Corinthian Colleges’ Distance Education Grows by 174%, Offers Online MBA Courses

October 12, 2001

Corinthian Colleges, Inc. (NASDAQ:COCO), today announced that distance education course enrollments rose to approximately 2,750 for the first fiscal quarter of 2002, an increase of 174% compared with the same quarter a year ago.

Dave G. Moore, chairman, president and chief executive officer of Corinthian Colleges, said, “The investments we made last year in growing our online education programs are returning results above our internal expectations. Our students are enrolling in online courses in record-setting numbers, and we look forward to continuing expansion in this segment of our business.”

Responding to the overwhelmingly positive acceptance that Corinthian’s Florida Metropolitan University (FMU) has received for its online undergraduate offerings, the company has expanded its online course offerings to serve the needs of its graduate student population. Beginning with the October 2001 term, students enrolled in FMU’s Master of Business Administration program are now able to complete a number of their courses online. In June 2001, Corinthian’s nine FMU campuses received approval to offer both the Associate of Business and Bachelor of Business Administration to students seeking those degrees entirely online.

Currently, the company offers 66 courses online through 17 campuses and plans to increase the number of online courses, and number of campuses offering them, by the end of the calendar year. In addition to business degree programs, students pursuing other degrees can satisfy their general education course requirements online. Company initiatives in distance learning for the fiscal year ending June 2002 include adding courses in areas of growing enrollment, such as accounting, criminal justice and new courses in the MBA program.

Moore said, “Our focus on expanding distance education programs is consistent with our mission of meeting the education needs of a diverse student population. Through our growing online offerings, students now have more flexibility than ever to match course work with their demanding schedules.”

About Corinthian Colleges, Inc.

Corinthian Colleges, Inc. is one of the largest private, for-profit post-secondary education companies in the United States. As of September 30, 2001, the Company operated 56 colleges in 20 states including 17 in California and nine in Florida. Corinthian serves the large and growing segment of the population seeking to acquire career-oriented education to become more qualified and marketable in today’s increasing demanding workplace environment.

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 expectation regarding continued student demand for online education, the company’s plans to increase the number of online courses and the number of campuses offering online programs in this calendar year, and the company’s intention to add new online courses in the areas of accounting, criminal justice and the MBA program. Many important factors may cause the company’s actual results to differ materially from those discussed in any such forward-looking statements, including changes in student perceptions, uncertainty regarding continued student acceptance of distance education as a learning alternative, uncertainty regarding the level of student demand for master’s level curricula, possible limits on the company’s ability to develop additional on-line curricula, increased competition, the effectiveness of the company’s advertising and promotional efforts for online learning, general economic and market conditions and the other risks and uncertainties described in the company’s filings with the Securities and Exchange Commission. The historical results achieved by the company are not necessarily indicative of its future prospects. 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.