Apollo Group Inc. Reports Fiscal 2000 Fourth Quarter and Year End Results.Business Editors PHOENIX--(BUSINESS WIRE)--Oct. 5, 2000 Apollo Group Apollo Group, Inc. NASDAQ: APOL is an S&P 500 corporation based in Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, provides higher education to working adults. Inc. (Nasdaq:APOL APOL Asia Pacific Online APOL Alternate Person on Line ) Thursday Thursday: see week. reported fiscal year 2000 financial results for the fourth quarter and year ended Aug. 31, 2000. Total revenues for the fiscal year ended Aug. 31, 2000 increased by 22.3% to $610.0 million, compared to $498.8 million for the prior fiscal year. Net income for the fiscal year ended Aug. 31, 2000 increased by 20.7% to $71.2 million, or $.93 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared to $59.0 million, or $.75 per diluted share, reported for the prior fiscal year. Total revenues for the fourth quarter of fiscal year 2000 increased by 21.6% to $165.0 million, compared to $135.7 million in the fourth quarter of fiscal year 1999. Net income for the three months ended Aug. 31, 2000 increased 30.3% to $21.3 million, or $.28 per diluted share, as compared to $16.4 million, or $.21 per diluted share, reported for the same period last year. The consensus estimate for the fourth quarter of fiscal 2000 was $.26 per diluted share. Consolidated degree enrollments at Aug. 31, 2000 increased by 19% to 100,900 students compared to 85,100 students at Aug. 31, 1999. Degree enrollments at the University of Phoenix were 80,500 students at Aug. 31, 2000 compared to 66,800 students at Aug. 31, 1999 representing a 21% increase in degree enrollments. The University of Phoenix accounted for 91% of the $540.4 million in net tuition For tuition fees in the United Kingdom, see . Tuition means instruction, teaching or a fee charged for educational instruction especially at a formal institution of learning or by a private tutor usually in the form of one-to-one tuition. revenues from students enrolled in degree programs for the fiscal year ended Aug. 31, 2000. Dr. John G. Sperling Sper´ling n. 1. (Zool.) A smelt; a sparling. , chairman of the board and chief executive officer, said, "We are extremely pleased with the Company's continued growth and success. During fiscal year 2000, we opened new campuses in Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. , Pittsburgh, and Cleveland and received approval from our accrediting body, the North Central Association of Colleges and Schools The North Central Association of Colleges and Schools (NCA) is one of six regional accreditation organizations recognized by the United States Department of Education and Council for Higher Education Accreditation. , to operate in Texas. "We anticipate opening our first campus in Houston during the second quarter of fiscal 2001. We also reached a new milestone in enrollment, exceeding the 100,000 mark was a tremendous accomplishment." Apollo Group Inc. has been providing higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. programs to working adults for over 25 years. Apollo Group Inc., operates through its subsidiaries the University of Phoenix Inc., the Institute for Professional Development, the College for Financial Planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against Institutes Corp., Western International University Inc. and Apollo Learning Group Inc. The consolidated enrollment in its educational programs makes it the largest private institution of higher education in the United States Higher education in the United States refers to colleges and universities within the United States. Overview The American university system, like the American educational system in general, is highly decentralized because the U.S. . It offers educational programs and services at 54 campuses and 96 learning centers in 35 states, Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. and Vancouver, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography . Combined degree enrollment was 100,900 students as of Aug. 31, 2000. For more information about Apollo Group Inc. and its subsidiaries, call 800/990-APOL or visit Apollo on the World Wide Web at http://www.apollogrp.edu.
Apollo Group Inc. and Subsidiaries
Selected Financial and Operating Data
(Amounts in thousands, except per share amounts and operating data)
Three Months Ended Year Ended
Aug. 31, Aug. 31,
2000 1999 2000 1999
(unaudited)
Revenues:
Tuition and other, net $165,008 $135,685 $609,997 $498,846
Costs and expenses:
Instruction costs and
services 90,792 78,271 352,874 287,582
Selling and promotional 27,944 20,585 96,491 79,143
General and administrative 12,403 11,150 46,555 39,368
------- ------- ------- -------
131,139 110,006 495,920 406,093
Income from operations 33,869 25,679 114,077 92,753
Interest income, net 2,042 1,290 6,228 5,229
Income before income taxes 35,911 26,969 120,305 97,982
Less provision for income
taxes 14,603 10,617 49,114 38,977
Net income $ 21,308 $ 16,352 $ 71,191 $ 59,005
Diluted net income
per share $ .28 $ .21 $ .93 $ .75
Diluted weighted average
shares outstanding 76,418 78,068 76,629 78,834
At Aug. 31,
Operating Data: 2000 1999
Students enrolled in
degree programs 100,900 85,100
Number of locations:
Campuses 54 49
Learning Centers 96 80
------- -------
150 129
Apollo Group Inc. and Subsidiaries
Degree and Non-Degree Enrollments
Aug. 31, Aug. 31,
2000 1999
University of Phoenix:
Campuses established prior
to fiscal 1995 64,608 55,471
Campuses established in fiscal
1995 and after 15,921 11,312
Total University of Phoenix 80,529 66,783
Institute for Professional
Development 18,597 16,553(a)
Western International University 1,367 1,416
College for Financial Planning 378 344
Total Degree Enrollment 100,871 85,096
College for Financial Planning
(non-degree) 29,244 25,799
Other (non-degree) 1,167 1,488
Total Non-Degree Enrollment 30,411 27,287
Total Enrollments
(Degree and Non-Degree) 131,282 112,383
(a) Excludes 1,704 degree enrollments at LeTourneau University.
This press release includes statements which may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements. |
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