Reuters: Regulatory News: UPDATE 1-Corinthian Colleges new enrollment rises

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Corinthian Colleges new enrollment rises May 3rd 2012, 12:33 Thu May 3, 2012 8:33am EDT * New enrollment up 2 pct * Q3 adj EPS $0.15 vs est $0.16 * Sees Q4 EPS $0.10-$0.12 vs est $0.15 * Sees Q4 rev $395 mln-$405 mln vs est $422.4 mln * Sees Q4 new enrollment up 4-6 pct May 3 (Reuters) - For-profit education company Corinthian Colleges Inc posted a marginal rise in new enrollment after five straight quarters of decline, but it forecast fourth-quarter earnings below market estimates. Corinthian - known for its Everest, Heald and WyoTech campuses - said it expects earnings between 10 and 12 cents per share on revenue of $395 million to $405 million for the current quarter. Analysts on average had been expecting earnings of 15 cents per share and revenue of $422.4 million, according to Thomson Reuters I/B/E/S. Corinthian, which has been hit the most in the new regulatory environment that has plagued for-profit colleges for more than a year, forecast new student enrollment to grow by 4 to 6 percent, compared with a fall of 27.3 percent last year. The slide in student enrollment across the sector was triggered by several changes made by the companies in their admission practices after the U.S. government moved to keep unethical practices, low graduation rates and huge student debt loads in check. There have been signs recently of enrollment picking up at colleges that made changes to their student enrollment policies sooner than others to better comply with the regulations. However, the turnaround is expected to take a while to stabilize. New student enrollment rose about 2 percent for the third quarter. Net income fell to $4.1 million, or 5 cents per share, from $16.1 million, or 19 cents per share, a year earlier. Excluding items, the company earned 15 cents a share from continuing operations for the quarter ended March 31. Revenue fell 7 percent to $424.1 million. Analysts on average had expected earnings of 16 cents per share on revenue of $433.3 million. Shares of the company, which closed at $3.89 on Wednesday on the Nasdaq, were down 1 percent in trading before the bell. They have risen 28 percent since the company predicted a return to new enrollment growth in February. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions