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Corinthian Colleges CEO Discusses F4Q12 Results - Earnings Call Transcript

Please note that during this conference call we may make projections or other forward-looking statements regarding a variety of issues. These statements are based upon current information and expectations. Our actual results may differ materially based on a number of risks, which we have identified in our filings with the SEC.

And with that, I'll turn it over to you Jack.

Jack Massimino

Thank you Anna Marie, and hello to everyone on the call. We made considerable operational progress in fiscal 2012 while continuing our transition to new federal regulations. We remain focused on student outcomes and achieved a slight increase in our placement rate company wide. A recent Associated Press study found that half of all [our recent] [ph] college graduates in the US are underemployed or can't find work at all. In light of this challenging economic environment, we are very pleased to report that more than two thirds of our nearly 49,000 graduates in calendar 2011 found jobs in the field for which they were trained.

During the year we also strengthened our financial position and balance sheet and better aligned expenses with revenue. We continue to improve the efficiency of administrative processes by implementing our common student information system at Heald bringing student financial aid processing in-house and furthering refining our cohort default prevention program. We implemented policies and procedures in response to new regulatory requirements in a number of areas primarily marketing, admissions and student finance.

We continue to focus on improving the student value proposition while complying with the 90/10 Rule. Finally, to help increase enrollment in the ground schools, we developed several new deployment programs and a GED program for the general public.

Our fourth quarter results were within our most recent guidance ranges for revenue and diluted earnings per share. Our new student enrollment increase of 8.4% was above guidance. As a reminder, our guidance is for continuing operations and excludes one time charges. In the quarter, we recorded an impairment and severance charge of $1 million. For the full year, diluted earnings per share for continuing operations were $0.32 excluding charges versus our guidance of $0.28 to $0.30 per share.

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