Corinthian Colleges’ Net Income Drops 47%
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Corinthian Colleges Inc., which specializes in schools for healthcare professionals, reported a 47% decline in second-quarter earnings as the company struggled with falling enrollment and accreditation problems.
Net income was $10.7 million, or 12 cents a share, for the quarter ended Dec. 31, compared with $20.4 million, or 22 cents, a year earlier, Corinthian said. Revenue fell 1% to $244.5 million.
It’s the sixth straight quarter in which Santa Ana-based Corinthian reported a drop in profit and the third straight with the decline exceeding 40%. Total enrollment fell for the second consecutive quarter, dropping 5.3% to 66,319.
Corinthian shares rose 65 cents, or 5.4%, to $12.68.
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