Corinthian Colleges’ Quarterly Profit Up 67%
Corinthian Colleges Inc.’s fiscal fourth-quarter profit rose 67% as the Santa Ana operator of more than 50 colleges reported an increase in enrollment.
Net income rose to $7.58 million, or 34 cents a share, from $4.53 million, or 22 cents, a year earlier. Corinthian was expected to earn 33 cents, according to five analysts polled by Thomson Financial/First Call.
Revenue in the quarter ended June 30 rose 44% to $66.4 million.
Corinthian’s enrollment at the end of the quarter rose nearly 32% to 25,626 from 19,464. Excluding the effect of new and acquired schools, enrollment rose 14%.
Corinthian offers programs in subjects such as business, court reporting and accounting at Corinthian Schools, Rhodes Colleges and Florida Metropolitan University. The company operates in 20 states including New York, Michigan and Texas.
Corinthian said co-founder David Moore, who serves as chief executive and president, will become chairman.
Corinthian shares rose 43 cents to $52.85 on Nasdaq. The announcement was made after the market closed.
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