UPDATE: Corinthian Colleges Reports Strong Decline In FQ4 Earnings, Issues Weak Q1 Forecast

Corinthian Colleges Inc COCO reported a strong drop in its fiscal fourth-quarter earnings. Corinthian Colleges reported its quarterly profit at $3.4 million, or $0.05 per share, down from $33.9 million, or $0.38 per share, in the year-ago period. Excluding impairment, facility closing and severance charges, Corinthian Colleges' earnings from continuing operations came in at $0.13 per share. Its revenue fell 12% to $425.2 million. Corinthian Colleges expected earnings of $0.11 to $0.13 per share on revenue of $423 million to $433 million in May. Corinthian Colleges projects a current-quarter loss of $0.02 to $0.04 per share on revenue of $414 million to $424 million. However, analysts were expecting a profit of $0.15 per share on revenue of $427 million. Corinthian Colleges shares closed at $2.11 yesterday.