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Corinthian Profit Soars 41%; Outlook Raised

October 30, 2003|From Bloomberg News

Corinthian Colleges Inc., which operates 79 trade and technical colleges in the U.S., said Wednesday that quarterly profit rose 41% and raised its guidance for fiscal 2004.

The announcement sent shares of the Santa Ana-based company surging $4.76, or 8.4%, to an all-time high of $61.50 on Nasdaq.

In its fiscal first quarter ended Sept. 30, net income rose to $19.4 million, or 41 cents a share, up from $13.7 million, or 30 cents, a year earlier. Revenue for the period climbed 46.3% to $169.2 million.

Analysts surveyed by Thomson First Call expected Corinthian to earn 37 cents in the first quarter, on average.

Corinthian has made three acquisitions during the quarter and also added programs.

Revenue at schools opened at least a year rose 26%, the company said.

The company boosted its forecast for the full year, predicting profit would be about $1.88 a share, up from its previous guidance of $1.77 to $1.80 and analysts' estimates of $1.81. It also said revenue would rise 52% in fiscal 2004.

Corinthian offers degrees in subjects such as accounting and business management at schools that include Rochester Business Institute in New York and Florida Metropolitan University.

The company had 57,580 students at the end of the first quarter; 18 of its colleges are located in California.

Corinthian first sold shares to the public in February 1999 for $18 each.

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