Sylvan Learning Systems, Inc. Reports Fourth Quarter and Year End 2002 Financial Results; Enrollment Gains Fuel Strong Divisional Performance.Business Editors/Education Writers BALTIMORE--(BUSINESS WIRE)--Feb. 20, 2003 Sylvan Learning Sylvan Learning (formerly Sylvan Learning Center) is a chain of franchised tutoring centers which provide personalized tutoring in reading, writing, mathematics, study skills and test-prep for college entrance and state exams. Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SLVN) today announced strong financial results and enrollment increases for the quarter and fiscal year ended December December: see month. 31, 2002. "With substantial growth in 2002 revenues and operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. , Sylvan's K-12 and post-secondary businesses performed extraordinarily well in a challenging global economy," said Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. L. Becker Beck´er n. 1. (Zool.) A European fish (Pagellus centrodontus); the sea bream or braise. , Chairman and Chief Executive Officer of Sylvan Learning Systems, Inc. "I am particularly pleased with the performance of Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. International Universities, which proved in 2002 that it was capable of integrating and growing the institutions acquired in previous years. At the same time, the impressive student enrollment growth at our international and online universities positions us for continued strong performance in 2003." "Sylvan remains very focused on eliminating the losses associated with Sylvan Ventures, and reducing the complexities of our company overall," Becker added. Recent Financial and Business Highlights -- The Company anticipates total revenues, excluding Sylvan Ventures, to be between $147 and $154 million for the first quarter 2003 and between $630 and $670 million for fiscal year 2003. -- Operating income, excluding Sylvan Ventures, is expected to be between $12 and $13 million for the first quarter 2003 and between $90 and $95 million for fiscal year 2003. -- General and administrative expenses are expected to be approximately $5.5 million in the first quarter 2003 and between $22 and $23 million for fiscal year 2003. -- The Company anticipates diluted earnings per share to be approximately $0.15 for the first quarter of 2003, excluding Sylvan Ventures, and between $1.10 and $1.13 for fiscal year 2003, excluding Sylvan Ventures. Post-Secondary Education Services -- Sylvan International Universities (SIU SIU Southern Illinois University SIU Seafarers International Union SIU Special Investigations Unit SIU Schiller International University SIU Special Investigative Unit SIU Salem International University SIU Societá Italiana di Urologia ) announced the opening of South Asia This article is about the geopolitical region in Asia. For geophysical treatments, see Indian subcontinent. South Asia, also known as Southern Asia International Institute (SAII SAII Such As It Is ), a new university located in Hyderabad Hyderabad, former state and modern city, India Hyderabad (hī`dərəbăd'), former princely state, S central India. The former princedom of Hyderabad is now divided among the states of Karnataka, Maharashtra, and Andhra Pradesh. , India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. . Implementing a low-risk entry strategy, SIU will operate SAII initially in leased space in downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. Hyderabad. SIU expects the Institute to attract between 200 and 300 undergraduate and post-graduate students enrolled in dual degree programs in computer science and engineering, beginning in August 2003. As previously announced, the regional government has allotted al·lot tr.v. al·lot·ted, al·lot·ting, al·lots 1. To parcel out; distribute or apportion: allotting land to homesteaders; allot blame. 2. Sylvan a 125-acre site outside of Hyderabad that will allow for significant expansion following a successful pilot at the downtown campus location. SAII has applied for "deemed university" status with India's University Grants Commission. Such status, if granted, would make SAII India's only foreign-operated education institution to receive this level of accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. . -- Online 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. - Canter canter a gallop at an easy pace. The rhythm is three-time, first one hind, then the opposite hind with the diagonal fore, then the opposite fore, the leading limb. collected canter attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. total winter 2003 enrollment in distance learning Master's degree master's degree n. An academic degree conferred by a college or university upon those who complete at least one year of prescribed study beyond the bachelor's degree. Noun 1. programs of 12,794 students, an increase of 22% compared to 10,500 students in winter 2002. Sylvan Ventures -- Excluding students participating in Canter programs, Walden Walden Thoreau’s classic; advocates a return to nature. [Am. Lit.: Van Doren, 208] See : Pastoralism University attained new student enrollment growth of 145%, which fueled a 39% increase in total winter 2003 enrollment of 2,233 students, compared to 1,608 students in winter 2002. K-12 Education Services -- The continued success of national advertising programs and increased length of stay generated 12% same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. growth at Sylvan Learning Center locations for the quarter. -- Sylvan Learning Center reported a net increase of 18 franchised locations in the fourth quarter of 2002, bringing the number of franchised and company-owned locations in North America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. to 825 and 127, respectively. -- Under the provisions of the "No Child Left Behind" Act, Sylvan Education Solutions has received approval to provide supplemental tutoring services in 23 states. Sylvan Education Solutions began two pilot programs in the fourth quarter of 2002, and is in the process of launching larger, comprehensive programs in the first quarter of 2003. Financial Results
Reconciliation - 2002 GAAP to Pro Forma Results
(in millions, except per share) Three Months Fiscal Year
------------ -----------
$ EPS $ EPS
------ ------- ------- -------
GAAP Basis Consolidated Results $(6.1) $(0.15) $(95.9) $(2.40)
Adjustments (after tax):
eSylvan Losses 2.8 0.07 12.2 0.30
Walden Losses 0.6 0.01 2.0 0.05
Connections Academy Losses 1.0 0.03 4.4 0.11
NTU Losses 1.0 0.03 1.0 0.03
Other Ventures Losses 2.7 0.07 5.9 0.15
WSI-Spain Operating Losses -- -- 1.6 0.04
WSI-Spain Loss on Assets Sold -- -- 13.1 0.33
Losses on Investments 8.3 0.20 13.0 0.32
SIU Deal Costs 2.1 0.05 2.1 0.05
Discontinued Operations 2.4 0.06 2.4 0.06
SFAS 142 Goodwill Impairment Loss -- -- 78.6 1.97
Effect of Common Stock Equivalents 0.7 (0.04) 3.2 (0.08)
-------------- ---------------
Pro Forma Results $15.5 $ 0.33 $ 43.6 $ 0.93
Weighted Avg. Shares Outstanding -
Basic 40.3 40.1
Weighted Avg. Shares Outstanding -
Fully Diluted 46.9 47.1
Total revenues for the fourth quarter of 2002, excluding Sylvan Ventures revenue of $9.2 million, were $165.5 million, an increase of 20% compared to total revenues of $137.4 million in the fourth quarter of 2001. Total operating income for the fourth quarter, excluding Sylvan Ventures and losses related to the special charges and discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. , increased 22% to $25.8 million, versus $21.2 million in the fourth quarter of 2001, on a comparable basis after adding back goodwill amortization. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income for the fourth quarter of 2002 was $15.5 million, or $0.33 per share on shares outstanding of 46.9 million. This compares to pro forma net income of $13.0 million, or $0.28 per share on shares outstanding of 46.4 million for the same period in 2001. Strong performance at Sylvan International Universities, robust enrollment growth at Online Higher Education, as well as continued strong sales at Sylvan Learning Center drove results in the fourth quarter of 2002. For the year ended December 31, 2002, total revenues, excluding Sylvan Ventures revenues of $25.6 million, were $578.4 million, an increase of 19% compared to total revenues of $484.8 million in the same period of 2001. Total operating income for the year, excluding Sylvan Ventures and losses related to the special charges and discontinued operations, increased 24% to $71.5 million versus $57.8 million in the same period of 2001, on a comparable basis after adding back goodwill amortization. For the year ended December 31, 2002, pro forma net income was $43.6 million, or $0.93 per share on 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. shares outstanding of 47.1 million. This compares to pro forma net income of $36.6 million, or $0.80 per share on diluted shares outstanding of 45.9 million for the same period in 2001. Total cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has at the end of the year were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $128.6 million, while total corporate debt was approximately $70.4 million, excluding the $95 million convertible debenture Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. . As of December 31, 2002, Sylvan Ventures had made funding commitments of $288 million, of which $275 million has been invested. First Quarter and Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2003 Guidance The following statements are based on current expectations. These statements are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. , and actual results may differ materially. -- The Company anticipates total revenues, excluding Sylvan Ventures, to be between $147 and $154 million for the first quarter 2003 and between $630 and $670 million for fiscal year 2003. -- Operating income, excluding Sylvan Ventures, is expected to be between $12 and $13 million for the first quarter 2003 and between $90 and $95 million for fiscal year 2003. -- General and administrative expenses are expected to be approximately $5.5 million in the first quarter 2003 and between $22 and $23 million for fiscal year 2003. -- The Company anticipates diluted earnings per share to be approximately $0.15 for the first quarter of 2003, excluding Sylvan Ventures, and between $1.10 and $1.13 for fiscal year 2003, excluding Sylvan Ventures. Post-Secondary Education Services - Anticipates $400-$425 million in revenue, with operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of approximately 16% to 17% for fiscal year 2003. -- Sylvan International Universities anticipates total revenues to be between $82 and $86 million for the first quarter 2003 and between $342 and $362 million for fiscal year 2003. The division expects operating margins to be approximately 10% for the first quarter 2003 and between 16% and 17% for fiscal year 2003. -- Online Higher Education anticipates total revenues to be between $8 and $9 million for the first quarter 2003 and between $58 and $63 million for fiscal year 2003. The division expects break-even operating results for the first quarter 2003 and operating margins between 26% and 27% for fiscal year 2003. K-12 Education Services - Expects $230 to $245 million in revenue with approximately 20% to 21% operating margins for fiscal year 2003. -- Sylvan Learning Center anticipates total revenues to be between $37 and $38 million for the first quarter 2003 and between $156 and $166 million for fiscal year 2003. The division expects operating margins to be between 22% and 23% for the first quarter 2003 and between 24% and 25% for fiscal year 2003. -- Sylvan Education Solutions anticipates total revenues of approximately $21 million for the first quarter 2003 and between $74 and $78 million for fiscal year 2003. The division expects operating margins of approximately 9% for the first quarter 2003 and between 9% and 11% for fiscal year 2003. Sylvan Ventures - Expects losses for 2003 of approximately $17.5 million after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. , or $0.37 per share, an improvement of over 32% from fiscal year 2002. About Sylvan Learning Systems Sylvan Learning Systems, Inc. (www.sylvan.net) is the leading provider of education services to families and schools worldwide. The Sylvan Learning Center business provides personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. instruction services to K-12 students through direct consumer relationships. Sylvan Education Solutions provides tutoring and related services under contract to school systems. Sylvan provides courses to adult students throughout the world in the areas of teacher training, and accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. university offerings through Online Higher Education and Sylvan International Universities. Sylvan International Universities is pioneering the largest and most ambitious network of post-secondary education institutions worldwide. Sylvan Ventures, Sylvan's research and investment vehicle, focuses on bringing emerging technology solutions to the education and training marketplace. Forward Looking Statements This release includes information that could 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. Any such forward-looking statements may involve risk and uncertainties. Political, economic, currency, tax, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , technological, competitive and other factors could cause actual results to differ materially from those anticipated in the forward-looking statements. Additional information regarding these risk factors and uncertainties is detailed from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to our most recent Forms 10-K and 10-Q, available for viewing on our website. (To access this information on our website, please click on "Investor Relations Investor relations The process by which the corporation communicates with its investors. ," "SEC Filings").
Sylvan Learning Systems, Inc. & Subsidiaries
Consolidated Statement of Operations
(Amounts in Thousands, except per share data)
Three Months Ended December 31,
---------------------------------------
$ %
2002 2001 Variance Variance
-------- -------- --------- ---------
Line
Revenues
1 Franchise Services $ 9,022 $ 8,869 $ 153 2%
2 Company-owned Learning
Centers 19,719 13,367 6,352 48%
3 International 4,733 3,825 908 24%
4 Education Solutions 20,001 19,013 988 5%
-------- -------- -------- ---------
Total K-12 Education
Services 53,475 45,074 8,401 19%
-------- -------- -------- ---------
5 Total Online Higher
Education 14,616 13,134 1,482 11%
6 English Language
Instruction-Spain - 4,654 (4,654) N/A
7 UEM (Spain) 20,421 16,964 3,457 20%
8 Hospitality (a) 11,593 3,838 7,755 GT200%
9 UDLA (Chile) 10,822 6,858 3,964 58%
10 UVM (Mexico) 40,757 34,402 6,355 18%
11 ESCE (France) 1,787 981 806 82%
12 Wall Street Institute 12,046 11,516 530 5%
-------- -------- -------- ---------
International
Universities total 97,426 74,559 22,867 31%
-------- -------- -------- ---------
13 Sylvan Ventures 9,228 275 8,953 GT200%
Total Revenues 174,745 137,696 37,049 27%
-------- -------- -------- ---------
14 Core Operating Expenses 137,956 114,555 23,401 20%
15 Ventures Operating
Expenses 16,056 5,125 10,931 GT200%
16 Core General &
Administrative Expenses 5,290 4,472 818 18%
Ventures General &
17 Administrative Expenses 1,190 2,257 (1,067) -47%
Total Operating Expenses 160,492 126,409 34,083 27%
-------- -------- -------- ---------
Operating Income 14,253 11,287 2,966 26%
Non-Operating Items
18 Interest & Other Income 2,644 2,722 (78) -3%
19 Loss on Investment (12,468) - (12,468) N/A
20 Interest Expense (2,248) (2,624) 376 14%
21 Equity in Net Income
(Loss) of Affiliates 96 (238) 334 140%
22 Minority Interest (3,598) (2,561) (1,037) -40%
23 Exchange Gain/(Loss) (406) (143) (263) -184%
24 Sylvan Ventures non-
operating (2,625) (5,223) 2,598 50%
-------- -------- -------- ---------
Total Non-Operating items (18,605) (8,067) (10,538) 131%
-------- -------- -------- ---------
Income (Loss) from
continuing operations
before income taxes and
cumulative effect of
change in accounting
principle (4,352) 3,220 (7,572) LT-200%
25 Income Taxes (b) 667 (4,016) 4,683 117%
-------- -------- -------- ---------
Loss from continuing
operations before
cumulative effect of
change in accounting
principle (3,685) (796) (2,889) LT-200%
26 Loss on sale of discontinued
operations, net of
tax expense of $1,623
and $1,623. (2,434) - (2,434) N/A
-------- -------- -------- ---------
Loss before cumulative
effect of change
in accounting principle (6,119) (796) (5,323) LT-200%
27 Cumulative effect of change
in accounting principle net
of tax benefit of $7,700 - - - N/A
-------- -------- -------- ---------
Net Loss (6,119) (796) (5,323) LT-200%
28 Elimination of goodwill
amortization, net of tax
effect of $1,723 and
$7,177 (c) 3,290
-------- -------- -------- ---------
Adjusted Net Income (Loss) $ (6,119) $ 2,494 $ (8,613) LT-200%
======== ======== ======== =========
Weighted Average
Shares - Basic 40,329 38,708
EPS-Net Loss Basic $ (0.15) $ (0.02)
Less reconciling
items, net of tax:
eSylvan Losses (d) 0.07 0.07
Walden University
Losses (d) 0.01 -
Connections Academy
Losses (d) 0.03
NTU Losses (d) 0.03
Other Ventures
Losses (e) 0.07 0.22
WSI-Spain Operating
Losses (f) - -
WSI-Spain Loss on
Disposition (f) - -
Loss on Investment (g) 0.20 -
SFAS 142 Asset
Impairment Loss (h) - -
Goodwill
Amortization (i) - 0.05
SIU Deal Costs (f) 0.05 -
Discontinued
Operations (j) 0.06 -
Effect of Common
Stock Equivalents (0.04) (0.04)
-------- --------
Adjusted Results from
Core Operations $ 0.33 $ 0.28
-------- --------
Shares used in
adjusted share
earnings calculations 46,854 46,355
Segment Operating Profit
(Loss):
K-12 Education
Services $ 7,798 $ 7,263 $ 535 7%
Online Higher
Education 4,941 2,816 2,125 75%
English Language
Instruction-Spain (k) 0 (6) 6 N/A
International
Universities 14,822 12,793 2,029 16%
Sylvan Ventures (8,018) (7,107) (911) 13%
a) Hospitality includes the operating results of Les Roches, Marbella
and Glion.
b) Represent blended tax rate excluding Sylvan Ventures of 30% and a
tax rate for Sylvan Ventures of 24%
c) Adjusted net loss and adjusted diluted net loss per share assumes
adoption of SFAS 142 on January 1, 2001.
d) Shown pre-tax in lines 13 and 15
e) Shown pre-tax in lines 13,15,17 and 24.
f) Shown pre-tax in line 14.
g) Shown pre-tax in line 19.
h) Shown after-tax in line 27.
i) Shown after-tax in line 28.
j) Shown after-tax in line 26.
GT = Greater Than
LT = Less Than
Sylvan Learning Systems, Inc. & Subsidiaries
Consolidated Statement of Operations
(Amounts in Thousands, except per share data)
Fiscal Year Ended December 31,
---------------------------------------
$ %
2002 2001 Variance Variance
-------- -------- -------- ---------
Line
Revenues
1 Franchise Services $ 40,772 $ 36,923 $ 3,849 10%
2 Company-owned Learning
Centers 89,008 62,199 26,809 43%
3 International 17,617 15,374 2,243 15%
4 Education Solutions 67,909 70,042 (2,133) -3%
-------- -------- -------- ---------
Total K-12 Education
Services 215,306 184,538 30,768 17%
-------- -------- -------- ---------
5 Total Online Higher
Education 52,426 44,328 8,098 18%
6 English Language
Instruction-Spain 6,964 19,364 (12,400) -64%
7 UEM (Spain) 56,188 48,370 7,818 16%
8 Hospitality (a) 29,807 14,270 15,537 109%
9 UDLA (Chile) 35,834 24,026 11,808 49%
10 UVM (Mexico) 133,577 112,554 21,023 19%
11 ESCE (France) 5,859 981 4,878 GT200%
12 Wall Street Institute 42,419 36,373 6,046 17%
-------- -------- -------- ---------
International
Universities total 303,684 236,574 67,110 28%
-------- -------- -------- ---------
13 Sylvan Ventures 25,618 480 25,138 GT200%
Total Revenues 603,998 485,284 118,714 24%
-------- -------- -------- ---------
14 Core Operating Expenses 511,680 413,809 97,871 24%
15 Ventures Operating
Expenses 49,820 15,573 34,247 GT200%
16 Core General &
Administrative Expenses 21,318 22,003 (685) -3%
17 Ventures General &
Administrative Expenses 4,804 9,211 (4,407) -48%
Total Operating Expenses 587,622 460,596 127,026 28%
-------- -------- -------- ---------
Operating Income 16,376 24,688 (8,312) -34%
Non-Operating Items
18 Interest & Other Income 6,499 9,758 (3,259) -33%
19 Loss on Investment (19,827) (14,231) (5,596) -39%
20 Interest Expense (8,278) (9,169) 891 10%
21 Equity in Net Income
(Loss) of Affiliates 131 (501) 632 126%
22 Minority Interest (7,826) (7,599) (227) -3%
23 Exchange Gain/(Loss) (795) 124 (919) LT-200%
24 Sylvan Ventures non-
operating (4,645) (26,195) 21,550 -82%
-------- -------- -------- ---------
Total Non-Operating items (34,741) (47,813) 13,072 27%
-------- -------- -------- ---------
Income (Loss) from
continuing operations
before income taxes and
cumulative effect of change
in accounting principle (18,365) (23,125) 4,760 21%
25 Income Taxes (b) 3,490 5,680 (2,190) -39%
-------- -------- -------- ---------
Loss from continuing
operations before
cumulative effect of
change in accounting
principle (14,875) (17,445) 2,570 15%
26 Loss on sale of discontinued
operations, net of
tax expense of $1,623
and $1,623. (2,434) - (2,434) N/A
-------- -------- -------- ---------
Loss before cumulative
effect of change
in accounting principle (17,309) (17,445) 136 1%
27 Cumulative effect of change
in accounting principle net
of tax benefit of $7,700 (78,634) - (78,634) N/A
-------- -------- -------- ---------
Net Loss (95,943) (17,445) (78,498) LT-200%
28 Elimination of goodwill
amortization, net of tax
effect of $1,723 and
$7,177 (c) 13,532
-------- -------- -------- ---------
Adjusted Net Income (Loss) $(95,943) $ (3,913) $(92,030) LT-200%
======== ======== ======== =========
Weighted Average
Shares - Basic 40,053 38,135
EPS-Net Loss Basic $ (2.40) $ (0.46)
Less reconciling
items, net of tax:
eSylvan Losses (d) 0.30 0.31
Walden University
Losses (d) 0.05 -
Connections Academy
Losses (d) 0.11
NTU Losses (d) 0.03
Other Ventures
Losses (e) 0.15 0.62
WSI-Spain Operating
Losses (f) 0.04 (0.03)
WSI-Spain Loss on
Disposition (f) 0.33 -
Loss on Investment (g) 0.32 0.25
SFAS 142 Asset
Impairment Loss (h) 1.97 -
Goodwill
Amortization (i) - 0.18
SIU Deal Costs (f) 0.05 -
Discontinued
Operations (j) 0.06 -
Effect of Common
Stock Equivalents (0.08) (0.07)
-------- --------
Adjusted Results from
Core Operations $ 0.93 $ 0.80
-------- --------
Shares used in
adjusted share
earnings calculations 47,059 45,879
Segment Operating Profit
(Loss):
K-12 Education
Services $ 42,185 $ 35,423 $ 6,762 19%
Online Higher
Education 14,443 9,104 5,339 59%
English Language
Instruction-Spain (k) (22,597) 1,533 (24,130) LT-200%
International
Universities 32,669 24,935 7,734 31%
Sylvan Ventures (29,006) (24,304) (4,702) 19%
a) Hospitality includes the operating results of Les Roches, Marbella
and Glion.
b) Represent blended tax rate excluding Sylvan Ventures of 30% and a
tax rate for Sylvan Ventures of 24%
c) Adjusted net loss and adjusted diluted net loss per share assumes
adoption of SFAS 142 on January 1, 2001.
d) Shown pre-tax in lines 13 and 15
e) Shown pre-tax in lines 13,15,17 and 24.
f) Shown pre-tax in line 14.
g) Shown pre-tax in line 19.
h) Shown after-tax in line 27.
i) Shown after-tax in line 28.
j) Shown after-tax in line 26.
GT = Greater Than
LT = Less Than
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