Third-quarter earnings slid 32% from a year ago at Corinthian Colleges(COCO Quote) as the for-profit education purveyor spent more on professors, classrooms and marketing.
Corinthian earned $14.7 million, or 17 cents a share, including 2 cents of stock-options expense, in the quarter, compared with $21.6 million, or 23 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 16 cents a share in the latest quarter, on average.
Third-quarter sales were $250.3 million, down from $252.8 million and missing the Wall Street consensus estimate of $251.6 million. Corinthian said its total student population was 69,403 in the latest period, down from 72,383 a year ago. Total student starts fell to 24,647 from 25,985. ...
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