Corinthian Colleges shares fall on 90% quarterly profit drop

Shares of Corinthian Colleges Inc. dropped after the for-profit operator of more than 100 colleges in North America reported that profit slid 90% in its fiscal fourth quarter.

Shares of the Santa Ana company fell 15 cents, or 7.1%, to $1.96, the stock’s lowest price since August 1999.

Net income in the period ended June 30 fell to $3.37 million, or 5 cents a share, from $33.9 million, or 38 cents, a year earlier, Corinthian said Tuesday. Sales dropped 12% to $425.2 million.

Revenue in the current quarter will be as much as $424 million, the company said. That missed the $427.6-million average of analysts’ estimates compiled by Bloomberg. Corinthian also forecast that new student growth would fall 23% to 25% in the period.

Corinthian shares have declined 62% this year.