profits of $39.4 million, or 44 cents per share. Analysts typically exclude such extraordinary items when forecasting earnings estimates.

Corinthian said its total student population grew 13.3% year-over-year to 105,498, as of Dec. 31, but that on a pro forma basis, including the Heald student population, the company's total student roster decreased 0.5%. Corinthian completed its acquisition of Heald Capital, the parent company of Heald College, in January of 2010.

Total new students decreased 8% to 26,831. On a pro forma basis, new student growth declined 17.7%.

Even so, investors were pleased with Corinthian's current-quarter outlook, which was in line with analysts' consensus, bidding Corinthian shares 5.1% higher in morning trading Tuesday to $5.55.

Corinthian forecast fiscal-third quarter revenue in a range between $462 million and $472 million, with earnings-per-share in a range of 20 cents to 22 cents. It also said new student growth should decline between 15 cents and 17 cents.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
COCO $0.01 1.49%
APOL $7.06 2.17%
DV $23.75 2.46%
ESI $3.45 0.88%
AAPL $118.30 0.42%


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs