This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Corinthian Colleges CEO Discusses F4Q12 Results - Earnings Call Transcript

Stocks in this article: COCO

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.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,433.61 +46.40 0.27%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs