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Apollo Education Group, Inc. Message Board

  • bluecheese4u bluecheese4u Mar 27, 2008 8:00 PM Flag

    Apollo Group, Inc. Reports Fiscal 2008 Second Quarter Financial Results

    Apollo Group, Inc. Reports Fiscal 2008 Second Quarter Financial Results
    Thursday March 27, 4:01 pm ET
    -- Revenue Increases Approximately 14% Year-over-Year
    -- Total Degreed Enrollment Increases 10.7% Year-over-Year


    PHOENIX--(BUSINESS WIRE)--Apollo Group, Inc. (Nasdaq: APOL - News)(“Apollo Group” or “the Company”) today reported unaudited financial results for the second quarter of fiscal 2008, which ended February 29, 2008.


    Unaudited Second Quarter of Fiscal 2008 Results of Operations

    Consolidated revenues for the three months ended February 29, 2008, totaled $693.6 million, which represents a 13.9% increase over the second quarter of fiscal 2007. Total Degreed Enrollment grew by 10.7% year-over-year to 330,200.

    The Company reported a net loss for the three months ended February 29, 2008, of $32.0 million, or $0.19 per share (168.0 million weighted average diluted shares outstanding), compared to net income of $60.3 million, or $0.35 per share (174.6 million weighted average diluted shares outstanding) for the three months ended February 28, 2007. Included in the 2008 results is a pre-tax charge of $168.4 million which represents an accrual for estimated damages stemming from the securities class action lawsuit. The actual amount of damages will not be known until all court proceedings, including post trial motions and any appeals, have been completed. However, for financial reporting purposes, the Company has estimated damages and associated expenses in the range of $120.5 million to $216.4 million and has accrued for the mid-point of the range.

    Before giving effect to the litigation charge in the second quarter of fiscal 2008, and to special items related to the stock option investigation and restatement costs of $5.7 million and share-based compensation of $12.1 million that was associated with stock option modifications in the second quarter of fiscal 2007, net income was $70.3 million, or $0.41 per share (170.5 million weighted average diluted shares outstanding) in the second quarter of fiscal 2008, as compared to net income of $71.2 million, or $0.41 per share (174.6 million weighted average diluted shares outstanding) in the second quarter of fiscal 2007. Excluding the litigation charge of $168.4 million and share-based compensation expense of $20.1 million in the second quarter of fiscal 2008 and share-based compensation expense and special items of $27.4 million in the second quarter of fiscal 2007, net income would have been $82.6 million, or $0.48 per share (170.5 million weighted average diluted shares outstanding) in the second quarter of fiscal 2008, as compared to net income of $77.0 million, or $0.44 per share (174.6 million weighted average diluted shares outstanding) in the second quarter of fiscal 2007. (See the reconciliation of Generally Accepted Accounting Principles (“GAAP”) financial information to non-GAAP financial information in the tables section of this press release.)

    “We reported solid revenue and enrollment growth in the second quarter, and continue to invest for the long-term success of the Company. The demand for high-quality and accessible education continues, and we believe our academic system and technology positions us well to meet this demand,” said Brian Mueller, President of Apollo Group. “During the second quarter, we successfully integrated Aptimus into our organization and we are very pleased with both their technology and their talented personnel. Having this marketing expertise in-house will enable us to continue to innovate and enhance our branding and recruiting efforts more effectively. We also

    http://biz.yahoo.com/bw/080327/20080327006036.html?.v=1

 
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