Required - Written by on Tuesday, August 23, 2011 14:03 - 0 Comments

Corinthian Colleges, Inc. Down 15% in Intraday Trading

photo: flickr user rvibek

by Elbert Chu

 

Shares of Corinthian Colleges Inc. (NASDAQ: COCO) are near its IPO price 12 years ago, at $1.79, -15% in afternoon trading. The Wall Street Journal’s Melodie Warner reports details on the 90% year over year drop in income:

Corinthian briefly stopped accepting students without a high-school diploma as part of an effort to reduce default rates, but reversed its policy this spring and once again admits students who take ability-to-benefit tests to show they would benefit from higher education. The company also exited the student-loan origination business in June by turning the internal operation over to ASFG LLC.

For the quarter ended June 30, Corinthian reported a profit of $3.37 million, down from $33.9 million a year earlier. Excluding impairment, facility closing and severance charges, earnings from continuing operations were 13 cents a share in the most-recent quarter. Revenue dropped 12% to $425.2 million.

Corinthian’s pain underlines the continued blood-letting in the for-profit education space with continued enrollment stress and adjustment pains to the new regulations. According to the school, total student population at June 30, 2011 was 93,457 versus 110,105 at June 30, 2010, a year over year decrease of 15.1%.

 

via Corinthian Colleges Earnings Down 90% (online.wsj.com)

Forbes coverage.

Corinthian press release.
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