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Corinthian Colleges Lowers FY 2005 Fourth Quarter Earnings Guidance SANTA ANA, Calif., June 23 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc. (NASDAQ:COCO) reported today that it has lowered earnings guidance for the fourth quarter ending June 30, 2005. The Company previously announced that it expected diluted earnings per share for the fourth quarter to be in the range of $0.20 to $0.22. Given the information currently available, the Company now expects diluted earnings per share for the fourth quarter to be $0.13 per share, excluding expected one-time charges associated with asset impairment, severance expenses or other non-operating items. "Our revenues for the months of April and May were below our expectation, primarily as a result of lower than anticipated new student starts," said Jack D. Massimino, Corinthian's president and chief executive officer. "Although we are making progress, we continue to experience lower productivity among new admissions personnel and inefficient processing of Internet leads. "As previously discussed, we are taking steps to improve start growth, including improved training for admissions personnel and the implementation of more effective lead processing technology and procedures," Massimino said. "We began implementing most of these improvements in April 2005, and we believe it will take several quarters to complete implementation and begin to see the benefit of our efforts." Conference Call Today We will host a conference call today at 10:00 a.m. Eastern Time (7:00 a.m. Pacific Time) for the purpose of discussing our revised earnings guidance. The call will be open to all interested investors through a live audio web cast at http://www.cci.edu/ (Investor Relations/Conference Calls) and http://www.fulldisclosure.com/. The call will be archived on http://www.cci.edu/ after the call. A telephonic playback of the conference call also will be available through 5:00 p.m. ET, Thursday, June 30. To access the replay, dial (888) 286-8010 (domestic) or (617) 801-6888 (international) and pass code 52133972. About Corinthian Colleges, Inc. Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America, operating 94 colleges in 24 states in the U.S. and 34 colleges and 15 corporate training centers in seven provinces in Canada. The Company's mission is to help students prepare for careers that are in demand or to advance in their chosen career. Corinthian offers diploma programs and master's, bachelor's and associate's degrees in a variety of fields, concentrating on careers in health care, business, criminal justice, transportation maintenance, trades and technology. Certain statements in this press release may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The Company intends that all such statements be subject to the "safe-harbor" provisions of that Act. Such statements include, but are not limited to, the company's statements regarding its revised expectations for diluted earnings per share in the fourth quarter of fiscal 2005, and the timing to complete implementation and realize the benefits of the efforts the Company is taking to improve new student start growth. Many important factors may cause the Company's actual results to differ materially from those discussed in any such forward-looking statements, including general changes in the economic climate in the U.S. and Canada, potential increased competition, possible changes in student perception, changes in demand for curricula offered by the company, expected expenses associated with asset impairment, severance or other one-time charges, potential higher average costs to offer new curricula, the company's effectiveness in its regulatory compliance efforts, variability in the expense and effectiveness of the company's advertising and promotional efforts, and the other risks and uncertainties described in the Company's filings with the U.S. Securities and Exchange Commission. The historical results achieved by the Company are not necessarily indicative of its future prospects. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Contacts: Investors Anna Marie Dunlap SVP Investor Relations/Corporate Communications Corinthian Colleges, Inc. 714-424-2678 Media Rosemary Moothart PondelWilkinson, Inc. 310-279-5980 DATASOURCE: Corinthian Colleges, Inc. CONTACT: Investors, Anna Marie Dunlap, SVP Investor Relations/Corporate Communications of Corinthian Colleges, Inc., +1-714-424-2678; or Media, Rosemary Moothart of PondelWilkinson, Inc., +1-310-279-5980, for Corinthian Colleges, Inc. Web site: http://www.cci.edu/

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