Corinthian to Streamline LTU Division Through Closure of Two Continuing Education Centers: Continuing Education for Nurses and Special Interest Online Learning to Be Retained

David G. Moore, chairman and chief executive officer of Corinthian, said: “We acquired LTU in January 2003 primarily for its continuing education
programs for nursing and other allied healthcare professionals, as well as its online delivery of professional development and personal enrichment and special interest programs. By directing our resources toward those two key business units, we are better aligning LTU’s focus with Corinthian’s core education mission. We continue to view continuing education and online, short-duration special interest courses as important avenues for life-long learning that will provide further growth opportunities to Corinthian.”

In conjunction with the planned actions, Corinthian will take a charge to earnings related to the impairment of intangible assets (primarily goodwill
and trade names) of approximately $3.2 million (pre-tax) or approximately $0.02 per diluted share of common stock in its third quarter ended March 31, 2004. Additionally, upon the expected closure of the facilities in the fourth quarter of fiscal 2004, ending on June 30, 2004, Corinthian will take a charge to earnings as a result of the facility closures of approximately $2.0 million (pre-tax) or approximately $0.01 per diluted share of common stock, consisting primarily of continuing lease obligations and related expenses for the vacated
centers as well as expected severance payments.

For the nine months year-to-date ended March 31, 2004, LTU produced revenues of approximately $3.6 million and incurred losses from operations,
before the impairment charge, of approximately $2.9 million (pre-tax) or approximately $0.02 per diluted share of common stock.

Corinthian plans to announce financial results for its third fiscal quarter and nine months year-to-date on April 28, 2004.

About Corinthian Colleges
Corinthian Colleges, Inc. is one of the largest post-secondary education companies in North America, and serves the large and growing segment of the
population seeking to acquire career-oriented education to become more qualified and marketable in today’s increasingly demanding workplace. Corinthian’s colleges offer master’s, bachelor’s and associate’s degrees and diploma programs in a variety of fields, with a concentration on careers in healthcare, business, criminal justice and technology. Excluding the two LTU continuing education centers we expect to close in the fourth quarter of fiscal 2004, ending June 30, 2004, Corinthian operates 87 colleges in 21 states in the U.S. and 46 colleges and 15 corporate training centers in seven Canadian provinces.