Corinthian Reports Record Profits
Corinthian Colleges Inc., the Santa Ana-based operator of for-profit career colleges, posted record profits and revenue for the fourth quarter and fiscal year ended June 30.
Net income in the fourth quarter totaled $2.3 million, or 23 cents a share, up from $300,000, or 3 cents a share, a year earlier. Revenue rose nearly 25% to $34.8 million.
For the year, the company earned $4.5 million, or 48 cents a share, which included a special charge of $2 million from repaying debts early with proceeds from an initial public stock offering. Net income totaled $1.2 million, or 12 cents a share, the previous year. Revenue moved up 25% to $133 million.
Corinthian said total student population rose 14.4% to 16,012 during the year.
The results were announced after U.S. markets had closed. Corinthian’s stock closed at $16 a share, up 50 cents.
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