Apollo Group, Inc. Reports Fiscal 2000 Fourth Quarter and Year End Results
Phoenix, Arizona, October 5, 2000 -- Apollo Group, Inc. (Nasdaq:APOL) today reported fiscal year 2000 financial results for the fourth quarter and year ended August 31, 2000.
Total revenues for the fiscal year ended August 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 August 31, 2000 increased by 20.7% to $71.2 million, or $.93 per diluted 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 August 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 August 31, 2000 increased by 19% to 100,900 students compared to 85,100 students at August 31, 1999. Degree enrollments at the University of Phoenix were 80,500 students at August 31, 2000 compared to 66,800 students at August 31, 1999 representing a 21% increase in degree enrollments. The University of Phoenix accounted for 91% of the $540.4 million in net tuition revenues from students enrolled in degree programs for the fiscal year ended August 31, 2000.
Dr. John G. Sperling, Chairman of the Board and CEO, said, “We are extremely pleased with the Company’s continued growth and success. During fiscal year 2000, we opened new campuses in Philadelphia and Pittsburgh, Pennsylvania and Cleveland, Ohio and received approval from our accrediting body, the North Central Association of Colleges and Schools, 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 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 Institutes Corporation, 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. It offers educational programs and services at 54 campuses and 96 learning centers in 35 states, Puerto Rico and Vancouver, British Columbia. Combined degree enrollment was 100,900 students as of August 31, 2000.
For more information about Apollo Group, Inc. and its subsidiaries, call
1-800-990-APOL.
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, 2000 |
Aug.
31, 1999 |
Aug.
31, 2000 |
Aug.
31, 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 | 29,969 | 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 | |
| OPERATING DATA: | Aug.
31, 2000 |
Aug.
31, 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
August
31, |
|
August
31, |
||
| University of Phoenix: Campuses established prior to fiscal 1995 Campuses established in fiscal 1995 and after |
|
|
|
|
| Total University of Phoenix | 80,529 |
|
66,783 |
|
| Institute for Professional
Development Western International University College for Financial Planning |
18,597 |
|
16,553* |
|
| Total Degree Enrollment | 100,871 |
|
85,096 |
|
| College for Financial
Planning (non-degree) Other (non-degree) |
29,244 |
25,799 |
||
| Total Non-Degree Enrollment | 30,411 |
|
27,287 |
|
| Total Enrollments (Degree and Non-Degree) | 131,282 |
112,383 |
* Excludes 1,704 degree enrollments at LeTourneau University.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements.