Corinthian Colleges, Inc. : Corinthian Colleges Reports Fiscal 2012 Second Quarter Results
02/01/2012| 09:54am US/Eastern
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SANTA ANA, Calif., Feb. 1, 2012 (GLOBE NEWSWIRE) --
Corinthian Colleges, Inc. (Nasdaq:COCO) reported financial
results today for the second quarter ended December 31, 2011.
The results for the quarter exceeded previous guidance ranges
for earnings per share and were within previous guidance
ranges for revenue and new student enrollment.
"In the second quarter we remained focused on student
outcomes, balancing expenses with current and projected
enrollment, and improving the efficiency of back-end
operations," said Jack Massimino, Corinthian Chairman
and Chief Executive Officer. "Our student attrition and
graduate employment trends continue to make incremental
improvement, primarily the result of reducing the risk
profile of our students and our ongoing efforts to help
students succeed."
"As anticipated, the rate of decline in new student
enrollment growth improved significantly in the
quarter," Massimino said. "The improvement is the
result of several factors, including a less challenging
comparable from the second quarter last year, gradual
stabilization in ground school new enrollments and continued
strong growth at Everest University Online. In the last half
of fiscal
2012, we expect new enrollments to be slightly
positive."
"To help offset recent declines in student population,
over the past 18 months we have reduced annualized operating
expenses by approximately $150 million," Massimino said.
"We also continue to pursue several growth initiatives,
such as introducing new program offerings, opening new
campuses, and growing our exclusively online
enrollments."
Comparing the second quarter of fiscal 2012 with the same
quarter of the prior year:
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