Corinthian Colleges Inc (NASDAQ:COCO) Downsizes Its Staff


Dallas, Texas 03/11/2014 (FINANCIALSTRENDS) – Corinthian Colleges Inc (NASDAQ:COCO) a post-secondary education company with its presence in US and Canada has announced that it has cut its staff size by 35% in the Admissions & Student Finance departments. The affected locations are Tempe in AZ, Tampa in FL, and in Colorado Springs. COCO which offers online educational services to the students in Tempe has stooped enrolling new students.  The company also offers academic services, student’s services and career-services.

According to the vice president of Corinthian Colleges Inc (NASDAQ:COCO)’s, the online education which has undergone a huge expansion in previous years is now in consolidation phase.  In the recent years, due to this trend the market has witnessed relatively smaller growth impacting educational institutions.  With Corinthian Colleges Inc also being one of the education intuitions impacted, and as part of making changes to its workforce numbers, the company announced it has downsized 68 employees in their Tempe online contact-center.

Corinthian Colleges Inc (NASDAQ:COCO) Announces New Executive Vice President

Corinthian Colleges, Inc recently announced Anthony Guida Jr. will be joining the company as executive vice president of external affairs. He will be focusing mainly on government affairs, regulatory compliance and initiatives related to public policy.

In his new role Guida will be reporting to Corinthian Colleges, Inc chairman and chief executive officer Jack Massimino.

Corinthian Colleges Inc Net Revenues Dip in 2Q2014.

According to the company’s 2Q2014 report, the net revenue decreased by 8.9% at $369.9 million compared to $406.1 million last year and operating income was reported as $14.1 million against $17.8 million last year.  The net income reported was $0.2 million.

The student’s numbers witnessed a decrease by 11% at 77,584 compared to 87,250 pervious financial years. The new student’s intake also saw a dip by 14.4% at 19,760 versus 23,074.