EduTrek International Announces Fall Enrollment Results.
ATLANTA--(BUSINESS WIRE)--Nov. 5, 1998--EduTrek International, Inc. ("EduTrek") (Nasdaq: EDUT) , the operator of the American InterContinental University American InterContinental University, commonly called AIU, is an international for-profit university owned by Career Education Corporation (stock symbol CECO). It was founded in 1977 as the American College of Applied Arts. ("AIU AIU American Intercontinental University
AIU Allegheny Intermediate Unit (Homestead, PA)
AIU Atlantic International University
AIU Association of Indian Universities
AIU Association Internationale des Universités "), announced today that AIU's fall consolidated enrollments as of the end of October increased 16.7% to 3,552, as compared to 3,045 students in the prior year. Enrollment for AIU's new Power Campuses in Dunwoody, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Washington, D.C. as of the end of October was 581 students. As previously reported, enrollment in AIU's traditional campuses in Atlanta, Los Angeles, London and Dubai was slightly above expectations. This growth resulted in a year-over-year increase in net tuition revenues for the September-October period of 30%, to $6.3 million from $4.8 million in the prior year. Despite this increase, the enrollments in the Power Campuses were below the expected enrollment of 795 students. This shortfall of 5.7% from planned consolidated enrollment will result in lower revenues and earnings for the fiscal year ending May 31, 1999.
The Power Campus enrollment shortfall is attributed to two causes. First, the Bachelor of Information Technology A Bachelor of Information Technology degree (abbreviated BIT, BInfTech, BInfoTech or B.ICT) is an undergraduate academic degree that generally requires three to four years of study to acquire. ("BIT") program, planned for fall introduction, was delayed for Los Angeles and Washington, D.C. until January due to supplier's late delivery of curriculum. Second, while the Dunwoody campus met plan, the Company was insufficiently staffed to complete enrollments in the October 26th new campus openings in Washington, D.C. and Los Angeles.
Steve Bostic, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of EduTrek commented, "We were successful in generating substantial qualified leads and in opening our two new locations on time and within our expense budgets. However, our new enrollment conversion rate was below plan by 214 students due to shortages in our recruiting and admissions staff."
"We have taken measures to address these problems. We are increasing staff at the new campuses, and the BIT program will be launched at all the Power Campuses in the first quarter of calendar 1999. We continue to be confident in our Power Campus growth strategy based upon the strong market demand and student acceptance for our programs," Steve Bostic added.
EduTrek, through the American InterContinental University, is a leading provider of career-oriented, international focused and fully accredited accredited
recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria.
cattle herds which have achieved a low level of reactors to, e.g. higher education programs. The Company operates campuses in Atlanta (Buckhead and Dunwoody), London, Los Angeles, Washington, D.C., and Dubai, United Arab Emirates United Arab Emirates, federation of sheikhdoms (2005 est. pop. 2,563,000), c.30,000 sq mi (77,700 sq km), SE Arabia, on the Persian Gulf and the Gulf of Oman. , with curricula focusing on information technology, international business, multimedia communications, art and design.
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Certain statements contained in this press release are ``forward- looking statements'' within the meaning 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, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward- looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company's Securities and Exchange Commission filings.