September 8, 2013 |
These have not been good times for Corinthian Colleges Inc. or its investors. Founded in 1995, Corinthian is one of the world's largest for-profit college companies, with an enrollment of about 81,000 students at 111 schools in 25 states and Canada. Operating under the names Everest, Heald and WyoTech, it offers job-training programs as well as associate's, bachelor's and master's degrees. The Santa Ana company has been under scrutiny about the way it recruits students and the high rate at which its students default on federal loans.
June 16, 2013 |
Shares of Corinthian Colleges Inc. fell 23% last week after the Santa Ana for-profit college chain disclosed that the Securities and Exchange Commission had launched an investigation into the company. Corinthian said it received a subpoena this month from the SEC related to student recruitment, degree completion, job placement, loan defaults and compliance with U.S. Education Department rules, among other issues. The company said in a securities filing it intends to cooperate with the SEC investigation.
May 1, 2008 |
For-profit education company Corinthian Colleges Inc. reported slightly lower quarterly profit, citing a loss from the sale of some schools, and said full-year earnings should come in at the low end of its previous forecast. The Santa Ana-based company, which has scrambled to retain students after Sallie Mae said it would stop providing private loans, said it now required most students to make monthly cash payments. It also has established a lending program and is working with third-party lenders to secure additional funds for students.
January 30, 2008 |
Corinthian Colleges Inc., the for-profit provider of post-secondary education, said Tuesday that its fiscal second-quarter profit tripled. However, the company also reduced its earnings forecast as it braced for student loan cutbacks. Net income rose to $8.11 million, or 10 cents a share, from $2.58 million, or 3 cents, a year earlier, the Santa Ana-based company said. Revenue for the quarter ended Dec. 31 increased 16% to $272.6 million. Corinthian and other education companies are preparing for a halt in lending by SLM Corp.
January 23, 2008 |
Shares of Corinthian Colleges Inc. plunged Tuesday after the operator of career training schools said Sallie Mae and two other lenders halted private loans for students with higher credit risks. High risk, or sub-prime, loans accounted for about 75% of Corinthian's student loan portfolio in the fiscal year ended June 30, the Santa Ana-based company said in a regulatory filing. Corinthian's stock suffered its biggest drop in more than three years on the news, falling $3.34, or almost 31%, to $7.
October 31, 2007 |
Higher education company Corinthian Colleges Inc. said quarterly profit rose 39% as the number of new students increased. Corinthian also said earnings for the 2008 fiscal year would come in at the high end of its previous forecast. The Santa Ana-based company reported fiscal first-quarter net income of $1.95 million, or 2 cents a share, compared with $1.4 million, or 2 cents, a year earlier.