Santa Ana-based vocational college operator Corinthian Colleges Inc. said Thursday it sees its profits for the quarter ending June 30 coming in well below an earlier forecast.
Corinthian blamed the revision on lower enrollment at its schools, which offer degrees in healthcare, business, criminal justice, technology and other fields.
The company said it sees profit for the current quarter coming in at nearly $12 million, down from an earlier forecast of about $19 million.
Revenue from enrollment for April and May was “below our expectation,” said Jack D. Massimino, Corinthian’s chief executive.
“Although we are making progress, we continue to experience lower productivity among new admissions personnel and inefficient processing of Internet leads,” he said.
Corinthian is working on training of admissions workers and better processing of leads, according to Massimino.
“We began implementing most of these improvements in April, and we believe it will take several quarters to complete implementation and begin to see the benefit of our efforts,” he said.
The profit revision came before the market’s open Thursday. Corinthian’s shares were beaten down 17% to $13.4 on Thursday.
The company counts a market value of $1.2 billion.
