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Corinthian Colleges Reports FY 14 First Quarter Results

Stocks in this article: COCO

SANTA ANA, Calif., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Corinthian Colleges, Inc. (Nasdaq:COCO) reported financial results today for the first quarter ended September 30, 2013. The results for the quarter were within the Company's previous guidance range for diluted earnings per share, and fell below guidance for new student enrollment and revenue. (Guidance is for continuing operations only and excludes all one-time charges. In the first quarter the Company recorded a $3.7 million impairment, facility closing and severance charge, and put four schools up for sale.)

"During the first quarter we continued to focus on student outcomes and initiatives to increase our student population and improve operational efficiency," said Jack Massimino, Corinthian's chairman and chief executive officer. "In addition, we made further expense reductions to help offset the impact of a lower student population."

"As expected, total new student enrollments declined quarter-over-quarter, the result of a decline in new online students," Massimino said. "To help increase our online student population, we recently implemented new workforce management technology for the service centers and improved the alignment of staffing and call volume. In addition, we are in the process of implementing a new academic model to create greater student engagement and retention. We believe these and other initiatives will help position Online for improved performance over time."

"Our ground school new enrollments were up slightly quarter-over-quarter," Massimino said. "Our growth initiatives for the ground schools include introducing new promotional programs in certain service areas, implementing new programs, and offering free GED programs at most Everest campuses. In addition, we continue to see higher new student enrollments in service areas where competitor school closures have occurred."

"In the second quarter we expect a decline in new enrollments, owing to Online's on-going operational initiatives and regulatory delays in approving new ground school programs," Massimino said. "In addition, we are transitioning to an in-house system for certain lead-management functions, which has temporarily reduced the quality and speed of prospective student inquiries delivered to our schools and online service centers. When fully implemented, we believe the new system will be more efficient and effective than the outside vendor used previously."

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