The recession continues to be good to Santa Ana-based vocational school operator Corinthian Colleges Inc., which reported quarterly results Thursday that bested expectations and offered an upped outlook for the current quarter.
Corinthian runs schools in the U.S. and Canada that offer degrees and certificates in healthcare, automotive technology, criminal justice, technology and other areas.
The company reported a profit of $25.3 million for the three months through March, up 70% from a year earlier and besting the $20 million Wall Street had been expecting.
Revenue came in at $346.4 million, up 24% and better than the $333.2 million analysts were expecting on average.
For the current quarter, Corinthian forecast profits of $20 million to $21.8 million. Analysts had been looking for a profit of $18 million.
Sales are seen coming in at $341 million to $346 million, versus the $324.4 million analysts had been expecting.
The company is seeing a boost as laid off workers go back to school.
“Our strong results reflect the continued progress of our business initiatives as well as some favorable impact from the recession,” Chief Executive Jack Massimino said.
The company also outlined management changes.
On July 1, Massimino is set to become executive chairman and pass the chief executive’s title to Peter Waller, now Corinthian’s president and chief operating officer.
Matt Ouimet, who used to run the Disneyland Resort in Anaheim and who joined Corinthian in January, is set to become Corinthian’s new president and chief operating officer. He now is executive vice president of operations.
Ouimet headed up Walt Disney Co.’s Anaheim theme parks, hotels and shops from late 2003 to 2006, overseeing a boom tied to Disneyland’s 50th anniversary in 2005.
He left Disney to become president of the hotels group at White Plains, N.Y.-based Starwood Hotels and Resorts Worldwide Inc.
