Corinthian Colleges Inc: Key Developments
Corinthian Colleges, Inc. Issues Q4 2010 Mixed Guidance; Raises FY 2010 Guidance
October 29, 2009 |
| Corinthian Colleges, Inc. announced that for the first quarter of 2010, it expects revenue to range from $395- $405 million and diluted earnings per share (EPS) of approximately $0.37-$0.40. For fiscal 2010, it has raised its guidance and expects Company expects revenue to range from $1.62-$1.64 billion compare to previous range of $1.58 -$1.60 billion and EPS from $1.55 to $1.60 compare to previous range of $1.30 - $1.36. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.36 on revenue of $417 million for the fourth quarter of 2010; EPS of $1.35 on revenue of $1.60 billion for fiscal 2010. |
Corinthian Colleges, Inc. Announces Definitive Agreement To Acquire Heald Capital LLC
October 20, 2009 |
| Corinthian Colleges, Inc. announced that it has signed a definitive agreement to acquire Heald Capital LLC, the parent company of Heald College. Headquartered in San Francisco, California, Heald operates 11 campuses and had approximately 12,300 students at September 30, 2009. Under the terms of the definitive agreement, Corinthian will pay the purchase price of $395 million in cash at closing in exchange for all outstanding membership interests of Heald Capital LLC, the parent company of Heald College, subject to certain working capital items. The purchase price also includes the repayment or assumption of Heald's debt and other closing payments. Corinthian plans to finance the acquisition through a combination of cash and debt, using its recently announced $280 million credit facility and available cash. The transaction is expected to close in the third quarter ended March 31, 2010. BofA Merrill Lynch acted as financial advisor to Corinthian, and O'Melveny & Myers LLP served as Corinthian's legal counsel. |
Corinthian Colleges, Inc. Issues Q1, FY 2010 Outlook Above Analysts' Estimates
August 25, 2009 |
| Corinthian Colleges, Inc. announced that for the first quarter of 2010, it expects revenue to range from $375- $385 million and diluted earnings per share (EPS) to range from approximately $0.26-$0.29. For fiscal 2010, the Company expects revenue to range from $1.58-$1.60 billion and diluted earnings per share (EPS) to range from $1.30-$1.36. The guidance pertains solely to continuing operations, includes stock-based compensation expense and excludes any one-time charges. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.16 on revenue of $347 million for the first quarter of 2010; EPS of $1.14 on revenue of $1.514 billion for fiscal 2010. |
Corinthian Colleges, Inc. Issues Q4 2009 Guidance Above Analysts' Estimates; Raises FY 2009 Guidance
April 30, 2009 |
| Corinthian Colleges, Inc. announced that for fourth quarter 2009 it expects revenue to range from $341 - $346 million and diluted earnings per share to range from $0.23 - $0.25. For fiscal 2009 it has increased revenue guidance from $1.26 - $1.27 billion to $1.295 - $1.30 billion and diluted earnings per share guidance from $0.66 - $0.70 to $0.77 - $0.79. According to Reuters Estimates, analysts are expecting the Company to report revenue of $326 million and EPS of $0.21 for fourth quarter 2009; revenue of $1.266 billion and EPS of $0.68 for fiscal 2009. |
Corinthian Colleges, Inc. Announces Management Changes
April 30, 2009 |
| Corinthian Colleges, Inc. announced that as part of a planned management transition the Company announced changes to the Company's senior executive team that will become effective July 1, 2009. Peter C. Waller, President and Chief Operating Officer, will become Chief Executive Officer (CEO); Jack D. Massimino, Chairman and CEO , will assume the role of Executive Chairman; and Matthew A. Ouimet, Executive Vice President, operations, will be promoted to President and Chief Operating Officer. |
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