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Corinthian's Profit, Student Enrollment Falls

SANTA ANA, Calif. ( TheStreet) -- Corinthian Colleges (COCO) said student enrollment continued to decline last quarter, pressuring its profit by 60%.

Corinthian, which operates Everest Colleges, also offered a mixed current-quarter forecast, saying it expects to earn between 11 cents and 13 cents per share, on revenue between $423 million and $433 million. Analysts were looking for a profit of 11 cents per share on revenue of $450 million.

Shares of Corinthian fell 3.2% to $4.30 in the first minutes of trading Tuesday morning.

Last year Corinthian discontinued enrolling ability-to-benefit (ATB) students, pressuring total student enrollment numbers in recent quarters. ATB students refer to those applicants who do not already possess a high school diploma. Corinthian stopped admitting those applicants in Sept., 2010, as it worked to improve its cohort default rates.

Corinthian said Tuesday it will "begin enrolling ATB students again in the near future."

New student enrollment plummeted 21.5% last quarter, while total enrollment was down by 8.9%.
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