Corinthian Colleges, Inc. (COCO) Misses Q3 EPS by 2c

Corinthian Colleges, Inc. (NASDAQ: COCO) reported Q3 EPS of $0.03, $0.02 worse than the analyst estimate of $0.05. Revenue for the quarter came in at $349.8 million versus the consensus estimate of $355.13 million.

New student enrollments totaled 22,853 versus 26,288, a decrease of 13.1%.

Regulatory Update

Massachusetts Attorney General Complaint – As previously disclosed in a Report on Form 8-K, on April 3, 2014the Massachusetts Attorney General (MA AG) filed a civil complaint against the Company and one of its subsidiaries. The Company had been cooperating with the MA AG's investigation since April 2011, and plans to vigorously defend itself against this lawsuit. The Company has provided additional information with respect to this complaint and facts about its Massachusetts campuses on the Company website at http://investors.cci.edu.

Multi-state AG Inquiry – As reported in an 8-K on January 24, 2014,the Company was notified by the Iowa Attorney General's office that it is leading an investigation by 13 Attorneys General into the Company's business practices. In April, the Iowa AG notified the company that three additional states – Colorado, Hawaii and New Mexico, had joined the multi-state investigation, bringing the total to 16 states. The Company continues to cooperate with the investigation.

For earnings history and earnings-related data on Corinthian Colleges, Inc. (COCO) click here.

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