Santa Ana-based Corinthian Colleges Inc. saw profits slip in the quarter ended Dec. 31 but said enrollment in its vocational schools is growing steadily.
Corinthian, which runs schools offering degrees for healthcare, technology and other workers, saw profit for the quarter fall 5% to $20.7 million from a year earlier. That still was ahead of what analysts were expecting.
The company blamed the decline on higher advertising, rent, bad debt and other costs.
For the current quarter, Corinthian said it expects profits in line with Wall Street expectations.
Revenue grew 24% to $248 million for the recently ended quarter, fueled by higher enrollment and new campuses.
Corinthian has had its share of regulatory issues in the past year. The company said it’s working with the federal Education Department on its financial aid program at its Bryman campus in San Jose.
The department cut financial aid funding to the campus last year and later restored it.
Earlier this week, the Securities and Exchange Commission said it ended its probe of Corinthian Colleges without recommending any enforcement action.
In September, Corinthain said the SEC was conducting an informal investigation into its financial projections, results and correspondence with analysts for the 12 months ended June 30 and the quarter ending Sept. 30.
