Corinthian's Earnings Fall

Revenue is better than expected.
Author:
Publish date:

Corinthian Colleges

(COCO)

said its first-quarter earnings fell 81% from the year-ago period.

The company earned $1.4 million, or 2 cents a share, in the first quarter ended Sept. 30, compared with $7.4 million, or 8 cents a share, a year ago. Analysts polled by Thomson First Call were expecting the company to earn 3 cents a share in the most recent quarter.

First-quarter revenue fell 1.9% to $231.8 million. Analysts were expecting revenue of $231 million.

The company is projecting second-quarter earnings of 9 cents to 11 cents a share and 47 cents to 52 cents a share in 2007. Earlier, the company forecast earnings of 50 cents to 55 cents a share for the year ending June 30, 2007. The guidance for both periods excludes any expenses resulting from the review of past stock-option grants, as well as any other one-time charges.

Analysts are looking for earnings of 12 cents a share in the second quarter and 48 cents a share in 2007.

This story was created through a joint venture between TheStreet.com and IRIS.