COCO Vita Coco Company Inc

SANTA ANA, Calif., Nov. 9 /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 Form 10-Q for the first quarter ended September 30, 2006 could not be filed by the required date of November 9, 2006. In the Form 12b-25, the company further stated that, as previously announced, a special committee of independent directors (the "Special Committee") has been created 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 review, the company has not yet been able to finalize its financial statements for the first quarter ended September 30, 2006. The Company plans to file its first quarter 10-Q as soon as practicable, although the Company cannot assure that it will be able to file its Form 10-Q by November 14, 2006 (the fifth calendar day following the prescribed due date for the Company's Form 10-Q). In the Form 12b-25, the company stated that it expects to report decreased net income of approximately $6 million for the first quarter ended September 30, 2006, compared with the same period last year. The decrease is primarily the result of lower revenue and increased general and administrative expenses. Revenue declined due primarily to the divestiture of Corporate Education Services in October 2005. The increase in general and administrative costs is primarily attributable to an increase in travel and related expenses associated with training and implementation for a new admissions process, and outside professional fees of approximately $1.8 million related to the Special Committee review described above. About Corinthian Colleges, Inc. Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America, operating 94 schools in 25 states in the U.S. and 33 schools in seven provinces in Canada. The Company's mission is to prepare students for careers in demand or for advancement in their chosen field. Corinthian offers diploma programs and associate's, bachelor's, and master's degrees in a variety of fields, including healthcare, transportation technology, criminal justice, business, information technology and construction trades. 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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