Student Population Up 22.3% New Students Up 10.7% SANTA ANA,
Calif., Feb. 2 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc.
(NASDAQ:COCO) reported financial results today for the second
quarter ended December 31, 2009. The results exceeded our previous
guidance for revenue and diluted earnings per share. "Our strong
second quarter results reflect the continued success of our
initiatives to enhance the student experience and generate
sustainable growth," said Peter Waller, Corinthian's chief
executive officer. "Our growth in the quarter was driven by several
sources, including implementation of new programs at existing
campuses, continued robust growth in the online division, and the
expansion of our high school recruiting program." "The continued
growth in student population has resulted in improved leverage of
facility expenses and other fixed costs," Waller continued. "In
addition, marketing and bad debt expenses continued to decline as a
percent of revenue. Given all of these factors, our operating
margin and cash flow from operations improved substantially
compared with the prior year. We achieved these results while
continuing to make substantial investments in graduate employment
services and student loan default management." "As previously
reported, on January 4th we completed the acquisition of Heald
College, which is expected to contribute to growth and earnings in
the second half of fiscal 2010 and beyond," Waller said. "Heald is
a regionally-accredited institution that has been delivering
quality career-focused academic programs since 1863. This
acquisition is consistent with our strategy of increasing our
presence in markets with growth potential and expanding our ability
to offer regionally accredited programs." Comparing the second
quarter of fiscal 2010 with the same quarter of the prior year
(Note: Data is for continuing operations only.): -- Net revenue was
$414.3 million versus $318.3 million, up 30.2%. -- Total student
population at December 31, 2009 was 93,152 versus 76,165, an
increase of 22.3%. -- Total student starts were 29,156 versus
26,334, an increase of 10.7%. -- Operating income was $64.8
million, compared with $27.6 million. -- Income from continuing
operations was $39.4 million, compared with $15.5 million. --
Diluted earnings per share were $0.44 versus $0.18. Q2 10 Financial
Review Educational services expenses were 53.6% of revenue in Q2 10
versus 58.1% in Q2 09. The improvement was mainly the result of a
higher student population and the resulting leverage of facilities
costs, as well as a decrease in bad debt expense as a percent of
revenue. Bad debt expense was 5.8% of revenue in Q2 10, lower than
our previous guidance of 6.7% - 7.1% and down substantially from
8.7% in Q2 09. Marketing and admissions expenses were 19.4% of
revenue in Q2 10 versus 23.1% in Q2 09. Advertising costs declined
as a percent of revenue, partially offset by increased admissions
representative staffing for the Everest high school recruiting
program. General and administrative expenses were 11.4% of revenue
in Q2 10 versus 10.1% in Q2 09. The increase is primarily due to
earlier timing of variable compensation accruals for management
personnel throughout the company. Operating margin - As a result of
the factors outlined above, our operating margin from continuing
operations was 15.6% in Q2 10 versus 8.7% in Q2 09. Cash and cash
equivalents totaled $251.2 million at December 31, 2009, compared
with $160.3 million at June 30, 2009. Cash flow from operations,
including discontinued operations, was $126.9 million in the six
months ended December 31, 2009, versus $79.4 million in the six
months ended December 31, 2008. The increase in cash flow is
primarily due to an increase in net income, partially offset by the
timing of cash receipts and payments related to working capital,
primarily accounts receivable and prepaid tuition. Capital
expenditures were $30.9 million in the first six months of fiscal
2010 compared with $22.1 million in the same period of the prior
fiscal year. Guidance Please note that the following guidance
pertains to continuing operations and excludes any one-time
charges. In addition, it includes the impact of the Heald College
acquisition. The attached table provides detailed guidance with and
without Heald. In Q3 10, we expect revenue to range from $470 -
$480 million; and diluted earnings per share to be approximately
$0.45 - $0.47. We expect new student growth in Q3 10 of 6% - 8%
compared with the third quarter of the prior year. This expected
growth rate includes Heald on a pro forma basis. Excluding Heald
from the Q3 09 base, but adding Heald students for Q3 10, the
projected growth rate would be 18% - 20%. For the full fiscal year
2010, we expect revenue to range from $1.74 - $1.76 billion, versus
previous guidance of $1.62 -$1.64 billion; and diluted earnings per
share to range from $1.63 to $1.68 versus $1.55 - $1.60 previously.
We continue to expect new student growth in fiscal 2010 of 11% -
13% in fiscal 2010 compared with fiscal 2009. This expected growth
rate includes Heald on a pro forma basis. Excluding Heald from the
fiscal 2009 base, but adding Heald students for fiscal 2010, the
projected growth rate would be 17% - 19%. Conference Call Today We
will host a conference call today at 12:00 p.m. Eastern Time (9:00
a.m. Pacific Time), for the purpose of discussing second quarter
results. The call will be open to all interested investors through
a live audio web cast at http://www.cci.edu/ (Investor
Relations/Webcasts & Presentations) and
http://www.streetevents.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. ET,
Tuesday, February 9, 2010. To hear the replay, dial (888) 286-8010
(domestic) or (617) 801-6888 (international) and enter passcode
68469249. About Corinthian Colleges, Inc. Corinthian Colleges, Inc.
is one of the largest post-secondary education companies in North
America. 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 high-demand occupational areas, including
healthcare, business, criminal justice, transportation technology
and maintenance, construction trades and information technology.
For more information, go to 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, those regarding our expectations for the
Heald acquisition and the 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 or elsewhere, including risks associated with
variability in the expense and effectiveness of the company's
advertising and promotional efforts; the uncertain future impact of
the company's new student information system; potential increased
competition; the company's effectiveness in its regulatory
compliance efforts; the outcome of pending litigation against the
company; the outcome of ongoing reviews and inquiries by
accrediting, state and federal agencies; bad debt expense or
reduced revenue associated with requesting students to pay more of
their educational expenses while in school; the potential inability
or failure of the company to employ underwriting guidelines that
will limit the risk of higher student loan defaults and higher bad
debt expense; changes in general macroeconomic and market
conditions (including credit and labor market conditions, the
unemployment rate and the rates of change of each such item);
potential difficulty in integrating the Heald acquisition, 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.
Corinthian Colleges, Inc. (In thousands, except per share data)
Consolidated Statements of Operations For the three months ended
For the six months ended December 31, December 31, 2009 2008 2009
2008 ---- ---- ---- ---- (Unaudited) (Unaudited) (Unaudited)
(Unaudited) Net revenues $414,308 $318,288 $802,779 $607,869
Operating expenses: Educational services 221,874 184,802 436,887
361,639 General and administrative 47,341 32,287 86,805 61,625
Marketing and admissions 80,295 73,555 160,399 146,894 ------
------ ------- ------- Total operating expenses 349,510 290,644
684,091 570,158 ------- ------- ------- ------- Income from
operations 64,798 27,644 118,688 37,711 Interest (income) (351)
(483) (651) (932) Interest expense 832 797 1,336 1,541 Other
(income) expense (1,351) 1,343 (2,510) 1,558 ------ ----- ------
----- Income from continuing operations before provision for income
taxes 65,668 25,987 120,513 35,544 Provision for income taxes
26,267 10,533 48,198 14,384 ------ ------ ------ ------ Income from
continuing operations 39,401 15,454 72,315 21,160 Loss from
discontinued operations, net of tax - (374) - (594) --- ---- ---
---- Net income $39,401 $15,080 $72,315 $20,566 ======= =======
======= ======= Income per share - Basic: Income from continuing
operations $0.45 $0.18 $0.83 $0.24 Loss from discontinued
operations - - - - --- --- --- --- Net income $0.45 $0.18 $0.83
$0.24 ===== ===== ===== ===== Income per share - Diluted: Income
from continuing operations $0.44 $0.18 $0.82 $0.24 Loss from
discontinued operations - (0.01) - - --- ----- --- --- Net income
$0.44 $0.17 $0.82 $0.24 ===== ===== ===== ===== Weighted average
number of common shares outstanding: Basic 87,625 85,627 87,444
85,513 Diluted 88,624 86,905 88,617 86,835 Selected Consolidated
Balance Sheet Data December 31, June 30, 2009 2009 (Unaudited) Cash
and cash equivalents $251,163 $160,276 Receivables, net (including
long term notes receivable) $115,750 $107,446 Current assets
$384,570 $308,531 Total assets $898,459 $798,871 Current
liabilities $221,884 $200,583 Long-term debt and capital leases
(including current portion) $18,228 $28,558 Total liabilities
$294,018 $281,203 Total stockholders' equity $604,441 $517,668
Corinthian Colleges, Inc. (NASDAQ:COCO) Guidance Third Quarter
& Full Year Fiscal 2010 Excluding Heald Including Heald*
----------------------------------- -----------------------
Previous Updated Updated Guidance Guidance Guidance -----------
---------------------- ----------------------- Third Third Quarter
Quarter Ending Ending Full Year March 31, Full Year March 31, Full
Year 2010 2010 2010 2010 2010 ---------- ---------- ---------
--------- --------- New Students Pro forma basis 11% - 13% 6% - 8%
11% - 13% 6% - 8% 11% - 13% --------- ------- --------- -------
--------- Reported basis 11% - 13% 6% - 8% 11% - 13% 18% - 20% 17%
- 19% --------- ------- --------- --------- --------- Revenue ($$
billions) $1.62-$1.64 $.417-$.427 $1.63-$1.65 $.470-$.480
$1.74-$1.76 ----------- ----------- ----------- -----------
----------- Fully diluted EPS $1.55-$1.60 $.44-$.46 $1.60-$1.65
$.45-$.47 $1.63-$1.68 ----------- --------- ----------- ---------
----------- - - - - - * Excludes Heald transaction one-time costs,
estimated to be $4 million in Q3 10 Contacts: Investors: Media:
Anna Marie Dunlap Robert Jaffe SVP Investor Relations Pondel
Wilkinson, Inc. Corinthian Colleges, Inc. 310-279-5969 714-424-2678
DATASOURCE: Corinthian Colleges, Inc. CONTACT: Investors, Anna
Marie Dunlap, SVP Investor Relations of Corinthian Colleges, Inc.,
+1-714-424-2678; or Media, Robert Jaffe of Pondel Wilkinson, Inc.,
+1-310-279-5969 Web Site: http://www.cci.edu/
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