Santa Ana-based vocational school operator Corinthian Colleges Inc. reported delayed results for the June quarter that were in line with expectations but warned about the September quarter and the 12 months through next June.
Earnings in the June quarter rose to $9.1 million from $1.8 million a year earlier, after factoring in charges in both quarters.
Excluding charges, net income was $11.7 million vs. $13.1 million a year earlier.
Operating income in the June quarter rose to $12.9 million compared to a loss of $312,000 last year.
Revenue fell 1.5% from a year earlier to $235.6 million.
The results, which are unauditied, had been delayed several times as Corinthian does a stock options inquiry. Earlier this week, the company said it wouldn’t meet its latest extended deadline that passed on Thursday.
For the September quarter, Corinthian said it sees profits coming in well below Wall Street’s expectations. Same for the 12 months through June, the company said.
Corinthian’s shares were off nearly 8% in midday trading in New York with a market value of about $940 million.
The company runs Bryman College, National Institute of Technology and other schools.
