Corinthian Colleges Says Net Income Fell by Half
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For-profit education company Corinthian Colleges Inc. said Friday that its fiscal first-quarter earnings fell by half as a result of declines in its student population and new enrollments.
The Santa Ana-based company said net income fell to $7.4 million, or 8 cents a share, in the quarter ended Sept. 30, from $14.6 million, or 16 cents, a year earlier. Revenue rose 5.2% to $236.3 million.
The results met the average forecast of analysts polled by Reuters Estimates.
Total student population fell to 68,262 from 70,500; new enrollments slipped to 26,753 from 28,111.
Corinthian forecast second-quarter earnings at 10 cents to 12 cents a share, lower than analysts’ estimate of 16 cents.
Shares of Corinthian fell 53 cents to $12.72.
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