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Investors punish Corinthian Colleges for making student loans
Shares fall 19% after the Santa Ana company educational loans or grants reveals lending program for students with poor credit.
From Bloomberg News, From Bloomberg News
August 27, 2008
Shares of Corinthian Colleges Inc. dropped after countrywide home loans florida the operator of colleges and trade schools said it began making loans to students, raising concern that costs would erode earnings.
Corinthian shares fell stated income mortgeg loans $3.12, or 19%, to $13.09, the biggest percentage decline since Jan. 22, when direct faxless payday loans SLM Corp. quit making higher-risk loans to students. The Santa government small business loans Ana company has established bank of america loans a lending program for students with poor credit who can't borrow from SLM, known as Sallie Mae, Corinthian said.
Investors fear Corinthian will have to write off some of the loans and won't meet its fiscal 2009 earnings forecast of 58 to independent student stafford loans 63 cents a share, said Jeffrey Silber, an analyst with BMO Capital Markets Corp. in New York.
"It adds risk to the forecast," Silber said. "People were expecting sizable margin expansion and this is going to put a damper on that. People are not giving them the benefit of the doubt."
In fiscal 2009, federal stafford loans Corinthian will investor loans california spend on student loans all of its available cash government reform of payday loans that isn't earmarked for capital expenditures, Chief Financial Officer tax student loans Kenneth Ord said Tuesday.
The company's net loss narrowed to $620,000, or 1 cent a share, for the fiscal fourth quarter ended June 30, from $8.76 million, or 10 cents, a year earlier. Income from continuing operations was $4.76 million, or 6 cents a share, compared with a loss of $2.09 million, or 2 cents, as enrollment increased.
Corinthian Colleges Chief Executive Jack Massimino home equity loans waiting time said fiscal 2008 was marked by "the most challenging student financing environment in the company's history."
"We established a new company-sponsored student lending program, Access, and thus far have arranged financing for the vast majority of help trapped in payday loans students," Massimino said.
Revenue for the fourth quarter rose 18% to $274 million.
Earnings for the fiscal first quarter ending in September will be 6 to lap band surgery medical loans 8 cents a share, the company said. Analysts surveyed by Bloomberg had predicted an average of 8 cents a share.
Corinthian runs post-secondary programs at more than 100 schools nelnut loans in the U.S. and Canada.
Corinthian also said Tuesday that Leon Panetta, 70, former chief of staff to President Clinton, would auto loans in riverside county join its board. title loans in billings mt The move expands the board to 11 members.
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