SANTA ANA, Calif., Oct 05, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Corinthian Colleges,
Inc. (Nasdaq: COCO) has received a Nasdaq Staff Determination letter stating
that the Company's common stock is subject to delisting from The Nasdaq Global
Select Market for failure to file a fiscal 2006 Form 10-K with the Securities
and Exchange Commission (SEC) by the required deadline. Timely filing of
annual and periodic reports with the SEC is required for continued listing
under Nasdaq Marketplace Rule 4310(c)(14). The Company had previously filed a
Form 12b-25 with the SEC indicating that the Company would be unable to file
its Form 10-K by the original filing deadline of September 13, 2006 due to the
Company's ongoing review of its historic stock option grants.
The Company appealed the Staff Determination and has requested a hearing
before the Nasdaq Listing Qualifications Panel (Panel). Filing a request for
appeal will stay the suspension of trading in the Company's securities pending
a decision by the Panel, and the Company's stock will remain listed during
this time period. However, there can be no assurance the Panel will grant the
Company's request for continued listing.
The Company will file its Form 10-K as soon as practicable.
About Corinthian Colleges, Inc.
Corinthian Colleges, Inc. is one of the largest post-secondary education
companies in North America, operating 95 schools in 26 states in the U.S. and
34 schools in the seven provinces of Canada. The Company's mission is to
prepare students for careers in demand or for advancement in their chosen
career. Corinthian offers diploma programs and associate's, bachelor's, and
master's degrees in a variety of fields, including healthcare, transportation
technology, criminal justice, business, information technology and trades.
Certain statements in this press release may be deemed to be
forward-looking statements under the Private Securities Litigation Reform Act
of 1995. The Company intends that all such statements be subject to the
"safe-harbor" provisions of that Act. Such statements include, but are not
limited to, the Company's statements regarding the delisting of its common
stock on the Nasdaq Global Select Market, any outcome of a hearing request
made to Nasdaq, the Company's historic stock option grant review and the
timing of filing of the Company's Form 10-K. Many important factors may cause
the Company's actual results to differ materially from those discussed in any
such forward-looking statements, including risks associated with the hearing
of the Company's appeal before the Panel, the Company's ongoing review of its
historic stock option grants and developments in regulatory and legal guidance
regarding stock option grants and accounting for such grants, and the other
risks and uncertainties described in the Company's filings with the U.S.
Securities and Exchange Commission. The Company undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Anna Marie Dunlap
SVP Investor & Corporate Communications
Corinthian Colleges, Inc.
Pondel Wilkinson, Inc.
SOURCE Corinthian Colleges, Inc.
Investors, Anna Marie Dunlap, SVP Investor & Corporate Communications of
Corinthian Colleges, Inc., +1-714-424-2678
Media, Robert Jaffe of Pondel
Wilkinson, Inc., +1-310-279-5969, for Corinthian Colleges, Inc.