Corinthian Colleges Completes Acquisition of AMI
05 Août 2004 - 12:39AM
PR Newswire (US)
Corinthian Colleges Completes Acquisition of AMI - Acquisition of
Leading Motorcycle, Marine and Personal Watercraft Technician
School Adds One Campus and Expands Corinthian's Technical Curricula
- SANTA ANA, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Corinthian
Colleges, Inc. (NASDAQ:COCO) today announced that it has completed
its previously announced acquisition of substantially all of the
assets of privately held A.M.I., Inc. (AMI) and its one campus for
approximately $11 million, subject to certain balance sheet
adjustments, plus the assumption of approximately $420,000 in
mortgage debt. The transaction, financed through available cash,
includes the purchase of the campus land, building and
improvements. The acquisition of AMI marks Corinthian's entry into
the popular motorcycle, marine and personal watercraft technician
training fields and adds to the company's growing
transportation-related technical curricula. American Motorcycle
Institute, Inc., the forerunner to the present AMI, was established
in January 1972. AMI's 10-acre campus in Daytona Beach, Florida, is
in close proximity to the popular Daytona International Speedway
and features approximately 50,000 square feet of laboratory,
classroom and administrative facilities. AMI offers accredited
diploma programs to prepare students for careers as motorcycle,
marine and personal watercraft technicians. AMI also offers
specialized motorcycle technician and dealership management
programs that prepare students for positions with well-known
dealerships such as BMW, Harley-Davidson, Ducati, Honda, Kawasaki,
Suzuki, Triumph and Yamaha. AMI had approximately 210 students as
of July 30, 2004. AMI will be integrated into Corinthian's Titan
Schools, Inc. (TSi) technical division and expects to adopt the new
AMI programs into other TSi campuses in the future. "AMI programs
expand Corinthian's technology curricula into the popular
motorcycle and watercraft technician fields," said David G. Moore,
chairman and chief executive officer. "The acquisition enables us
to add these exciting programs to our extensive library of
curricula and expand the AMI programs into additional TSi campuses.
We have a national network of TSi admissions representatives who
will work with AMI to attract new students for these programs. We
welcome the instructors, staff and students to the Corinthian
organization." After giving effect to acquisition integration costs
and reductions in interest income, Corinthian expects the
contribution of AMI to earnings to be approximately breakeven for
the first quarter of fiscal 2005. 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 previously 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 expectations regarding expected financial results for AMI
for the fiscal 2005 first quarter. Many important factors may cause
the company's actual results to differ materially from those
discussed in any such forward- looking statements, including
general changes in the economic climate; potential difficulties in
integrating and operating acquired campuses, including AMI;
potential difficulties or additional expenses in opening new branch
campuses; potential increased competition; possible changes in
student perception; changes in demand for curricula offered by the
company; the effectiveness of the company's advertising and
promotional efforts; the effectiveness of the company's regulatory
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. DATASOURCE: Corinthian Colleges, Inc.
CONTACT: Dennis Beal, EVP/CFO of Corinthian Colleges, Inc.,
+1-714-427-3000, ext. 432; or Cecilia Wilkinson, ext. 5970, or
Rosemary Moothart, ext. 5968, both of PondelWilkinson Inc.,
+1-310-279-5980, for Corinthian Colleges, Inc. Web site:
http://www.cci.edu/
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