SANTA ANA, Calif., May 1 /PRNewswire-FirstCall/ -- Corinthian
Colleges, Inc. (NASDAQ:COCO) reported financial results today for
the third quarter ended March 31, 2007. Comparing the third quarter
of fiscal 2007 with the same quarter of the prior year: * Net
revenue was $250.5 million versus $250.3 million. * Total student
population was 68,175 versus 69,403. * Total student starts were
24,457 versus 24,647. * Operating income was $18.6 million compared
with operating income of $19.8 million. Excluding severance
expenses of $1.2 million, Q3 07 operating income was $19.8 million,
flat with the same quarter of the prior year. * Net income was
$12.0 million compared with $14.7 million. * Diluted earnings per
share were $0.14 versus $0.17, in line with the Company's previous
guidance of $0.14 - $0.16. Excluding severance expenses of $0.01
per share, diluted earnings per share were $0.15 in Q3 07.
Comparing the first nine months of fiscal 2007 with the same period
of the prior year: * Total revenue was $727.3 million versus $731.0
million. * Operating income was $24.1 million compared with $49.1
million. * Net income was $16.0 million versus $32.8 million. *
Diluted earnings per share were $0.18 versus $0.36. "During the
third quarter we continued to make progress in standardizing and
improving key operational processes," said Jack Massimino,
Corinthian's Chief Executive Officer. "In January, we began the
rollout of INSPIRE, an initiative designed to improve the quality
of student orientation, instruction and career placement across the
company. We also successfully launched the first pilots of our new
student information system in the quarter, and expect to begin full
rollout of the system in the second half of fiscal 2008. In
addition, we continued to make progress in the area of regulatory
compliance. As of March, none of our schools are on accreditation
'show cause', and we have substantially reduced the number of
schools on reporting status." "Our starts declined 0.8% in the
third quarter compared with the same quarter last year, primarily
the result of continued weak start performance at our three largest
WyoTech campuses," Massimino continued. "During the third quarter
we improved WyoTech's overall customer service and the student
finance process. For example, we created and began to implement the
'WyoTech Guide' service, which provides a single contact person for
each new student, from the point of enrollment until the start of
class. Lead flow remains strong for WyoTech programs, and with our
re-engineering of the intake process and new leadership, we expect
WyoTech to return to growth in fiscal 2008." Financial Review
Educational services expenses were 56.7% of revenue in Q3 07 versus
55.1% in Q3 06. The increase was mainly the result of higher
occupancy and bad debt expenses. Bad debt expense was 4.8% of
revenue in Q3 07 versus 4.0% in Q3 06. Marketing and admissions
expenses were 25.8% of revenue in Q3 07 versus 26.4% in Q3 06. The
decrease is primarily the result of more efficient advertising.
General and administrative (G&A) expenses were 9.6% of revenue
in Q3 07 versus 10.6% in Q3 06. The decrease is primarily the
result of lower incentive compensation expenses for management
personnel. Operating margin -- As a result of the factors outlined
above, our operating margin was 7.4% in Q3 07 versus 7.9% in Q3 06.
Cash, restricted cash and marketable securities totaled $68.9
million at March 31, 2007 compared with $92.7 million at June 30,
2006. During the second and third quarters of fiscal 2007, we used
approximately $15.3 million to repurchase shares of our common
stock. Capital expenditures were $54.7 million in the first nine
months of fiscal 2007 compared with $35.5 million in the same
period of fiscal 2006. The increase in capital expenditures is
primarily related to the development of our new student information
system. Cash flow from operations was $41.9 million in the first
nine months of fiscal 2007 versus $107.6 million for the same
period of fiscal 2006. The decrease was primarily the result of
lower net income; a receivable at three schools in Georgia which
have been on federal Department of Education reimbursement status
since December 2005; and higher tax payments. Guidance The company
expects Q4 07 earnings per share to range from $0.12 - $0.13,
including stock-based compensation expense, and excluding any
one-time charges. We will discuss guidance in more detail during
our conference call today (details below). Conference Call Today We
will host a conference call at 12:00 p.m. Eastern Time (9:00 a.m.
Pacific Time) today, for the purpose of discussing third quarter
results. 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.companyboardroom.com/
http://www.fulldisclosure.com/. The call will be archived on
http://www.cci.edu/ after the call. A telephonic playback of the
conference call will also be available through 5:00 p.m. EDT,
Tuesday, May 8th. To hear the replay, dial (888) 286-8010
(domestic) or (617) 801-6888 (international) and use pass code
48135723. About Corinthian Colleges, Inc. Corinthian Colleges, Inc.
is one of the largest post-secondary education companies in North
America, operating 94 schools in 24 states in the U.S. and 32
schools in seven provinces of 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 associates,
bachelor's, and master's degrees in a variety of high-demand
occupational areas, including healthcare, business, criminal
justice, transportation technology and maintenance, construction
trades and information technology. For more information go to
Corinthian's website at http://www.cci.edu/. 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 the rollout
of its new student information system; its expectation that WyoTech
will return to growth in fiscal 2008; and its statements under the
heading "Guidance" above. Many factors may cause the Company's
actual results to differ materially from those discussed in any
such forward-looking statements, including risks associated with
the uncertain future impact of company-wide initiatives such as
Operation IGNITE!, INSPIRE, and the new student information system;
increased competition; variability in the expense and effectiveness
of the Company's advertising and promotional efforts; the Company's
effectiveness in its regulatory compliance efforts; the outcome of
ongoing investigations and inquiries by state and federal agencies
related to the Company's compliance efforts; and 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 & Corporate Communications
Corinthian Colleges, Inc. 714-424-2678 Media: Robert Jaffe Pondel
Wilkinson, Inc. 310-279-5980 Corinthian Colleges, Inc. (In
thousands, except per share data) Consolidated Statements of
Operations (unaudited) For the three months For the nine months
ended March 31, ended March 31, 2007 2006 2007 2006 Net revenues
$250,473 $250,253 $727,322 $731,014 Operating expenses: Educational
services 141,974 137,788 421,395 411,228 General and administrative
23,949 26,469 82,658 74,684 Marketing and admissions 64,741 66,210
195,657 196,044 Impairment, facility closing, and severance charges
1,173 -- 3,552 -- Total operating expenses 231,837 230,467 703,262
681,956 Income from operations 18,636 19,786 24,060 49,058 Interest
(income) (1,799) (1,402) (5,002) (4,014) Interest expense 592 739
2,179 2,517 Other (income) expense (1) (1,451) 456 (1,298) Income
(loss) before provision for income taxes 19,844 21,900 26,427
51,853 Provision (benefit) for income taxes 7,839 7,241 10,439
19,093 Net income $12,005 $14,659 $15,988 $32,760 Income per common
share: Basic $0.14 $0.17 $0.19 $0.37 Diluted $0.14 $0.17 $0.18
$0.36 Weighted average number of common shares outstanding: Basic
86,243 86,330 86,305 89,435 Diluted 87,479 87,790 87,499 90,899
Selected Consolidated Balance Sheet Data (unaudited) March 31, June
30, 2007 2006 Cash, restricted cash, and marketable securities
$68,927 $92,705 Receivables, net (including long term notes
receivable) $76,958 $60,094 Current assets $199,616 $215,003 Total
assets $671,773 $670,007 Current liabilities $158,884 $161,081
Long-term debt and capital leases (including current portion)
$47,020 $47,061 Total liabilities $265,263 $270,479 Total
stockholders' equity $406,510 $399,528 DATASOURCE: Corinthian
Colleges, Inc. CONTACT: Investors, Anna Marie Dunlap, SVP Investor
& Corporate Communications of Corinthian Colleges, Inc.,
+1-714-424-2678; or Media, Robert Jaffe of Pondel Wilkinson, Inc.,
+1-310-279-5980, for Corinthian Colleges, Inc. Web site:
http://www.cci.edu/
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