Corinthian Colleges Streamlines Operations at Selected Canadian Campuses
06 Juillet 2004 - 11:52PM
PR Newswire (US)
Corinthian Colleges Streamlines Operations at Selected Canadian
Campuses -- Move Allows Greater Resources for Continuing Campuses,
Consistent With Previously Announced Plans -- SANTA ANA, Calif.,
July 6 /PRNewswire-FirstCall/ -- Corinthian Colleges, Inc.
(NASDAQ:COCO) today announced details to streamline its CDI
Postsecondary schools division by beginning "train-outs" at 10
campuses in Canada. Corinthian has previously stated that it was
considering consolidation or closure for certain of its Canadian
schools. The move will permit Corinthian to reallocate resources in
Canada for facilities expansion and upgrades, enhancement of
curricula and student services at the remaining 35 CDI
postsecondary campuses. Approximately 1,000 students, or less than
12 percent of CDI's total student population, attend the affected
campuses. Through the train-outs, all students will be given the
opportunity over the next 12 months to complete their educational
courses of study at their current location, and no new students
will be accepted at those schools. In addition, students will
continue to be provided career placement services. "We periodically
review our portfolio of campuses and identify those that are
candidates for consolidation into other campuses or are not
expected to achieve our long-term goals of growth in student
population, revenues or cash flows," said David G. Moore, chairman
and chief executive officer. "Our aim is to assure Corinthian's
resources are deployed to provide the greatest benefit to the
greatest number of our valued students. Toward that goal, we have
invested more than US $2.3 million in enhanced curriculum and
facilities improvements in our Canadian schools since the CDI
Education Corporation acquisition in August 2003. Additionally, our
capital expenditure budget for Canada for the coming 2005 fiscal
year exceeds US $6 million and includes adding approximately 80,000
square feet of classroom space." For its 2004 fiscal year, the
Canadian schools slated for closure had revenues of approximately
US $6 million. Corinthian indicated that the losses incurred during
the train-out period, which is expected to be completed by April
2005, will negatively impact fiscal 2005 earnings by approximately
$0.01 to $0.02 per diluted share of common stock The affected
campuses are located in Longueil and Pointe Claire, both in Quebec;
Kingston, Belleville, Oshawa and Chatham, all in Ontario; Regina,
Saskatchewan; Edmonton West and Calgary South, in Alberta; and Port
Coquitlam, British Columbia. "Building on the strong presence that
CDI has established in Canada is our objective -- for the benefit
of the growing population of students seeking career-oriented
education and the employers who turn to our schools for skilled,
well-trained employees," Moore said. "We believe these train-outs
will result in a stronger, more cohesive organization, better
positioned to serve those needs." 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. Upon
completion of the announced facilities closures and consolidations,
the company will operate 88 colleges in 22 states in the U.S., and
35 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
plans to streamline its Canadian operations, its expectation of
devoting additional assets to the remaining campuses, its
expectations for charges related to facilities closures and
consolidations, and its discussion of budgets and facilities
expansion in Canada for fiscal 2005. 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, the
possibility of disputes with former students or employees related
to the closed and consolidated campuses, possible inability to
identify locations for facilities expansion, 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 of Corinthian
Colleges, Inc., +1-714-427-3000, ext. 432; or Cecilia Wilkinson or
Rosemary Moothart of PondelWilkinson Inc., +1-310-279-5970, for
Corinthian Colleges, Inc. Web site: http://www.cci.edu/
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