COCO Vita Coco Company Inc

SANTA ANA, Calif., Sept. 14 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc. (NASDAQ:COCO) has filed a report on Form 12b-25 with the Securities and Exchange Commission in which it indicated that the company's report on Form 10-K for the fiscal year ended June 30, 2006 could not be filed by September 13, 2006. In the report on Form 12b-25, the company further stated that, as previously announced, a special committee of independent directors (the "Special Committee") has been formed to review the company's historic stock option grants. The Special Committee has retained independent counsel and is reviewing option grants dating back to the company's initial public offering in 1999. As a result of the Special Committee's ongoing review, the company has not yet been able to finalize its financial statements for the period ending June 30, 2006. The company plans to file its Annual Report on Form 10-K for the fiscal year ended June 30, 2006 as soon as practicable. The company currently expects that it may be able to do so prior to the formal completion of the Special Committee's review, although the company cannot assure that it will be able to file its Form 10-K by September 28, 2006 (the fifteenth calendar day following the prescribed due date for the company's Form 10-K). The company also stated in its filing on Form 12b-25 that operating expenses for the company increased significantly for the full fiscal year, although the majority of the increased expenses were incurred in the first three quarters of the year and have been reflected in the year-to-date financial statements included with the company's Report on Form 10-Q for the quarter ended March 31, 2006. Partially offsetting the increase in total expenses for the full fiscal year, the company anticipates incurring an impairment, facility closing and severance expense in the fourth quarter that will be substantially smaller than a similar expense in the fourth quarter of the prior year -- this year's expense is anticipated to be less than twenty-five percent of last year's similar expense. Other than the foregoing differences, the company does not currently expect significant changes in results of operations from the prior fiscal year. About Corinthian Colleges, Inc. Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America, operating 95 schools in 26 states in the U.S. and 34 schools in seven provinces in Canada. The company's mission is to help students prepare for careers that are in demand or advance in their chosen career. Corinthian offers diploma programs and associate's, bachelor's, and master's degrees in a variety of fields, including healthcare, business, criminal justice, transportation maintenance, trades and technology. Certain statements in this notification of late filing on Form 12b-25 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 anticipated changes in results of operations from the corresponding period for the last fiscal year. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including risks and uncertainties arising out of the company's ongoing review of its stock option grants and developments in regulatory and legal guidance regarding stock option grants and accounting for such grants, as well as 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: Robert Jaffe PondelWilkinson Inc. 310-279-5969 DATASOURCE: Corinthian Colleges, Inc. CONTACT: Investors, Anna Marie Dunlap, SVP Investor Relations/Corporate Communications of Corinthian Colleges, Inc., +1-714-424-2678; or Media, Robert Jaffe of PondelWilkinson Inc., +1-310-279-5969, for Corinthian Colleges, Inc.

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