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Corinthian Colleges Reports Fourth Quarter And Fiscal Year 2013 Results

Stocks in this article: COCO

SANTA ANA, Calif., Aug. 29, 2013 (GLOBE NEWSWIRE) -- Corinthian Colleges, Inc. (Nasdaq:COCO) reported financial results today for the fourth quarter and fiscal year ended June 30, 2013. The results for the fourth quarter were within the Company's previous guidance range for diluted earnings per share and below guidance ranges for new student enrollment and revenue. (Guidance excludes all one-time charges; the Company recorded a $1.5 million impairment, facility closing and severance charge in the fourth quarter.)

"In fiscal 2013 we continued to make operational improvements while managing through the loss of Ability-to-Benefit students," 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 labor market. We reduced operating expenses to align with our lower student population and closed or sold underperforming campuses. We continued to increase the efficiency of our operations through increased automation and standardization in a number of areas, including online service center technology, faculty hiring and on-boarding, career services and compliance. On the regulatory front, we maintained our strong culture of compliance and continued to cooperate with regulators on several inquiries."

"Our new student enrollment decline was higher than expected in the fourth quarter, primarily driven by underperformance in new online enrollments," Massimino said. "We have increased staffing in online admissions and student finance, and we are implementing service center technology and a new academic model which we believe will improve performance."

"Given the decline in our student population, we expect fiscal year 2014 to be another challenging year," Massimino said. "In the first quarter, we expect our ground schools to post positive new enrollment growth and our online new student enrollment to decline year-over-year, in part due to a challenging comparable in the first quarter last year. For fiscal year 2014, we expect the company's consolidated operations to report positive new enrollment growth.

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