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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2000
OR
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to __________________
Commission file number 0-25283
CORINTHIAN COLLEGES, INC.
(Exact name of registrant as specified in its charter)
Delaware 33-0717312
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification No.)
6 Hutton Centre Drive, Suite 400, Santa Ana, California
(Address of principal executive offices)
92707
(Zip Code)
(714) 427-3000
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.
Yes X No _____
-----
At October 10, 2000, there were 10,350,235 shares of Common Stock and Nonvoting
Common Stock of the Registrant outstanding.
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CORINTHIAN COLLEGES, INC. AND SUBSIDIARIES
INDEX
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PART I - FINANCIAL INFORMATION PAGE NO.
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Item 1. Unaudited Financial Statements
Condensed Consolidated Balance Sheets (Unaudited) at
June 30, 2000 and September 30, 2000.................................... 3
Condensed Consolidated Statements of Operations (Unaudited) for the
three months ended September 30, 1999 and 2000.......................... 4
Condensed Consolidated Statements of Cash Flows (Unaudited) for the
three months ended September 30, 1999 and 2000.......................... 5
Notes to Unaudited Condensed Consolidated Financial Statements.......... 6
Item 2. Management's Discussion and Analysis of Financial....................... 6
Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure about Market Risk............... 9
PART II - OTHER INFORMATION
---------------------------
Item 1. Legal Proceedings....................................................... 9
Item 2. Changes in Securities and Use of Proceeds............................... 9
Item 3. Defaults Upon Senior Securities......................................... 10
Item 4. Submission to a Vote of Security Holders................................ 10
Item 5. Other Information....................................................... 10
Item 6. Exhibits................................................................ 11
SIGNATURES............................................................................ 12
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</TABLE>
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PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
CORINTHIAN COLLEGES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
June 30, September 30,
2000 2000
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ASSETS
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<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents......................................................... $ 4,886 $ 743
Restricted cash................................................................... 10 10
Marketable investments............................................................ 24,107 30,831
Accounts receivable, net of allowance for doubtful accounts of
$4,363 and $4,138 at June 30, 2000 and September 30, 2000,
respectively.................................................................... 14,208 19,025
Student notes receivable, net of allowance for doubtful accounts of
$247 and $378 at June 30, 2000 and September 30, 2000, respectively............. 919 1,228
Deferred income taxes............................................................. 2,481 2,188
Prepaid expenses and other current assets......................................... 4,125 4,200
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Total current assets.......................................................... 50,736 58,225
PROPERTY AND EQUIPMENT, net......................................................... 12,141 12,733
OTHER ASSETS:
Intangibles, net of accumulated amortization of $4,248 and $4,563 at
June 30, 2000 and September 30, 2000, respectively.............................. 27,946 27,647
Student notes receivable, net of allowance for doubtful accounts of
$934 and $1,216 at June 30, 2000 and September 30, 2000, respectively........... 3,157 2,732
Deposits and other assets......................................................... 1,253 1,352
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TOTAL ASSETS..................................................................... $95,233 $102,689
======= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------------------------------------------------
CURRENT LIABILITIES:
Accounts payable.................................................................. $ 5,521 $ 5,652
Accrued compensation and related liabilities...................................... 7,722 8,408
Accrued expenses.................................................................. 1,310 1,253
Income tax payable................................................................ 1,161 3,161
Prepaid tuition................................................................... 5,851 6,367
Current portion of long-term debt................................................. 102 105
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Total current liabilities........................................................ 21,667 24,946
LONG-TERM DEBT, net of current portion............................................. 2,230 2,202
DEFERRED INCOME.................................................................... 808 775
DEFERRED INCOME TAXES.............................................................. 935 747
OTHER LIABILITIES.................................................................. 590 592
STOCKHOLDERS' EQUITY:
Common Stock, $0.0001 par value:
Common Stock, 40,000 shares authorized, 9,172 shares and 9,173 shares
issued and outstanding at June 30, 2000 and September 30, 2000,
respectively.................................................................. 1 1
Nonvoting Common Stock, 2,500 shares authorized, 1,177 shares issued
and outstanding at June 30, 2000 and September 30, 2000 respectively........... - -
Additional paid-in capital........................................................ 49,654 49,666
Retained earnings................................................................. 19,348 23,760
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Total stockholders' equity....................................................... 69,003 73,427
------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY....................................... $95,233 $102,689
======= ========
</TABLE>
The accompanying notes are an integral part of these consolidated balance
sheets.
3
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CORINTHIAN COLLEGES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
September 30,
-----------------------
1999 2000
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<S> <C> <C>
NET REVENUE.......................................... $38,644 $51,793
OPERATING EXPENSES:
Educational services............................... 21,561 27,854
General and administrative......................... 3,875 4,555
Marketing and advertising.......................... 9,479 12,483
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Total operating expenses................... 34,915 44,892
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INCOME FROM OPERATIONS............................... 3,729 6,901
Interest (income), net.......................... (374) (576)
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INCOME BEFORE PROVISION FOR INCOME TAXES............. 4,103 7,477
Provision for income taxes...................... 1,724 3,065
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NET INCOME........................................... $ 2,379 $ 4,412
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Income per common share:
Basic........................................... $ 0.23 $ 0.43
======= =======
Diluted......................................... $ 0.23 $ 0.42
======= =======
Weighted average number of shares outstanding:
Basic........................................... 10,346 10,350
======= =======
Diluted......................................... 10,397 10,588
======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
4
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CORINTHIAN COLLEGES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
------------------
September 30,
--------------
1999 2000
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<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income...................................................................... $ 2,379 $ 4,412
Adjustments to reconcile net income to net cash
Provided by (used in) operating activities--
Depreciation and amortization.......................................... 901 1,043
Deferred income taxes.................................................. 96 105
Changes in assets and liabilities:
Accounts receivable................................................ (4,326) (4,817)
Student notes receivable........................................... 962 116
Prepaid expenses and other assets.................................. (272) (195)
Accounts payable................................................... (311) 131
Accrued expenses................................................... (435) 632
Income tax payable................................................. 333 2,000
Prepaid tuition.................................................... 1,997 516
Other long term liabilities........................................ - (31)
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Net cash provided by (used in) operating activities.................... 1,324 3,912
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CASH FLOWS FROM INVESTING ACTIVITIES:
Change in marketable investments, net........................................... 1,376 (6,724)
Capital expenditures............................................................ (489) (1,315)
Unrealized loss on marketable investments....................................... (17) -
------- -------
Net cash provided by (used in) investing activities.................... 870 (8,039)
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CASH FLOWS FROM FINANCING ACTIVITIES:
Principal repayments on long-term debt.......................................... (34) (28)
Exercise of stock options....................................................... - 12
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Net cash provided by (used in) financing activities.................... (34) (16)
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NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS............................. 2,160 (4,143)
CASH AND CASH EQUIVALENTS, beginning of period................................... 1,787 4,886
------- -------
CASH AND CASH EQUIVALENTS, end of period......................................... $ 3,947 $ 743
======= =======
</TABLE>
The accompanying notes are an integral part of these consolidated statements.
5
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CORINTHIAN COLLEGES, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - The Company and Basis of Presentation
Corinthian Colleges, Inc. (the "Company") is in the business of
operating degree and diploma granting private, for-profit post-secondary schools
devoted to career program training primarily in the medical, technical and
business fields.
The accompanying unaudited consolidated financial statements have been
prepared on the same basis as the annual consolidated financial statements and,
in the opinion of management, reflect all adjustments, which include only normal
recurring adjustments, necessary to present fairly the financial condition and
results of operation of the Company. These consolidated financial statements and
notes thereto are unaudited and should be read in conjunction with the Company's
audited financial statements included in the Company's Report on Form 10-K, as
filed with the Securities and Exchange Commission (the "SEC") on September 18,
2000. The results of operations for the three months ended September 30, 2000
are not necessarily indicative of results that could be expected for the entire
fiscal year.
The consolidated financial statements as of September 30, 2000 and for
the three months then ended are consolidated and include the accounts of the
Company and its wholly-owned subsidiaries. All significant intercompany balances
and transactions have been eliminated in consolidation.
Note 2 - Marketable Investments
Statement of Financial Accounting Standards (SFAS) No. 115,
"Accounting For Certain Debt and Equity Securities" requires that all applicable
investments be classified as trading securities, available-for-sale securities
or held-to-maturity securities. The Company does not currently have any trading
securities or held-to-maturity securities.
Securities classified as available-for-sale may be sold in response to changes
in interest rates, liquidity needs and for other purposes. Available-for-sale
securities are carried at fair value and include all debt and equity securities
not classified as held-to-maturity or trading. Unrealized holding gains and
losses for available-for-sale securities are excluded from earnings and
reported, net of any income tax effect, as a separate component of stockholders'
equity. Realized gains and losses for securities classified as available-for-
sale are reported in earnings based on the adjusted cost of the specific
security sold. At September 30, 2000, the unrealized loss on available-for-sale
securities was immaterial.
Note 3 - Weighted Average Number of Common Shares Outstanding
The table below indicates the weighted average number of common share
calculations used in computing basic and diluted net income per common share
utilizing the treasury stock method (in thousands):
Three Months Ended
September 30,
1999 2000
------ ------
Basic common shares outstanding........... 10,346 10,350
Effects of dilutive securities:
Stock options........................... 51 238
------ ------
Diluted common shares outstanding:........ 10,397 10,588
====== ======
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
This Quarterly Report on Form 10-Q contains statements that may
constitute "forward-looking statements" as defined by the U.S. Private
Securities Litigation Reform Act of 1995. Such forward-looking statements can be
identified by the use of forward-looking terminology such as "believes,"
"estimates,"
6
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"anticipates," "continues," "contemplates," "expects," "may," "will," "could,"
"should" or "would," or the negatives thereof. Those statements are based on the
intent, belief or expectation of the Company as of the date of this Quarterly
Report. Any such forward-looking statements are not guarantees of future
performance and may involve risks and uncertainties that are outside the control
of the Company. Results may differ materially from the forward-looking
statements contained herein as a result of changes in governmental regulations,
including those governing student financial aid, the effect of competitive
pressures on the Company's tuition pricing, and other factors, including those
discussed under the heading entitled "Risks Related to Our Business" in the
Company's Annual Report on Form 10-K (File No. 0-25283) and other documents
periodically, filed with the Securities and Exchange Commission. The Company
expressly disclaims any obligation to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change in the
Company's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based. The following discussion
of the Company's results of operations and financial condition should be read in
conjunction with the interim unaudited condensed financial statements of the
Company and the notes thereto included herein and in conjunction with the
information contained in the aforementioned Report on Form 10-K.
Results of Operations
Comparisons of results of operations between the first fiscal quarter
of 2001 and the first fiscal quarter of 2000 are difficult due to the
acquisitions of five campuses and the opening of two branch campuses in fiscal
2000 and the opening of one branch campus in the first quarter of fiscal 2001.
The following table summarizes the Company's operating results as a percentage
of net revenue for the three months ended September 30:
<TABLE>
<CAPTION>
1999 2000
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<S> <C> <C>
Statement of Operations Data:
Net revenue..................................... 100.0% 100.0%
------------ -----------
Operating expenses:
Educational services............................ 55.8 53.8
General and administrative...................... 10.0 8.8
Marketing and advertising....................... 24.5 24.1
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Total operating expenses........................ 90.3 86.7
------------ -----------
Income from operations.......................... 9.7 13.3
Interest (income), net.......................... (1.0) (1.1)
-------------------------------
Income before income taxes...................... 10.7 14.4
Provision for income taxes...................... 4.5 5.9
------------ -----------
Net income...................................... 6.2% 8.5%
============ ===========
</TABLE>
Three Months Ended September 30, 2000 Compared to Three Months Ended September
30, 1999
Net Revenues. Net revenues increased $13.1 million, or 34.0%, from
$38.6 million in the first quarter of fiscal 2000 to $51.8 million in the first
quarter of fiscal 2001, due primarily to a 24.7% increase in the student
population at quarter end and a 9.3% increase in the average tuition rate per
student. At September 30, 2000, the total student population was 21,560,
compared with 17,291 at September 30, 1999.
Educational Services. Educational services expense increased $6.3
million, or 29.2%, from $21.6 million in the first quarter of fiscal 2000 to
$27.9 million in the first quarter of fiscal 2001, due primarily to the expenses
required to support the 24.7% increase in student population, wage increases for
employees
7
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and increases in bad debt expense due to an increase in receivables. As a
percentage of net revenue, educational services expense decreased from 55.8% to
53.8%.
General and Administrative. General and administrative expense
increased $0.7 million, or 17.6%, from $3.9 million in the first quarter of
fiscal 2000 to $4.6 million in the first quarter of fiscal 2001, primarily as a
result of (i) additional headquarters staff required to support our school
operations, (ii) wage increases for employees, and (iii) increased performance
bonus accrual. As a percentage of net revenue, general and administrative
expense decreased from 10.0% to 8.8%.
Marketing and Advertising. Marketing and advertising expense increased
$3.0 million, or 31.7%, from $9.5 million in the first quarter of fiscal 2000 to
$12.5 million in the first quarter of fiscal 2001, primarily as a result of
increased advertising and additional staff necessary to support the 27.8%
increase in starts in the first quarter of fiscal 2001. Also contributing to the
increase in marketing and advertising expense was inflation in advertising cost
and wage increases for employees. As a percentage of net revenue, marketing and
advertising expense decreased from 24.5% to 24.1%.
Interest Income, Net. Net interest income increased $0.2 million, or
54.0%, from $0.4 million in the first quarter of fiscal 2000 to $0.6 million in
the first quarter of fiscal 2000 primarily due to the increased level of
marketable investments.
Provision for Income Taxes. The Company's effective income tax rate
decreased from 42.0% in the first quarter of fiscal 2000 to 41.0% in the first
quarter of fiscal 2001 due to timing impacts.
Net Income. Net income increased $2.0 million, or 85.5%, from $2.4
million in the first quarter of fiscal 2000 to $4.4 million in the first quarter
of fiscal 2001, due primarily to the factors discussed above.
Earning per Common Share. Earnings per diluted common share increased
$0.19, or 82.6%, from $0.23 in the first quarter of fiscal 2000 to $0.42 in the
first quarter of fiscal 2001.
Seasonality and Other Factors Affecting Quarterly Results
The Company's revenues normally fluctuate as a result of seasonal
variations in its business, principally in its total student population. Student
population varies as a result of new student enrollments and student attrition.
Historically, the Company's colleges have had lower student populations in the
first fiscal quarter than in the remainder of the year. The Company's expenses,
however, do not vary as significantly as student population and revenue. The
Company expects quarterly fluctuations in operating results to continue as a
result of seasonal enrollment patterns. Such patterns may change, however, as a
result of acquisitions, new school openings, new program introductions and
increased high school enrollments. The operating results for any quarter are not
necessarily indicative of the results that could be expected for the full fiscal
year or for any future period.
Liquidity and Capital Resources
The Company typically funds its operating activities from cash flow
generated from its operations and from the periodic use of its revolving line of
credit. In February 2000, the Company entered into an Amended and Restated Loan
Agreement, our "Credit Facility," for $10.0 million with Union Bank of
California which expires in September 2002. The Credit Facility includes a non-
usage fee of 1/8% per year on the unused portion and borrowings will bear
interest at LIBOR plus 150 basis points. At September 2002, any outstanding
Acquisition Advances, as defined, will be converted into a three year amortizing
term loan. The Credit Facility contains certain financial covenants and the
Company was in compliance with these covenants as of June 30, 2000 and September
30, 2000. There were no borrowings outstanding at June 30, 2000 and September
30, 2000.
Cash provided by operating activities amounted to $3.9 million in the
first quarter of fiscal 2001 compared to $1.3 million provided by operating
activities in the same period of fiscal 2000. Working capital amounted to $33.3
million as of September 30, 2000 and $29.1 million as of June 30, 2000 and the
current ratio was 2.3:1 as of both dates. The increase in working capital was
due primarily to favorable operating results during the period. Fluctuations in
working capital and current ratios are typical in our industry.
8
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Cash used in investing activities amounted to $8.0 million in the
first quarter of fiscal 2001 compared to cash provided by investing activities
of $0.9 million in the first quarter of fiscal 2000. The increase in cash used
in investing activities was primarily due to the change in marketable securities
of $6.7 million in the first quarter of fiscal 2001 compared to cash provided by
the change in marketable securities of $1.4 million for the same period of
fiscal 2000. Capital expenditures increased to $1.3 million in the first quarter
of fiscal 2001 from $0.5 million in the same period in fiscal 2000. The increase
was primarily due to the remodeling and relocation of existing campuses and
information systems expenditures. We believe our cash capital expenditures for
fiscal 2001 will be approximately $6.0 million.
Cash used in financing activities for the first fiscal quarters of
2000 and 2001 amounted to $34,000 and $16,000, respectively, and consisted of
payments on long-term debt, net of proceeds from stock option exercises.
Subsequent Events
On October 4, 2000, the Company completed a secondary stock offering
which included 200,000 shares offered by the Company and 3,250,000 shares
offered by stockholders. Net proceeds to the Company from the sale of the
200,000 shares is estimated to be approximately $8.9 million after deducting
fees and expenses of the offering.
On October 24, 2000, the Company completed the acquisition of
substantially all of the assets of Educorp, Inc., which includes four campuses
in the Los Angeles metropolitan area. As of the end of August 2000, Educorp had
approximately 1,375 students. The purchase price for these assets was
approximately $12.0 million in cash.
On November 2, 2000, the Company completed the acquisition of
substantially all of the assets of Computer Training Academy, Inc., which
includes two campuses in the San Jose, California area and had approximately 500
students as of August 31, 2000. The purchase price for Computer Training Academy
was approximately $5.4 million in cash.
Item 3. Quantitative and Qualitative Disclosure about Market Risk
The Company does not utilize interest rate swaps, forward or option
contracts on foreign currencies or commodities, or other types of derivative
financial instruments. The only assets or liabilities of the Company which are
subject to risks from interest rate changes are (i) the mortgage debt of the
Company in the aggregate amount of $2.3 million, (ii) notes receivable from
students for the aggregate amount of $4.0 million, and (iii) marketable
investments of $30.8 million, all at September 30, 2000. The mortgage debt of
the Company, the student notes receivable, and the marketable investments are
all at fixed interest rates. The Company does not believe it is subject to
material risks from reasonably possible near-term changes in market interest
rates.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
In the ordinary conduct of our business, we and our colleges are
subject to occasional lawsuits, investigations and claims. Although we cannot
predict the ultimate resolution of lawsuits, investigations and claims asserted
against us, we do not believe that any currently pending legal proceeding to
which we are a party will have a material adverse effect on our business,
results of operations or financial condition.
Item 2. Changes in Securities and Use of Proceeds
On October 4, 2000, the Company sold 200,000 shares of common stock at
a public offering price of $50.00 per share. The net proceeds from the sale
totaled approximately $8,868,000, after deducting the underwriting discount and
the estimated offering expenses payable by the Company. The Company intends to
use the net proceeds from this offering for working capital and other general
corporate purposes, including acquisitions.
Item 3. Defaults Upon Senior Securities
None
9
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Item 4. Submission to a Vote of Security Holders
None
Item 5. Other Information
The following table sets forth the final Cohort Default Rates for our
institutions for federal fiscal years 1997 and 1998. The Department of
Education issued final Cohort Default Rates for federal fiscal year 1998 in
October 2000.
<TABLE>
<CAPTION>
Institution 1997 1998
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<S> <C> <C>
Degree-Granting Colleges
Blair College, Colorado Springs, CO................................................... 13.9% 15.2%
Duff's Business Institute, Pittsburgh, PA............................................. 21.8% 23.3%
FMU - Orlando (North, South, Melbourne), FL(1)........................................ 22.5% 15.6%
FMU - Pinellas (Lakeland), FL(1)...................................................... 21.3% 19.0%
FMU - Tampa (Brandon), FL(1).......................................................... 18.7% 16.5%
Ft. Lauderdale College, FL............................................................ 25.5% 13.5%
Las Vegas College, NV................................................................. 17.1% 11.1%
Mountain West College, Salt Lake City, UT............................................. 23.0% 16.1%
Parks College North and South, CO(1).................................................. 15.2% 15.2%
Rochester Business Institute, Rochester, NY........................................... 23.2% 23.1%
Springfield College, Springfield, MO.................................................. 21.1% 22.0%
Western Bus. College (Portland, OR and Vancouver, WA)(1).............................. 18.1% 13.3%
Rhodes College, Phoenix, AZ........................................................... 18.5% 18.6%
Diploma-Granting Colleges(2)
Bryman Institute, Brighton, MA........................................................ 23.8% 17.5%
Bryman College, El Monte, CA.......................................................... 17.4% 14.9%
Bryman College, Gardena, CA........................................................... 19.2% 11.4%
Bryman College, Los Angeles, CA....................................................... 13.5% 13.2%
Bryman College, Anaheim, CA........................................................... 17.0% 9.4%
Bryman College, San Francisco, CA..................................................... 19.6% 14.1%
Bryman College, San Jose No., CA...................................................... 23.1% 10.5%
Bryman College, San Jose South, CA (New Orleans, LA)(1)............................... 16.0% 16.7%
Bryman College, Sea Tac, WA........................................................... 6.6% 17.3%
Bryman College, Reseda, CA............................................................ 19.1% 13.7%
Georgia Medical Institute (Atlanta, Jonesboro and Marrietta, GA)...................... 22.2% 14.9%
Kee Business College, Newport News, VA(3)............................................. 30.1% 20.0%
NIT, Cross Lanes, WV.................................................................. 18.0% 16.9%
NIT, San Antonio, TX(3)............................................................... 22.5% 17.2%
NIT, Southfield, MI................................................................... 12.6% 16.5%
NIT, Wyoming, MI...................................................................... 13.8% 17.4%
Skadron College, San Bernardino, CA................................................... 23.2% 2.4%
</TABLE>
(1) Indicates additional location wherein Cohort Default Rates are blended with
the main campus.
(2) The list of Diploma-Granting Colleges does not include Harbor Medical
College in Torrance, California, because the first student who received
Title IV funds did not begin repayment until after the end of federal
fiscal year 1998.
(3) The Cohort Default Rates for Chesapeake, Virginia and Houston, Texas are
calculated as blended rates with Kee Business College in Newport News,
Virginia, and NIT for San Antonio, Texas, respectively.
10
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Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits:
27 Financial Data Schedule.
(b) Reports on Form 8-K:
None.
11
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CORINTHIAN COLLEGES, INC.
November 14, 2000 /s/ David G. Moore
------------------------------------------------
David G. Moore
President and Chief Executive Officer
(Principle Executive Officer)
November 14, 2000 /s/ Dennis N. Beal
------------------------------------------------
Dennis N. Beal
Executive Vice President and
Chief Financial Officer
(Principle Accounting Officer)
12
