corinthian colleges subsidiaries

There is a risk that during the course of these efforts, the Company may identify deficiencies that it may not be able to remediate in time to meet the June 30, 2005 obligation or an allowance for future obligations as a result of student defaults on federally guaranteed student loans. In addition, we conducted a review of our other identifiable intangible assets and determined that accreditation and trade names met the indefinite The Company believes the consolidated complaint is without merit and intends to The Company maintains certain disclosure controls and procedures designed to ensure that the information required to be disclosed by the Company in its flows used in investing activities of $150.4 million in the first nine months of fiscal 2004. of the subsidiaries of Corinthian Colleges, Inc. (CCI) and $4,139,799 of relief with regard to 190 borrowers making claims related to two other CCI schools: Everest and WyoTech. outstanding shares of common stock. Stock-based compensation included in net income above, Deduct: Total stock-based employee compensation cost determined under fair value method for all awards, net of related tax The charge included $2.8 million of intangible asset impairment and $0.4 million of fixed asset write-offs. controls over financial reporting since late 2003. same school student population and a 4.3% increase in the average tuition rate per student in same schools. The fair value of the goodwill was based on the Company’s estimate Diluted net income per share reflects the assumed conversion of all dilutive securities, consisting of stock options and restricted stock On March 8, 2004, the Company was served with two virtually identical putative class action complaints entitled Travis v. Rhodes Colleges, Inc., Corinthian Colleges, Inc., and Florida Metropolitan University, and Satz v. million in the first nine months of fiscal 2005 compared to $113.5 million provided by operating activities in the same period of fiscal 2004. Corinthian Colleges, Inc. (CCi) was a large for-profit post-secondary education company in North America. The plan primarily included closing 2 LTU campuses and 10 CDI campuses. The financial position and results of operations of the Company’s direct If it is probable that a loss will result and the amount of the loss can be reasonably estimated, enrollment agreements. The acquisition was accounted for using the purchase method of accounting and Career Choices’ results of operations are included in the consolidated results of operations of the Company since We recognize compensation cost on these restricted stock awards over the vesting period of the award (generally Core ECAT operated one campus in Massachusetts, which offers programs in the aviation maintenance technology field. Those … The expectation of the Company as of the date of this Quarterly Report. Executive Vice President and Chief Financial Officer, Senior Vice President and Chief Accounting Officer, Notes to Unaudited Condensed Consolidated Financial Statements, Quantitative and Qualitative Disclosure About Market Risk, Unregistered Sales of Equity Securities and Use of Proceeds, Submission of Matters to a Vote of Security Holders. Seasonality and Other Factors Affecting Quarterly Results, Our net revenues normally fluctuate as a result of seasonal variations in The cash purchase price was approximately $56.3 million, subject to certain balance sheet adjustments. effects. 123, the Company currently the first nine months of fiscal 2005 primarily as a result of increases in costs of television, radio and Internet advertising and an increase in admissions staff. were filed in the Orange County intensified these efforts; however, the documentation and testing is continuing. guaranteed by us, nor can the student guaranteed loans become an obligation of ours. Learn how to prepare a proof of claim in the bankruptcy cases of Corinthian Colleges and/or its subsidiaries. necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2005. from increased marketing power and operational leverage. release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement operating characteristics as well as similar markets. These reclassifications As a percentage of net revenues, general and administrative expenses decreased from 8.9% of revenues in the third quarter of fiscal 2004 to 8.4% of revenues in the The Company has filed motions to compel arbitration in Satz and Travis, and the court has granted University (“FMU”) campuses in Florida and online. operating expenses of the schools consisting primarily of payroll and payroll related expenses, rents, occupancy costs, supply expenses, bad debt expense and other educational related expenses. categories based upon historical bad debt experience. growing automotive technology field that will expand Corinthian’s presence in the high demand technology programs. Available-for-sale securities are carried at fair value and include all debt Sequoia focuses on programs in the The increase, as a percent of revenues, was due primarily to increases in facility leases and Educational Services. form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. include incentive bonuses, corporate payroll related expenses, headquarters office rents and occupancy expenses, professional fees and other support related expenses. available-for-sale securities was immaterial. arising from transactions denominated in a currency other than the functional currency are immediately included in earnings. technician and dealership management programs. The plaintiffs seek unspecified amounts in damages, interest, and costs, as well as other relief. The additional shares were distributed on March 23, 2004 to shareholders of record on March 4, 2004. The decrease, as a percentage of revenues, was due primarily to a decrease in compensation costs offset by increases in public company compliance expenses. The Company anticipates filing a motion to compel binding arbitration and intends to vigorously defend itself in this matter. share-based payments granted in the future. The following table details the components of comprehensive income (loss) for the three and nine month periods ended March 31, 2005 and 2004: Note 9 - Impairment, Facility procedures, no matter how well designed and implemented, can provide only reasonable assurance of achieving the desired control objectives, and management’s duties require it to make its best judgment regarding the design of such controls and Such pro forma amounts are not necessarily indicative of what actual results of operations might have been or will be in the future. This consolidated action has been stayed by the court pending a decision on the Company’s anticipated motion to dismiss in the Net Revenues. Income The Company has awarded a total of 202,228 restricted stock units to employees in accordance with provisions of the 2003 plan. Income from operations decreased 3.0% from $105.3 million in the first nine months of fiscal 2004 to $102.1 million in the During the fiscal year ended June 30, 2004, the Company acquired all of the 123(R)”), which amends SFAS No. Students attending our post-secondary institutions enroll in either (i) diploma programs, which cover a specific area of training over a Although we have had a cooperative working relationship with the DOE during the program review, we will have the right to an administrative Educational Services. During the fiscal year v. Corinthian Colleges, Inc. and The operating results for any quarter are not necessarily indicative of the results for any future period. The purchase price was approximately $11.7 If a student withdraws from an When the Company is aware of a claim or potential claim, it assesses the likelihood of any loss or exposure. Merger and Acquisitions: Corinthian Colleges Inc acquired CDI Education Corporation Career Choices operated 10 campuses in California, Washington, and Oregon, which offer diplomas and degrees in the applied science, automotive technology, HVAC technology and It offers accredited programs in airframe and powerplant technology, which prepare students to become Federal Aviation Administration (FAA) certified Aviation Maintenance Technicians. balance sheets as of June 30, 2004 and March 31, 2005, respectively. demand, competition, and other economic factors, and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. We do not believe we are subject to material risks from reasonably possible near-term changes in market interest rates. Interest Rate Exposure. against the Company and the Company is cooperating with the inquiry. Costs of “programs” or credit hours for “courses” are clearly identified in our approximately $10 million of debt and other liabilities. respectively, Student notes receivable, net of allowance for doubtful accounts of $769 and $377 at June 30, 2004 and March 31, 2005, The Accrediting Commission of Career Schools and Colleges of Technology (“ACCSCT”) recently In light of this letter, the Company initiated a review of its lease-related accounting and determined that its previous method of accounting for general corporate purposes, and to provide for letter of credit issuances of up to $25 million for domestic letters of credit and $10 million for Canadian letters of credit. procedures. fiscal 2004. training centers. existing schools, including 19 program adoptions into our campuses in the U.S. and 10 program adoptions into our campuses in Canada. A show cause order is issued based upon an The Company currently leases almost all of its The acquisition was accounted for using the purchase method of accounting and CDI’s results of operations are included in the consolidated results of operations of the were 588,474 shares issued through the exercising of stock options and 82,487 shares issued through the employee stock purchase plan for the period ended 2002, we ceased amortization of goodwill recorded in conjunction with past business combinations. Revenues in same schools increased 12.4% for the third quarter of fiscal 2005 and reflect a 7.3% increase in We recognize revenue from tuition and fees on a straight-line basis over the relevant period attended by the student of the applicable course or program of study. Drive, Suite 400, Santa Ana, California, (Registrant’s telephone number, including area code), Indicate by check mark whether the registrant (1) has filed all reports Marketing and Advertising. The U.S. Department of Education and Corinthian Colleges Inc. have agreed to an operating plan that provides students at the company’s career colleges a chance to complete their education and protects taxpayers’ investment while Corinthian works to either sell or close its campuses across the country in the next six months. v. Rhodes Colleges, Inc., Corinthian Colleges, Inc., and Florida Metropolitan University, Inc. Weighted average number of common shares outstanding: The accompanying notes are an integral part of these condensed consolidated financial statements. The table below reflects the calculation of the The increase, as a percent of revenues, was due primarily to increases in bad debt expense as well as an increase in facility costs as we In the third quarter of 2005, the Company reclassified $15.1 million and $22.0 million of unamortized tenant improvement allowances from leasehold improvements to a long-term deferred rent liability in its condensed consolidated General and Administrative. Income from operations increased 5.1% from $35.6 million in the third quarter of fiscal 2004 to $37.4 million in the third quarter of fiscal 2005. the first nine months of fiscal 2004 was primarily due to a reduction in tax benefits related to stock option exercises in the first nine months of fiscal 2005 compared to 2004. Litigation. We believe we will be able to satisfactorily respond to the remaining show cause order regarding Georgia Medical Institute and work with the accrediting agency to resolve its concerns. It affords the institution the opportunity to respond before any adverse action is taken. Capital expenditures in fiscal 2005 were incurred, primarily, for relocations, remodels and enlargements of existing campuses, to construct new branch campuses, and to fund 148, “Accounting for Stock-Based Compensation—Transition and Disclosure.” The following table illustrates the effect on net income and earnings per share if the Rhodes Colleges, Inc., Corinthian Colleges, Inc., and Florida Metropolitan University. Curricula continue to be amortized over their useful lives ranging generally from three to ten years and the amortization is included in general and administrative expenses in the accompanying statements of operations. We are exposed to the impact of interest rate changes and foreign currency fluctuations. The shares were valued based on the market price on the date of grant. periods. To the extent the fair value of an intangible asset is less than its carrying Pursuant to the requirements of the The fair value of the remaining goodwill was based on the Company’s estimate of discounted future cash flows. Cash used in investing activities in the first nine months of fiscal 2004 was primarily due to the acquisitions of ECAT, Career Choices, and CDI. required of the institution. third quarter of fiscal 2004 to 14.7% of revenues for the third quarter of fiscal 2005. Corinthian Colleges, Inc.'s direct and indirect subsidiaries operate schools and/or enroll students throughout California and include Corinthian Schools, Inc.; Rhodes Colleges, Inc.; Florida … Additionally, bad debt expense for the first nine months of fiscal 2005 amounted to $35.8 million or 4.9% of net revenues, compared to $21.6 million or 3.7% of net primarily due to expenses required to support the 16.9% increase in revenue and costs related to the 8 new branch campuses and 1 acquired campus opened since March 31, 2004. Adjustments to reconcile net income to net cash provided by operating activities: Changes in assets and liabilities, net of effects from acquisitions: Accrued expenses, compensation and related benefits, Net cash provided by operating activities, Acquisitions of schools, colleges, and training centers, net of cash acquired, Sales of (investments in) marketable securities, net, Principal repayments on capital lease obligations and long-term debt, Proceeds from exercise of stock options and Employee Stock Purchase Plan, Net cash provided by financing activities, NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS, CASH AND CASH EQUIVALENTS, beginning of period. acquisition was accounted for using the purchase method of accounting and ECAT’s results of operations are included in the consolidated results of operations of the Company since August 6, 2003, its acquisition date. failure or refusal of our students to make required payments. Any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties that are outside the control of the Company. The lawsuits allege breach of review, the Company recognized a non-cash impairment loss and related charge of $3.2 million (pre-tax) in the quarter ended March 31, 2004. As of July 1, reflect an increase in interest expense related to debt used to fund the acquisitions. The cash purchase price was funded with available cash and borrowings from the Company’s amended credit facility. Based on the results of the review, the Company recognized a non-cash impairment loss and related 142. A As of March 31, 2005, the credit facility claim if the likelihood of a potential loss is reasonably possible and the amount involved is material. preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts on those financial statements. Certain amounts for the prior periods have been reclassified to conform to fiscal 2005 financial statement presentation. growth in revenues increased 16.1% in the third quarter of fiscal 2005 ended March 31, 2005. to $0.23 per diluted common share for the third quarter of fiscal 2004. The graduates and routine employment matters. “Goodwill and Other Intangible Assets” (“SFAS No. 123, The complaint does not seek certification as a class FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2005, For the transition period from Cash flows provided by financing activities for the first nine months of fiscal 2005 amounted to approximately $3.0 million compared to cash flows fair value of the goodwill was based on the Company’s estimate of discounted future cash flows. On an on-going basis, we evaluate our estimates, including, but not limited to, those related to have allocated to such assets for impairment. earnings per share in Note 3 to our unaudited consolidated financial statements. On February 18, 2004, we authorized a two-for-one stock split of our common stock effected in We evaluate the The U.S. Department of Education recently determined that Everest Institute, Everest College, Everest University, ("Everest"), Heald College and WyoTech, all subsidiaries of Corinthian Colleges, Inc., … Cash flows used in investing activities amounted to $123.7 million in the first nine months of fiscal 2005 compared to cash reductions to the related leasehold improvement asset on the condensed consolidated balance sheets and capital expenditures in investing activities on the condensed consolidated statements of cash flows. There is no impact on the condensed consolidated statements of operations as a result of this Such testing would include estimating the future cash flows expected to be received from the trade names and accreditation and comparing them to their carrying values. with a par value of $0.0001 per share to a total of 120,000,000 shares. After analyzing several years of job placement rates reported by Corinthian College's Wyotech and Everest programs, along with evidence provided by California Attorney General Kamala Harris, today, the U.S. Department of Education is announcing the results from the joint investigation which concluded the programs misrepresented their placement rates to enrolled and prospective students. complete their work on evaluating the results of management’s assessment and the effectiveness of internal control prior to the Form 10-K filing deadline. Altierus Career College is the remains of the Corinthian Colleges chain, purchased by a subsidiary the nonprofit student loan guaranty agency ECMC in 2015. Same school student starts increased 6.1% as of March 31, 2005 when compared to the first nine months of split. In the same period of the prior year, interest expense (net of interest income of $1.0 million) amounted to $1.2 million. revenues for the first nine months of fiscal 2004. This Quarterly Report on Form 10-Q contains statements that may constitute “forward-looking statements” as defined Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported, net of any income tax effect, as a separate component of guaranteed loan program. The U.S. Department of Education announced today that students who were defrauded at 91 former Corinthian Colleges Inc. (Corinthian) campuses nationwide have a clear path to loan forgiveness under evidence uncovered by the Department while working with multiple state attorneys general. historically accounted for tenant improvement allowances as reductions to the related leasehold improvement asset on the condensed consolidated balance Sheets and capital expenditures in investing activities on the condensed consolidated statements Management determined that the appropriate Compared to Three Months Ended March 31, 2004. We consolidated leverage ratio as defined in the agreement. guaranteed loans that our former students default upon, even if the Cohort Default Rates of our students exceed permitted levels. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, the results of which improvements and related amortization expense will increase and will be offset by a corresponding increase in the deferred rent liability and a reduction in rent expense for all periods presented. 2004 to $731.9 million in the first nine months of fiscal 2005, due primarily to a 9.3% increase in total student population and a 3.7% increase in the average tuition rate per student. In December 2004, the FASB issued SFAS No. allied health fields. General and administrative expenses include incentive bonuses, corporate payroll related expenses, headquarters office We currently have deferred income tax The Company has assigned value to other intangible assets, such as accreditation, trade names, curriculum and other under SFAS No. Student population varies as a result of new student enrollments and student attrition. Educational services expenses include direct Impairment Charge. income before taxes in the first nine months of fiscal 2005 compared to 40.0% in the first nine months of fiscal 2004. of such students to take the Certified Medical Assistant examination. Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2005. As a result of the decision to close 25, “Accounting for Stock Issued to Employees”, and have adopted the In light of this letter, the Company initiated a review 123(R) is effective beginning as of the first interim or annual reporting period beginning after June 15, 2005. After Corinthian’s announcement on Sunday night that four of its subsidiaries — Everest College, Everest Institute, Heald College, and WyoTech — would close because the parent company … million in the first nine months of fiscal 2004 to $174.6 million in the first nine months of fiscal 2005. stockholders’ equity. Overall, the increase in educational services expenses was 25, “Accounting for Stock Issued to Employees”, and amends SFAS No. provided by financing activities of $60.0 million for the first nine months of fiscal 2004. Income from Operations. March 31, 2005. Company since August 19, 2003, its acquisition date. All common stock options are accounted for using the 2005 compared to the same period last year, was due primarily to a reduction in our borrowings on our line of credit and fewer stock option exercises. new programs that either extend or enhance the Company’s portfolio. The accrual for lease payments on vacated facilities is reflected in accounts payable and other long-term liabilities and is expected to be paid out over the lease terms, the latest of which complements the Company’s Wyo-Tech curricula. As a percentage of net revenues, income from operations decreased from 16.4% of revenues in the Interest (Income) Expense, net. Section 404 of the Sarbanes-Oxley Act of 2002 requires the Company to include an internal control report Realization of our deferred income tax assets is principally dependent upon achievement of projected future taxable income offset by deferred income tax liabilities. population and revenues. expenses increased from 50.9% of revenues in the first nine months of fiscal 2004 to 53.4% of revenues in the first nine months of fiscal 2005. are as follows: No one customer The additional shares were distributed on March 23, 2004 to shareholders of record on March 4, 2004. In February 2015, Educational Credit Management Corporation's subsidiary Zenith Education Group acquired 56 Everest College and WyoTech campuses from Corinthian. We define core growth in revenues as the increase in revenues, including revenues from branches opened during the last four full quarters, but excluding goodwill related to these closures for possible impairment in accordance with SFAS 142 and SFAS 144. The overall increase was also due to additional headquarters staff required to support the 16.9% increase in revenues, 9.3% increase The acquisition is a strategic fit to the Company’s allied health program and the Company expects to gain outstanding automotive curriculum that Operator of an education company in the United States and Canada. Chief Executive Officer and Chief Financial Officer, evaluate the effectiveness of the design and implementation of the Company’s disclosure controls and procedures on an ongoing basis. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS. We generally write off accounts receivable balances deemed uncollectible as they are sent to collection agencies. ACCSCT also recently issued a show cause order to Bryman Institute in If management is not able to adhere to its timetable, the external auditors could provide no 2002. percentage of completion method for long duration service contracts and as services are provided for short duration programs. The Company, however, is ultimately responsible for the valuations. On August 15, 2003, we amended our credit facility, and increased it to $235 The cases purportedly are brought on behalf of all persons its acquisition date. Accordingly, we believe the In designing and evaluating the disclosure controls and procedures, the Company’s management recognizes that any controls and

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