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Corinthian Colleges Reports Fourth Quarter And Fiscal Year 2012 Results

Stocks in this article: COCO

SANTA ANA, Calif., Aug. 20, 2012 (GLOBE NEWSWIRE) -- Corinthian Colleges, Inc. (Nasdaq:COCO) reported financial results today for the fourth quarter and fiscal year ended June 30, 2012. The results for the fourth quarter met the most current guidance for revenue and earnings per share; new student enrollment growth of 8.4% was above guidance. (Guidance excludes all one-time charges; the Company recorded a $1.0 million impairment, facility closing and severance charge in the fourth quarter.) Fiscal 2012 diluted earnings per share for continuing operations were $0.32 (excluding charges of $0.13 per share), above guidance of $0.28 - $0.30 per share.

"Fiscal 2012 was a year of progress against a backdrop of adapting to regulatory change," said Jack Massimino, Corinthian chairman and chief executive officer. "We continued to focus on student completion and achieved a slight increase in our graduate placement rate despite a weak economy. We reduced operating expenses to align with our lower student population and took steps to close or sell nine underperforming campuses. We strengthened our financial position by renewing our line of credit on favorable terms, completing a sale-leaseback of five Heald facilities, and extending by two years our student lending agreement with ASFG. We continued to increase the efficiency of our back-end operations by completing the implementation of our common student information system at Heald. We brought student financial aid processing in-house and substantially reduced bad debt as a percent of revenue. We also made progress in cohort default prevention and as a result, no longer consider two-year or three-year cohort default rates to pose an immediate risk to our company. On the regulatory front, we continued to implement policies and procedures in response to new federal regulations and remained focused on compliance."

"As expected, the rate of new student enrollment growth increased in the fourth quarter," Massimino said. "The increase is the result of several factors, including growth at the Everest ground schools, continued growth at Everest University Online, and an easier comparable to the fourth quarter of last year."

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