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Apollo Group, Inc. Reports Fourth Quarter and Fiscal Year 2013 Results



  Apollo Group, Inc. Reports Fourth Quarter and Fiscal Year 2013 Results

Business Wire

PHOENIX -- October 22, 2013

Apollo Group, Inc. (NASDAQ: APOL) today reported financial results for the
three months and fiscal year ended August 31, 2013, with fourth quarter
revenue of $845.0 million and diluted earnings per share of $0.19 per share,
or $0.55 per share excluding special items.

“Fiscal Year 2013 brought challenges and opportunities for Apollo Group,” said
Apollo Group Chief Executive Officer Greg Cappelli. “We set out this year to
differentiate University of Phoenix, diversify Apollo Group and build a more
efficient organization. We have made meaningful progress in each of these
areas. With hundreds of millions of worldwide learners in need of higher
education in this decade alone, we are well positioned for 2014 and beyond to
help create a more educated global workforce and strengthen our great
partnerships across four continents.”

Fourth Quarter 2013 Results of Operations

  * Net revenue for fourth quarter 2013 was $845.0 million, compared to $996.5
    million in the fourth quarter 2012.
  * University of Phoenix Degreed Enrollment was 269,000, an 18.1% decrease
    from the prior year, and New Degreed Enrollment was 41,000 down 22.3% from
    fourth quarter 2012.
  * Operating income was $34.7 million, compared to $89.6 million from the
    prior year fourth quarter. The decrease was attributable to lower net
    revenue due to declines in enrollment, partially offset by lower operating
    expenses. Excluding special items, operating income was $100.7 million.
  * Income from continuing operations attributable to Apollo Group was $21.6
    million, or $0.19 per share, compared to $52.6 million, or $0.46 per share
    from the prior year fourth quarter. Excluding special items, income from
    continuing operations was $63.1 million, or $0.55 per share.

Fourth quarter 2013 results included restructuring and other charges
attributable to the Company’s restructuring activities of $67.3 million and a
litigation credit of $1.4 million. (Special items for the fourth quarter 2013
and 2012 are included in the reconciliation of GAAP to non-GAAP financial
information tables of this press release.)

Fiscal Year 2013 Results of Operations

  * Net revenue for fiscal year 2013 was $3.7 billion, compared to $4.3
    billion in the prior year.
  * University of Phoenix Average Degreed Enrollment was 301,100, a 15.6%
    decrease from the prior year, and Aggregate New Degreed Enrollment was
    172,900 down 20.2% from prior year.
  * Operating income was $427.4 million, compared to $676.3 million from the
    prior year. Excluding special items, operating income was $601.4 million.
    Fixed operating costs were approximately $350 million lower as compared to
    fiscal year 2012.
  * Income from continuing operations attributable to Apollo Group was $248.5
    million, or $2.19 per share, compared to $422.7 million, or $3.22 per
    share in fiscal year 2012. Excluding special items, income from continuing
    operations in 2013 was $358.1 million, or $3.16 per share.

Full year 2013 results included restructuring and other charges attributable
to the Company’s restructuring activities of $198.6 million and a litigation
credit of $24.6 million. (Special items for fiscal year 2013 and 2012 are
included in the reconciliation of GAAP to non-GAAP financial information
tables of this press release.)

Balance Sheet and Cash Flow

As of August 31, 2013, the Company’s unrestricted cash and cash equivalents
and short-term marketable securities totaled $1.52 billion, compared to $1.28
billion as of August 31, 2012. The principal components of this increase were
$478.0 million of cash provided by operations; partially offset by $119.3
million for capital expenditures, $42.5 million used for the purchase of
noncontrolling interests, a net investment of $38.0 million in long-term
marketable securities, and $26.2 million of net payments on borrowings.

As of August 31, 2013, accounts receivable increased to $215.4 million from
$198.3 million at August 31, 2012. Excluding accounts receivable and the
related net revenue for Apollo Global, the Company’s days sales outstanding
was essentially flat at 21 days compared to 22 days as of August 31, 2013 and
2012, respectively.

Total debt outstanding (including short-term borrowings and the current
portion of long-term debt) decreased $27.9 million to $692.1 million as of
August 31, 2013. Subsequent to August 31, 2013, the Company repaid the $605.0
million drawn on its revolving credit facility.

Business Outlook

The Company offers the following outlook for fiscal year 2014 based on the
business trends observed during the fourth quarter of fiscal year 2013, as
well as management’s current expectations of future trends.

  * Net revenue of $2.95 – $3.05 billion; and
  * Operating income of $375 – $450 million, excluding the impact of special
    items including restructuring and other charges.

In fiscal year 2014, the Company expects to further reduce its fixed operating
costs by a minimum of $300 million, which would result in a total decline of
$650 million, or 18%, compared to the fiscal year 2012 cost base.

Apollo Education Group

The Company announced today that it intends to change its name to Apollo
Education Group to more clearly reflect its mission and purpose. The change is
expected to be effective in mid-November.

Conference Call Information

The Company will hold a conference call to discuss these earnings results at
5:00 p.m. Eastern, 2:00 p.m. Phoenix time, today, Tuesday, October 22, 2013.

Dial-In Numbers:

877-292-6888 (Domestic)
973-200-3381 (International)
Conference ID: 65232387

A live webcast of this event may be accessed by visiting the Company’s website
at www.apollo.edu. A webcast replay will be available approximately one hour
following the conclusion of the call at the same link.

A telephone replay will be available approximately two hours following the
conclusion of the call until October 29, 2013.

Dial-In Numbers:

855-859-2056 (Domestic)
404-537-3406 (International)
Conference ID: 65232387

About Apollo Group, Inc.

Apollo Group, Inc. is one of the world’s largest private education providers
and has been in the education business since 1973. Through its subsidiaries:
University of Phoenix, Apollo Global, Institute for Professional Development,
Western International University and College for Financial Planning, Apollo
Group offers innovative and distinctive educational programs and services,
online and on-campus, at the undergraduate, master's and doctoral levels. Its
educational programs and services are offered throughout the United States and
in Latin America and Europe, as well as online throughout the world.

For more information about Apollo Group, Inc. and its subsidiaries, call (800)
990-APOL or visit the Company’s website at www.apollo.edu.

Forward-Looking Statements Safe Harbor

Statements about Apollo Group and its business in this release which are not
statements of historical fact, including statements regarding Apollo Group’s
future strategy and plans and commentary regarding future results of
operations and prospects, are forward-looking statements and are subject to
the Safe Harbor provisions created by the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are based on current information
and expectations and involve a number of risks and uncertainties. Actual plans
implemented and actual results achieved may differ materially from those set
forth in or implied by such statements due to various factors, including
without limitation: (i) the impact of increased competition from traditional
public universities and proprietary educational institutions; (ii) the costs
and effectiveness of accelerating the enhancement of University of Phoenix
educational offerings to remain competitive and to more effectively deliver a
quality student experience at the right value; (iii) any adverse impact on
University of Phoenix's business arising from the Notice sanction imposed by
the University's principal accreditor, and any associated impact on the
University’s pending recertification by the U.S. Department of Education for
participation in Title IV student financial aid programs; (iv) the impact of
the Company’s recent campus closures and other restructuring initiatives; (v)
the impact of the recent operational and governance changes made to increase
University of Phoenix autonomy in response to governance concerns expressed by
its principal accreditor; (vi) the impact of any reduction in financial aid
available to students, including active and retired military personnel, due to
the U.S. government debt ceiling limitations, budget sequestration or
otherwise; (vii) the impact of changes in marketing channels and other
recruiting practices; (viii) the costs and effectiveness of University of
Phoenix initiatives to improve student retention, improve student outcomes and
demonstrate a compelling relationship between a student’s education and
career; (ix) changes in law or regulation affecting the University of
Phoenix’s eligibility to participate in or the manner in which it participates
in U.S. federal and state student financial aid programs, including changes
that may be included in the reauthorization of the federal Higher Education
Act expected to be enacted during the next year and the proposed Department of
Education regulations relating to gainful employment; (x) changes in
University of Phoenix’s business necessary to remain in compliance with U.S.
federal student financial aid program regulations, including the so-called
90/10 Rule and the limitations on student loan cohort default rates, and to
remain in compliance with the accrediting criteria of the relevant accrediting
bodies; (xi) changes in University of Phoenix enrollment or student mix; and
(xii) unexpected changes in the U.S. or global economy. For a discussion of
the various factors that may cause actual plans implemented and actual results
achieved to differ materially from those set forth in the forward-looking
statements, please refer to the risk factors and other disclosures contained
in Apollo Group’s Form 10-K for fiscal year 2013 and other filings with the
Securities and Exchange Commission, all of which are available on the
Company’s website at www.apollo.edu.

Use of Non-GAAP Financial Information

This press release and the related conference call contain non-GAAP financial
measures, which are intended to supplement, but not substitute for, the most
directly comparable GAAP measures. Management uses, and chooses to disclose to
investors, these non-GAAP financial measures because: (i) such measures
provide an additional analytical tool to clarify the Company’s results from
operations and help to identify underlying trends in its results of
operations; (ii) as to the non-GAAP earnings measures, such measures help
compare the Company’s performance on a consistent basis across time periods;
and (iii) these non-GAAP measures are employed by the Company’s management in
its own evaluation of performance and are utilized in financial and
operational decision-making processes, such as budgeting and forecasting.
Exclusion of items in the non-GAAP presentation should not be construed as an
inference that these items are unusual, infrequent or non-recurring. Other
companies, including other companies in the education industry, may calculate
non-GAAP financial measures differently, limiting their usefulness as a
comparative measure across companies.

Financial and Operating Metrics

Below are Apollo Group’s unaudited financial data and operating metrics for
the respective periods:

                    Degreed Enrollment^(1)        New Degreed Enrollment^(2)
Enrollment
(rounded to         Q4 2013        Q4 2012        Q4 2013          Q4 2012
hundreds)
Associate’s         76,400         102,600        15,300           20,400
Bachelor’s          146,100        172,600        17,800           23,500
Master’s            40,600         46,400         7,400            8,200
Doctoral            5,900          6,800          500              700        
                    269,000        328,400        41,000           52,800     
                                                                    
                    Average Degreed Enrollment    Aggregate New Degreed
                                                  Enrollment^(5)
Enrollment
(rounded to         FY 2013^(3)    FY 2012^(4)    FY 2013          FY 2012
hundreds)
Associate’s         90,500         119,900        68,900           88,100
Bachelor’s          160,100        179,200        73,400           93,700
Master’s            44,100         50,600         28,300           32,000
Doctoral            6,400          7,200          2,300            2,900      
                    301,100        356,900        172,900          216,700    
                                                                    
Revenues (in                                      Q4 2013          Q4 2012
thousands)
Degree Seeking
Gross                                             $  824,766       $ 972,079
Revenues^(6)
Less: Discounts                                   (66,378     )    (62,613   )
and other
Degree Seeking                                    758,388          909,466
Net Revenues^(6)
Non-degree                                        12,383           12,563
Seeking Revenues
Other, net of                                     74,210           74,468     
discounts
                                                  $  844,981       $ 996,497  
                                                                    
Revenue by
Degree Type (in
thousands)^(6)
Associate’s                                       $  180,968       $ 237,737
Bachelor’s                                        488,690          560,406
Master’s                                          137,032          152,205
Doctoral                                          18,076           21,731
Less: Discounts                                   (66,378     )    (62,613   )
and other
                                                  $  758,388       $ 909,466  
                                                                    
Degree Seeking
Gross Revenues
per Degreed
Enrollment^(1),
(6)
Associate’s                                       $  2,369         $ 2,317
Bachelor’s                                        $  3,345         $ 3,247
Master’s                                          $  3,375         $ 3,280
Doctoral                                          $  3,064         $ 3,196
All degrees
(after                                            $  2,819         $ 2,769
discounts)
^(1) Represents students enrolled in a University of Phoenix degree program
who attended a credit bearing course during the quarter and had not graduated
as of the end of the quarter; students who previously graduated from one
degree program and started a new degree program in the quarter (for example, a
graduate of the associate’s degree program returns for a bachelor’s degree);
and students participating in certain certificate programs of at least 18
credits with some course applicability into a related degree program.
^(2) Represents new students and students who have been out of attendance for
more than 12 months who enroll in a University of Phoenix degree program and
start a credit bearing course in the quarter; students who have previously
graduated from a degree program and start a new degree program in the quarter;
and students who commence participation in certain certificate programs of at
least 18 credits with some course applicability into a related degree program.
^(3) Represents the average of Degreed Enrollment for the quarters ended
August 31, 2012, November 30, 2012, February 28, 2013, May 31, 2013 and August
31, 2013.
^(4) Represents the average of Degreed Enrollment for the quarters ended
August 31, 2011, November 30, 2011, February 29, 2012, May 31, 2012 and August
31, 2012.
^(5) Represents the sum of the four quarters of New Degreed Enrollment in the
respective fiscal years.
^(6) Represents revenue from tuition and other fees for students enrolled in
University of Phoenix degree programs. Also includes revenue from tuition and
other fees for students participating in University of Phoenix certificate
programs of at least 18 credits in length with some course applicability into
a related degree program.
 

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
                                                                
                                                 As of August 31,
($ in thousands)                                 2013            2012
ASSETS:
Current assets
Cash and cash equivalents                        $ 1,414,485     $ 1,276,375
Restricted cash and cash equivalents             259,174         318,334
Marketable securities                            105,809         —
Accounts receivable, net                         215,401         198,279
Prepaid taxes                                    30,359          26,341
Deferred tax assets                              60,294          69,052
Other current assets                             64,134          49,609       
Total current assets                             2,149,656       1,937,990
Marketable securities                            43,941          5,946
Property and equipment, net                      472,614         571,629
Goodwill                                         103,620         103,345
Intangible assets, net                           132,192         149,034
Deferred tax assets                              63,894          77,628
Other assets                                     32,030          22,750       
Total assets                                     $ 2,997,947     $ 2,868,322  
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities
Short-term borrowings and current portion of     $ 628,050       $ 638,588
long-term debt
Accounts payable                                 73,123          74,872
Student deposits                                 309,176         362,143
Deferred revenue                                 213,260         254,555
Accrued and other current liabilities            346,706         324,881      
Total current liabilities                        1,570,315       1,655,039
Long-term debt                                   64,004          81,323
Deferred tax liabilities                         12,177          15,881
Other long-term liabilities                      233,442         191,756      
Total liabilities                                1,879,938       1,943,999    
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value                    —               —
Apollo Group Class A nonvoting common stock,     103             103
no par value
Apollo Group Class B voting common stock, no     1               1
par value
Additional paid-in capital                       —               93,770
Apollo Group Class A treasury stock, at cost     (3,824,758  )   (3,878,612  )
Retained earnings                                4,978,815       4,743,150
Accumulated other comprehensive loss             (36,563     )   (30,034     )
Total Apollo shareholders’ equity                1,117,598       928,378      
Noncontrolling interests (deficit)               411             (4,055      )
Total equity                                     1,118,009       924,323      
Total liabilities and shareholders’ equity       $ 2,997,947     $ 2,868,322  
                                                                              

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
                                                                     
                         Three Months Ended August 31,     % of Net Revenue
(In thousands,
except per share         2013              2012            2013       2012
data)
Net revenue              $  844,981        $ 996,497       100.0 %    100.0 %
Costs and expenses:
Instructional and        370,225           455,564         43.8  %    45.7  %
student advisory
Marketing                168,589           180,322         20.0  %    18.1  %
Admissions advisory      59,316            85,852          7.0   %    8.6   %
General and              91,775            92,322          10.9  %    9.3   %
administrative
Depreciation and         38,179            44,741          4.5   %    4.5   %
amortization
Provision for
uncollectible            16,232            38,733          1.9   %    3.9   %
accounts receivable
Restructuring and        67,330            9,408           8.0   %    0.9   %
other charges
Litigation credit        (1,400      )     —               (0.2  )%   —     %
Total costs and          810,246           906,942         95.9  %    91.0  %
expenses
Operating income         34,735            89,555          4.1   %    9.0   %
Interest income          470               306             —     %    —     %
Interest expense         (2,671      )     (5,127    )     (0.3  )%   (0.5  )%
Other, net               1,596             520             0.2   %    0.1   %
Income from
continuing               34,130            85,254          4.0   %    8.6   %
operations before
income taxes
Provision for income     (12,734     )     (37,726   )     (1.5  )%   (3.8  )%
taxes
Income from
continuing               21,396            47,528          2.5   %    4.8   %
operations
Income from
discontinued             —                 26,641          —     %    2.6   %
operations, net of
tax
Net income               21,396            74,169          2.5   %    7.4   %
Net loss
attributable to          155               1,279           0.1   %    0.2   %
noncontrolling
interests
Net income
attributable to          $  21,551         $ 75,448        2.6   %    7.6   %
Apollo
Earnings per share –
Basic:
Continuing
operations               $  0.19           $ 0.47
attributable to
Apollo
Discontinued
operations               —                 0.20       
attributable to
Apollo
Basic income per
share attributable       $  0.19           $ 0.67     
to Apollo
Earnings per share –
Diluted:
Continuing
operations               $  0.19           $ 0.46
attributable to
Apollo
Discontinued
operations               —                 0.20       
attributable to
Apollo
Diluted income per
share attributable       $  0.19           $ 0.66     
to Apollo
Basic weighted
average shares           113,105           112,815    
outstanding
Diluted weighted
average shares           113,740           113,539    
outstanding
                                                                       

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
                                                          
                         Year Ended August 31,             % of Net Revenue
(In thousands, except    2013            2012              2013       2012
per share data)
Net revenue              $ 3,681,310     $ 4,253,337       100.0 %    100.0 %
Costs and expenses:
Instructional and        1,579,464       1,800,569         42.9  %    42.3  %
student advisory
Marketing                661,693         663,442           18.0  %    15.6  %
Admissions advisory      263,934         383,935           7.2   %    9.0   %
General and              329,249         344,300           8.9   %    8.1   %
administrative
Depreciation and         161,733         177,804           4.4   %    4.2   %
amortization
Provision for
uncollectible accounts   83,798          146,742           2.3   %    3.5   %
receivable
Restructuring and        198,625         38,695            5.4   %    0.9   %
other charges
Litigation (credit)      (24,600     )   4,725             (0.7  )%   0.1   %
charge, net
Goodwill and other       —               16,788            —     %    0.4   %
intangibles impairment
Total costs and          3,253,896       3,577,000         88.4  %    84.1  %
expenses
Operating income         427,414         676,337           11.6  %    15.9  %
Interest income          1,913           1,187             —     %    0.1   %
Interest expense         (8,745      )   (11,745     )     (0.2  )%   (0.3  )%
Other, net               2,407           476               0.1   %    —     %
Income from continuing
operations before        422,989         666,255           11.5  %    15.7  %
income taxes
Provision for income     (174,024    )   (283,072    )     (4.7  )%   (6.7  )%
taxes
Income from continuing   248,965         383,183           6.8   %    9.0   %
operations
Income from
discontinued             —               33,823            —     %    0.8   %
operations, net of tax
Net income               248,965         417,006           6.8   %    9.8   %
Net (income) loss
attributable to          (439        )   5,672             —     %    0.1   %
noncontrolling
interests
Net income               $ 248,526       $ 422,678         6.8   %    9.9   %
attributable to Apollo
Earnings per share –
Basic:
Continuing operations    $ 2.20          $ 3.24
attributable to Apollo
Discontinued
operations               —               0.24         
attributable to Apollo
Basic income per share   $ 2.20          $ 3.48       
attributable to Apollo
Earnings per share –
Diluted:
Continuing operations    $ 2.19          $ 3.22
attributable to Apollo
Discontinued
operations               —               0.23         
attributable to Apollo
Diluted income per
share attributable to    $ 2.19          $ 3.45       
Apollo
Basic weighted average   112,712         121,607      
shares outstanding
Diluted weighted
average shares           113,285         122,357      
outstanding
                                                                       

 
Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
                                                                
                                                 Year Ended August 31,
($ in thousands)                                 2013            2012
Operating activities:
Net income                                       $ 248,965       $ 417,006
Adjustments to reconcile net income to net
cash provided by operating activities:
Share-based compensation                         49,462          78,705
Excess tax benefits from share-based             (17         )   (1,150      )
compensation
Depreciation and amortization                    161,733         178,234
Accelerated depreciation and impairments         62,267          —
included in restructuring
Loss on fixed asset write-offs                   8,190           —
Goodwill and other intangibles impairment        —               16,788
Non-cash foreign currency loss (gain), net       220             (497        )
Gain on sale of discontinued operations          —               (26,678     )
Provision for uncollectible accounts             83,798          146,742
receivable
Litigation (credit) charge, net                  (24,600     )   4,725
Deferred income taxes                            (29,517     )   21,850
Changes in assets and liabilities, excluding
the impact of acquisition and business
dispositions:
Restricted cash and cash equivalents             59,160          61,073
Accounts receivable                              (103,369    )   (129,773    )
Prepaid taxes                                    (3,985      )   9,303
Other assets                                     (19,514     )   (11,568     )
Accounts payable                                 (1,775      )   12,525
Student deposits                                 (52,587     )   (58,740     )
Deferred revenue                                 (39,091     )   (39,154     )
Accrued and other liabilities                    78,708          (128,091    )
Net cash provided by operating activities        478,048         551,300      
Investing activities:
Purchases of property and equipment              (119,348    )   (115,187    )
Purchases of marketable securities               (208,878    )   —
Maturities of marketable securities              65,074          —
Acquisition, net of cash acquired                —               (73,736     )
Proceeds from dispositions, net                  —               76,434
Other investing activities                       (1,500      )   (1,694      )
Net cash used in investing activities            (264,652    )   (114,183    )
Financing activities:
Payments on borrowings                           (636,387    )   (562,269    )
Proceeds from borrowings                         610,236         629,145
Purchases of stock for treasury                  (9,537      )   (811,913    )
Issuances of stock                               3,867           11,949
Purchase of noncontrolling interest              (42,500     )   —
Excess tax benefits from share-based             17              1,150        
compensation
Net cash used in financing activities            (74,304     )   (731,938    )
Exchange rate effect on cash and cash            (982        )   (468        )
equivalents
Net increase (decrease) in cash and cash         138,110         (295,289    )
equivalents
Cash and cash equivalents, beginning of year     1,276,375       1,571,664    
Cash and cash equivalents, end of year           $ 1,414,485     $ 1,276,375  
Supplemental disclosure of cash flow and
non-cash information:
Cash paid for income taxes, net of refunds       $ 201,055       $ 246,824
Cash paid for interest                           7,869           9,794
Restricted stock units vested and released       27,054          36,182
Credits received for tenant improvements         6,049           27,009
Capital lease additions                          3,500           44,145
Debt incurred for acquired technology            —               14,389
                                                                              

 
Apollo Group, Inc. and Subsidiaries
Reconciliation of GAAP Financial Information to Non-GAAP Financial Information
(Unaudited)
                                                                  
                   Three Months Ended August 31,     Year Ended August 31,
(In thousands,
except per         2013             2012             2013          2012
share data)
Net income
attributable to    $  21,551        $  75,448        $ 248,526     $ 422,678
Apollo, as
reported
Income from
discontinued
operations, net    —                22,805           —             28,952     
of tax and
noncontrolling
interest
Income from
continuing
operations         21,551           52,643           248,526       393,726
attributable to
Apollo
Reconciling
items:
Restructuring
and other
charges, net of    67,330           8,942            198,625       37,843
noncontrolling
interest
Litigation
(credit)           (1,400     )     —                (24,600   )   4,725
charge, net
Goodwill and
other
intangibles
impairment, net    —                —                —             14,370     
of
noncontrolling
interest^(1)
                   65,930           8,942            174,025       56,938
Less: tax
effects, net of    (24,368    )     (2,986     )     (64,478   )   (14,940   )
noncontrolling
interest
Income from
continuing
operations
attributable to    $  63,113        $  58,599        $ 358,073     $ 435,724  
Apollo,
adjusted to
exclude special
items
                                                                    
Diluted income
per share from
continuing
operations         $  0.19          $  0.46          $ 2.19        $ 3.22     
attributable to
Apollo, as
reported
                                                                    
Diluted income
per share from
continuing
operations
attributable to    $  0.55          $  0.52          $ 3.16        $ 3.56     
Apollo,
adjusted to
exclude special
items
                                                                    
Diluted
weighted           113,740          113,539          113,285       122,357    
average shares
outstanding
                                                                    
^(1) The charges for fiscal year ended August 31, 2012 represents impairments
of UNIACC’s goodwill and other intangibles, net of noncontrolling interest,
with no income tax benefit as UNIACC’s goodwill and other intangibles are not
deductible for tax purposes.
 

Contact:

Apollo Group, Inc.
Investor Relations Contacts:
Beth Coronelli, 312-660-2059
beth.coronelli@apollo.edu
Erin Kelly, 602-557-3830
erin.kelly@apollo.edu
Media Contact:
Media Relations Hotline, 602-254-0086
media@apollo.edu
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