Corinthian Colleges 2Q profit shrinks |
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Tue, 30 Jan 2007 15:04
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SANTA ANA, Calif. (AFX) - Corinthian Colleges Inc. said Tuesday its fiscal second-quarter profit dropped 76 percent as the for-profit college operator faced difficulties enrolling students.For the second quarter ended Dec. 31, net income totaled $2.6 million, or 3 cents per share, compared with $10.7 million, or 12 per share, a year ago.Excluding various charges and expenses for facility closings and layoffs, reserves for lawsuits and a review of stock option practices, profit totaled 10 cents per share, which matched the mean estimate of analysts polled by Thomson Financial.Second-quarter revenue edged up to $245 million from $244.5 million. Analysts expected sales of $244.2 million.Total student population fell 1.3 percent to 65,431, while total student starts rose 1 percent to 21,554.'Although we reported a slight increase in starts year-over-year, our growth continues to be negatively affected by weak start performance at our three largest WyoTech campuses,' CEO Jack Massimino said in a statement. He blamed an outmoded student loan process and poor customer service.Corinthian Colleges operates 94 schools in 24 states in the U.S. and 32 schools in Canada.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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No tuition increase planned at Princeton 