SANTA ANA, Calif., April 12, 2001 -- Corinthian Colleges, Inc. (Nasdaq: COCO) today announced record setting increases in activity in its distance learning initiative. For the quarter ended March 31, 2001, activity in the company's distance learning courses increased approximately 62% over the prior quarter, and 337% over the same quarter of last year. The company defines distance education "activity" as one student enrolled in one course. Currently, Corinthian Colleges offers 46 courses via the web to students at 15 campuses, with plans to add six more courses and three more campuses by the end of the current fiscal year.
David G. Moore, president and chief executive officer, said, "We are excited about the tremendous growth in our distance learning initiative and the broadening acceptance of our program by our valued students. Our experience indicates that distance learning is an increasingly popular and viable form of learning and we are pleased that our students are accepting our distance learning offering in record setting numbers."
Moore also said, "We intend to increase the number and types of courses offered through our distance learning initiative and we are on target to achieve our goal of offering the courses required to complete both associate and bachelor degrees in business via web-based learning by the end of June 2001. We are preparing the application for accreditation and currently expect to have approval by fiscal year end. Upon approval, we will be able to grant those two degrees to students who have completed the requisite courses through our distance learning initiative."
Corinthian Colleges, Inc. is one of the largest for-profit post-secondary education companies in the United States and operates 55 colleges (including the recently opened Dearborn, Michigan campus) in 19 states, including 17 in California and nine in Florida. Corinthian serves the large and growing segment of the population seeking to acquire career-oriented education to become more qualified and marketable in today's increasingly demanding workplace environment.
Certain statements in this press release may be deemed to be forward-looking statements under the Private Securities Litigation Reform Act of 1995. The Company intends that all such statements be subject to the "safe-harbor" provisions of that Act. Such statements may include, but are not limited to, the Company's discussion of its plans to add additional distance education courses, its goal of offering complete associate and bachelors programs in business by the end of June 2001, and its expectation that it will receive accreditation for these programs by fiscal year end. Many important factors may cause the Company's actual results to differ materially from those discussed in any such forward-looking statements, including changes in student acceptance of distance education, a changing and uncertain regulatory environment regarding distance education, potential technical or financial difficulties that may be experienced by Corinthian's third party distance education service providers, and the other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. The historical results achieved by the Company are not necessarily indicative of its future prospects. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts: Corinthian Colleges, Inc. Dennis Beal, Chief Financial Officer 714-427-3000 Investor Relations Pondel Wilkinson MS&L Cecilia Wilkinson or Julie Crandall 310-207-9300, for Corinthian Colleges, Inc.