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More info please…

Many individual investors tend to ignore segment and geographical breakdowns, which is usually the last or next to the last footnote. But savvy money managers, including Dick Weiss of the Strong Opportunity Fund, say this footnote often provides very useful information (for more on this see Chapter 9). That’s why it’s so disappointing when a company fails to provide this information to investors, as Corinithian Colleges (COCO) continues to do. In its 10-K filed late yesterday, COCO notes that it operates in 1 segment in 1 georgraphical region. That seems a bit hard to believe for a company with revenues of $517.3 million last year that operates 69 colleges in 21 states. Indeed, in the footnotes, COCO notes that it does have 3 separate divisions and 9 regions within those divisions. So there’s clearly a segment breakdown of some sort, even if COCO doesn’t choose to call it by that name. Investors deserve more details!