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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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