Jim Cramer Blog

Corinthian Colleges Inc. (NASDAQ:COCO - News) reported fourth-quarter earnings of $9.1 million, or 10 cents a share, up from a year-ago profit of $1.8 million, or 2 cents a share. Excluding a charge of $4.2 million related to asset impairment, facility closing and severance expenses, the Santa Ana, Calif.-based Corinthian earned $11.7 million in the latest quarter. On a per share basis, excluding the charge and stock-based compensation expenses, the company earned 15 cents a share in the fourth quarter. Revenue slipped in the three months ended June 30 to $235.6 million from $239.3 million in the same period a year earlier. The average estimate of analysts polled by Thomson First Call was for a profit of 13 cents a share in the June period on revenue of $242.2 million. Corinthian said its total student population was 64,544 for the quarter, down slightly from 66,114 a year ago. Looking ahead, the company forecast earnings of 3 cents a share for the first quarter, including 3 cents a share in incremental spending on new enrollment process initiatives. For fiscal 2007, it forecast earnings of 50 to 55 cents a share. Wall Street's current consensus estimates are for earnings of 63 cents a share for the year ending in June 2007.
Source: Marketwatch