COCO Vita Coco Company Inc

Corinthian Colleges Comments on Program Review SANTA ANA, Calif., June 24 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc. (NASDAQ:COCO) today issued the following statement regarding a program review conducted by the U.S. Department of Education (DoE) at its San Jose, California campus: In December 2003, the U.S. Department of Education's western regional staff conducted a program review at the San Jose, California campus of Corinthian's Bryman College to examine the fiscal administration and organizational operations relating to Title IV Higher Education Act programs and the school's policies and procedures regarding administration of Federal Student Aid. The Department regularly conducts program reviews at institutions of higher education to check periodically on their compliance with Title IV student financial aid requirements. In accordance with the Department's regular practice, the reviewer gave an exit interview to verbally summarize findings. The main finding was that the school had not properly verified information in students' financial aid applications and resolved inconsistencies and discrepancies in the available information pertinent to the applications. Late in December, based on the reviewer's findings, the school was placed on reimbursement, which means the school must advance a student's tuition and then apply to the federal government for reimbursement. The reimbursement procedure delays receipt of Title IV funds at that school by typically 45 days. Bryman-San Jose has continued to operate without interruption in the delivery of its education and training programs to students. The company believes its own internal audit procedures, which regularly look at all aspects of compliance, would have identified the issues at the San Jose campus during the school's next review cycle. The DoE has not notified Corinthian of any intention to conduct additional program reviews at other campuses. The Bryman-San Jose campus is one of approximately 135 schools Corinthian operates in the U.S. and Canada. The delay in receipt of Title IV funds has had an immaterial financial impact on Corinthian's financial performance. The company estimates for the quarter ending June 30, 2004, the impact will be an increase of between $750,000 and $1,000,000 in accounts receivable. While the company believes the financial impact to be immaterial, Corinthian takes the findings of the program review and compliance with all regulatory processes very seriously. Before the program review report was received from the DoE, Corinthian had taken steps to identify and correct weaknesses or deficiencies in the conduct of its financial aid process on the Bryman-San Jose campus, including the dismissal of two financial aid employees. Corinthian also had been in touch with the DoE to inform the Department of its plans for corrective action. Corinthian will respond to the DoE's written report, received June 21, 2004, within 45 days regarding the corrective actions taken by the school and other requirements of the DoE relative to its findings. The company has already taken and will take action to address the findings in the report in accordance with the Department's process for resolving program reviews so that the campus can be returned to the advance payment method. Corinthian is committed to building an organization that provides high quality diploma and degree programs that address the needs of students and employers, leveraging our excellent local reputations, employment-driven curricula and extensive placement resources. About Corinthian Colleges Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America, and serves the large and growing segment of the population seeking to acquire career-oriented education to become more qualified and marketable in today's increasingly demanding workplace. Corinthian's colleges offer master's, bachelor's and associate's degrees and diploma programs in a variety of fields, with a concentration on careers in healthcare, business, criminal justice and technology. Corinthian operates 89 colleges in 22 states in the U.S., and 45 colleges and 15 corporate training centers in seven Canadian provinces. 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 beliefs about its ability to regain regular Federal Aid payment status for its San Jose campus and the financial impact of reimbursement status. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including possible failure or inability to obtain regulatory consents 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. DATASOURCE: Corinthian Colleges, Inc. CONTACT: Dennis Beal, EVP/CFO, ext. 432, or Diane Donohue, Director, IR/PR, ext. 359, both of Corinthian Colleges, Inc., +1-714-427-3000; or Cecilia Wilkinson, or Rosemary Moothart, both of Pondel Wilkinson Inc., +1-323-866-6060, for Corinthian Colleges, Inc.

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