Exhibit 99.01
Laureate Education, Inc.
Preferential Change in Revenue Recognition Method
Effect on EPS for 2004-2005
|
| 2004** |
| |||||||||||||
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| Total |
| |||||
Income from Continuing Operations -Historical |
| $ | 2,507 |
| $ | 17,609 |
| $ | 10,613 |
| $ | 32,031 |
| $ | 62,760 |
|
Income from Continuing Operations - Weekly |
| $ | 172 |
| $ | 23,051 |
| $ | 4,754 |
| $ | 33,396 |
| $ | 61,373 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Difference |
| $ | (2,335 | ) | $ | 5,442 |
| $ | (5,859 | ) | $ | 1,365 |
| $ | (1,387 | ) |
|
|
|
|
|
|
|
|
|
|
|
| |||||
Shares Outstanding |
| 47,484 |
| 48,131 |
| 49,124 |
| 51,310 |
| 49,016 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per Share - Historical |
| $ | 0.05 |
| $ | 0.37 |
| $ | 0.22 |
| $ | 0.62 |
| $ | 1.28 |
|
Earnings per Share - Weekly |
| $ | 0.00 |
| $ | 0.48 |
| $ | 0.10 |
| $ | 0.65 |
| $ | 1.25 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Difference |
| (0.05 | ) | 0.11 |
| (0.12 | ) | 0.03 |
| (0.03 | ) | |||||
** 2004 amounts are shown Pro Forma results (as previously disclosed in the Company’s quarterly earnings releases).
|
| 2005 |
| |||||||||||||
|
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| Total |
| |||||
Income from Continuing Operations -Historical |
| $ | 3,984 |
| $ | 22,154 |
| $ | 12,047 |
| $ | 47,561 |
| $ | 85,746 |
|
Income from Continuing Operations - Weekly |
| $ | 1,328 |
| $ | 31,310 |
| $ | 9,067 |
| $ | 44,457 |
| $ | 86,162 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Difference |
| $ | (2,656 | ) | $ | 9,156 |
| $ | (2,980 | ) | $ | (3,104 | ) | $ | 416 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Shares Outstanding |
| 51,819 |
| 51,944 |
| 52,073 |
| 52,267 |
| 52,028 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Earnings per Share - Historical |
| $ | 0.08 |
| $ | 0.43 |
| $ | 0.23 |
| $ | 0.91 |
| $ | 1.65 |
|
Earnings per Share - Weekly |
| $ | 0.03 |
| $ | 0.60 |
| $ | 0.17 |
| $ | 0.85 |
| $ | 1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Difference |
| (0.05 | ) | 0.17 |
| (0.06 | ) | (0.06 | ) | 0.01 |
| |||||
Note: All of 2005 and Q4 2004 include the adjustment for a non-strategic discontinued operation.
Laureate Education, Inc.
Historical Results (including pro forma adjustments)
Consolidated Statements of Continuing Operations
(unaudited)
|
| 1Q04 |
| 2Q04 |
| 3Q04 |
| 4Q04 |
| FY04 |
| |||||
|
| Actual |
| Actual |
| Actual |
| Actual |
| Actual |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Central America (a) |
| $ | 47,938 |
| $ | 37,167 |
| $ | 46,195 |
| $ | 62,171 |
| $ | 193,471 |
|
South America (b) |
| 18,335 |
| 45,974 |
| 47,473 |
| 55,232 |
| 167,014 |
| |||||
Campus Based - Latin America |
| 66,273 |
| 83,141 |
| 93,668 |
| 117,403 |
| 360,485 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mediterranean Region (c) |
| 25,911 |
| 25,764 |
| 2,844 |
| 28,013 |
| 82,532 |
| |||||
Hospitality |
| 12,653 |
| 12,169 |
| 13,196 |
| 13,539 |
| 51,557 |
| |||||
France |
| 2,635 |
| 2,542 |
| 1,244 |
| 10,802 |
| 17,223 |
| |||||
Campus Based - Europe |
| 41,199 |
| 40,475 |
| 17,284 |
| 52,354 |
| 151,312 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Campus Based Total |
| 107,472 |
| 123,616 |
| 110,952 |
| 169,757 |
| 511,797 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Laureate Online Education |
| 24,684 |
| 34,635 |
| 35,158 |
| 40,657 |
| 135,134 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues |
| 132,156 |
| 158,251 |
| 146,110 |
| 210,414 |
| 646,931 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Core operating expenses |
| 122,563 |
| 128,376 |
| 122,063 |
| 155,305 |
| 528,307 |
| |||||
Non-cash stock compensation expense |
| 712 |
| 2,283 |
| 891 |
| 1,832 |
| 5,718 |
| |||||
General and administrative expenses |
| 5,289 |
| 5,431 |
| 5,450 |
| 5,210 |
| 21,380 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total operating expenses |
| 128,564 |
| 136,090 |
| 128,404 |
| 162,347 |
| 555,405 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 3,592 |
| 22,161 |
| 17,706 |
| 48,067 |
| 91,526 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-operating items |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and other income (d) |
| 3,302 |
| 16,043 |
| 1,160 |
| 7,674 |
| 28,179 |
| |||||
Interest expense |
| (1,558 | ) | (1,595 | ) | (2,067 | ) | (2,450 | ) | (7,670 | ) | |||||
Foreign exchange gain (loss) |
| 360 |
| (297 | ) | (509 | ) | (510 | ) | (956 | ) | |||||
Total non-operating items |
| 2,104 |
| 14,151 |
| (1,416 | ) | 4,714 |
| 19,553 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before minority interest, equity in net income (loss) of affliates and income taxes |
| 5,696 |
| 36,312 |
| 16,290 |
| 52,781 |
| 111,079 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Minority interest in (income) loss of consolidated subsidiaries, net of income tax |
| (2,474 | ) | (6,066 | ) | (4,192 | ) | (8,426 | ) | (21,158 | ) | |||||
Equity in net income (loss) of affiliates, net of income tax |
| (8 | ) | — |
| — |
| (315 | ) | (323 | ) | |||||
Income tax (expense) benefit |
| (707 | ) | (6,409 | ) | (2,795 | ) | 3,113 |
| (6,798 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 2,507 |
| $ | 23,837 |
| $ | 9,303 |
| $ | 47,153 |
| $ | 82,800 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average shares (basic) |
| 44,925 |
| 45,344 |
| 46,524 |
| 48,624 |
| 46,356 |
| |||||
Weighted average shares (diluted) |
| 47,484 |
| 48,131 |
| 49,124 |
| 51,310 |
| 49,016 |
| |||||
EPS-Income from continuing operations (basic) |
| $ | 0.06 |
| $ | 0.53 |
| $ | 0.20 |
| $ | 0.97 |
| $ | 1.79 |
|
EPS-Income from continuing operations (diluted) |
| $ | 0.05 |
| $ | 0.50 |
| $ | 0.19 |
| $ | 0.92 |
| $ | 1.69 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reconciliation - Pro-Forma Income from Continuing Operations (e) |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before income taxes |
| $ | 3,214 |
| $ | 30,246 |
| $ | 12,098 |
| $ | 44,040 |
| $ | 89,598 |
|
Impact from early repayment of Educate, Inc. note receivable |
| — |
| (10,380 | ) | 2,183 |
| 2,183 |
| (6,014 | ) | |||||
Gain on UEM Land |
| — |
| — |
| — |
| (5,169 | ) | (5,169 | ) | |||||
Subtotal |
| 3,214 |
| 19,866 |
| 14,281 |
| 41,054 |
| 78,415 |
| |||||
Pro-Forma income tax expense |
| (707 | ) | (2,257 | ) | (3,668 | ) | (9,023 | ) | (15,655 | ) | |||||
Pro-Forma income from continuing operations |
| $ | 2,507 |
| $ | 17,609 |
| $ | 10,613 |
| $ | 32,031 |
| $ | 62,760 |
|
Pro-Forma weighted average shares (diluted) |
| 47,484 |
| 48,131 |
| 49,124 |
| 51,310 |
| 49,016 |
| |||||
EPS - Pro-Forma income from continuing operations (diluted) |
| $ | 0.05 |
| $ | 0.37 |
| $ | 0.22 |
| $ | 0.62 |
| $ | 1.28 |
|
(a) Central America includes Mexico, Costa Rica and Panama.
(b) South America includes Chile, Ecuador and Peru.
(c) The Mediterranean region includes Spain.
(d) Includes acceleration of original issue discount triggered by the early repayment of the K-12 seller note and the gain on the divestment of land at UEM.
(e) The pro forma financial measures used in this current report on Form 8-K release are non-GAAP financial measures. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The Company’s management refers to these non-generally acceptable accounting principles (“GAAP”) financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company’s operational performance and facilitate management’s internal comparisons to the Company’s historical operating results. In addition, the Company has historically reported similar non-GAAP financial measures to investors and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used in this current report on Form 8-K to their most directly comparable GAAP financial meaure as provided with the financial results attached to this current report on Form 8-K.
Laureate Education, Inc.
Historical Results (including pro forma adjustments)
Consolidated Statements of Continuing Operations
(unaudited)
|
| 1Q05 |
| 2Q05 |
| 3Q05 |
| 4Q05 |
| FY05 |
| |||||
|
| Actual |
| Actual |
| Actual |
| Actual |
| Actual |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Central America (a) |
| $ | 63,725 |
| $ | 50,365 |
| $ | 64,280 |
| $ | 85,626 |
| $ | 263,996 |
|
South America (b) |
| 24,290 |
| 68,858 |
| 67,294 |
| 82,822 |
| 243,264 |
| |||||
Campus Based - Latin America |
| 88,015 |
| 119,223 |
| 131,574 |
| 168,448 |
| 507,260 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mediterranean Region (c) |
| 29,115 |
| 27,731 |
| 1,574 |
| 29,063 |
| 87,483 |
| |||||
Hospitality |
| 13,795 |
| 11,560 |
| 14,648 |
| 13,390 |
| 53,393 |
| |||||
France |
| 12,045 |
| 11,877 |
| 5,599 |
| 13,364 |
| 42,885 |
| |||||
Campus Based - Europe |
| 54,955 |
| 51,168 |
| 21,821 |
| 55,817 |
| 183,761 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Campus Based Total |
| 142,970 |
| 170,391 |
| 153,395 |
| 224,265 |
| 691,021 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Laureate Online Education |
| 39,463 |
| 45,578 |
| 45,809 |
| 53,505 |
| 184,355 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues |
| 182,433 |
| 215,969 |
| 199,204 |
| 277,770 |
| 875,376 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Core operating expenses |
| 169,951 |
| 176,259 |
| 169,852 |
| 198,844 |
| 714,906 |
| |||||
Non-cash stock compensation expense |
| 780 |
| 414 |
| 1,335 |
| 2,059 |
| 4,588 |
| |||||
General and administrative expenses |
| 6,214 |
| 5,687 |
| 7,173 |
| 6,386 |
| 25,460 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total operating expenses |
| 176,945 |
| 182,360 |
| 178,360 |
| 207,289 |
| 744,954 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 5,488 |
| 33,609 |
| 20,844 |
| 70,481 |
| 130,422 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-operating items |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and other income |
| 2,416 |
| 3,273 |
| 2,876 |
| 3,224 |
| 11,789 |
| |||||
Interest expense |
| (2,373 | ) | (2,703 | ) | (2,611 | ) | (2,753 | ) | (10,440 | ) | |||||
Foreign exchange gain (loss) |
| 249 |
| (936 | ) | (90 | ) | (726 | ) | (1,503 | ) | |||||
Total non-operating items |
| 292 |
| (366 | ) | 175 |
| (255 | ) | (154 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before minority interest, equity in net income (loss) of affliates and income taxes |
| 5,780 |
| 33,243 |
| 21,019 |
| 70,226 |
| 130,268 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Minority interest in (income) loss of consolidated subsidiaries, net of income tax |
| (1,015 | ) | (6,237 | ) | (5,829 | ) | (11,239 | ) | (24,320 | ) | |||||
Equity in net income (loss) of affiliates, net of income tax |
| (90 | ) | (114 | ) | (166 | ) | (165 | ) | (535 | ) | |||||
Income tax expense |
| (691 | ) | (4,738 | ) | (2,977 | ) | (11,261 | ) | (19,667 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 3,984 |
| $ | 22,154 |
| $ | 12,047 |
| $ | 47,561 |
| $ | 85,746 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average shares (basic) |
| 49,237 |
| 49,566 |
| 49,801 |
| 49,881 |
| 49,625 |
| |||||
Weighted average shares (diluted) |
| 51,814 |
| 51,944 |
| 52,073 |
| 52,267 |
| 52,028 |
| |||||
EPS-Income from continuing operations (basic) |
| $ | 0.08 |
| $ | 0.45 |
| $ | 0.24 |
| $ | 0.95 |
| $ | 1.73 |
|
EPS-Income from continuing operations (diluted) |
| $ | 0.08 |
| $ | 0.43 |
| $ | 0.23 |
| $ | 0.91 |
| $ | 1.65 |
|
(a) Central America includes Mexico, Costa Rica, Panama and Honduras.
(b) South America includes Chile, Brazil, Ecuador and Peru.
(c) The Mediterranean region includes Spain and Cyprus.
Laureate Education, Inc.
Re-presented Historical Results (including pro forma adjustments)
Consolidated Statements of Continuing Operations
Reflects new revenue recognition method adoption for prior periods presented
(unaudited)
|
| 1Q04 |
| 2Q04 |
| 3Q04 |
| 4Q04 |
| FY04 |
| |||||
|
| Actual |
| Actual |
| Actual |
| Actual |
| Actual |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Central America (a) |
| $ | 46,668 |
| $ | 39,123 |
| $ | 43,116 |
| $ | 63,825 |
| $ | 192,732 |
|
South America (b) |
| 16,987 |
| 53,517 |
| 43,066 |
| 53,190 |
| 166,760 |
| |||||
Campus Based - Latin America |
| 63,655 |
| 92,640 |
| 86,182 |
| 117,015 |
| 359,492 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mediterranean Region (c) |
| 25,480 |
| 25,213 |
| 2,849 |
| 27,703 |
| 81,245 |
| |||||
Hospitality |
| 13,446 |
| 11,387 |
| 12,874 |
| 13,869 |
| 51,576 |
| |||||
France |
| 2,973 |
| 2,212 |
| 973 |
| 11,218 |
| 17,376 |
| |||||
Campus Based - Europe |
| 41,899 |
| 38,812 |
| 16,696 |
| 52,790 |
| 150,197 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Campus Based Total |
| 105,554 |
| 131,452 |
| 102,878 |
| 169,805 |
| 509,689 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Laureate Online Education |
| 24,684 |
| 34,635 |
| 35,158 |
| 40,655 |
| 135,132 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues |
| 130,238 |
| 166,087 |
| 138,036 |
| 210,460 |
| 644,821 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Core operating expenses |
| 123,257 |
| 129,071 |
| 122,778 |
| 156,024 |
| 531,130 |
| |||||
Non-cash stock compensation expense (d) |
| — |
| — |
| — |
| — |
| — |
| |||||
General and administrative expenses |
| 5,304 |
| 7,018 |
| 5,626 |
| 6,326 |
| 24,274 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total operating expenses |
| 128,561 |
| 136,089 |
| 128,404 |
| 162,350 |
| 555,404 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 1,677 |
| 29,998 |
| 9,632 |
| 48,110 |
| 89,417 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-operating items |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and other income (e) |
| 3,302 |
| 16,043 |
| 1,160 |
| 7,674 |
| 28,179 |
| |||||
Interest expense |
| (1,558 | ) | (1,595 | ) | (2,067 | ) | (2,450 | ) | (7,670 | ) | |||||
Foreign exchange gain (loss) |
| 359 |
| (297 | ) | (509 | ) | (510 | ) | (957 | ) | |||||
Total non-operating items |
| 2,103 |
| 14,151 |
| (1,416 | ) | 4,714 |
| 19,552 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before minority interest, equity in net income (loss) of affliates and income taxes |
| 3,780 |
| 44,149 |
| 8,216 |
| 52,824 |
| 108,969 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Minority interest in (income) loss of consolidated subsidiaries, net of income tax |
| (2,071 | ) | (7,402 | ) | (2,756 | ) | (8,247 | ) | (20,476 | ) | |||||
Equity in net income (loss) of affiliates, net of income tax |
| (8 | ) | — |
| — |
| (315 | ) | (323 | ) | |||||
Income tax (expense) benefit |
| (594 | ) | (6,931 | ) | (1,290 | ) | 2,017 |
| (6,798 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 1,107 |
| $ | 29,816 |
| $ | 4,170 |
| $ | 46,279 |
| $ | 81,372 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average shares (basic) |
| 44,925 |
| 45,344 |
| 46,524 |
| 48,624 |
| 46,356 |
| |||||
Weighted average shares (diluted) |
| 47,484 |
| 48,131 |
| 49,124 |
| 51,310 |
| 49,016 |
| |||||
EPS-Income from continuing operations (basic) |
| $ | 0.02 |
| $ | 0.66 |
| $ | 0.09 |
| $ | 0.95 |
| $ | 1.76 |
|
EPS-Income from continuing operations (diluted) |
| $ | 0.02 |
| $ | 0.62 |
| $ | 0.08 |
| $ | 0.90 |
| $ | 1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reconciliation - Pro-Forma Income from Continuing Operations (f) |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before income taxes |
| $ | 1,701 |
| $ | 36,747 |
| $ | 5,460 |
| $ | 44,262 |
| $ | 88,170 |
|
Impact from early repayment of Educate, Inc. note receivable |
| — |
| (10,380 | ) | 2,183 |
| 2,183 |
| (6,014 | ) | |||||
Gain on UEM Land |
| — |
| — |
| — |
| (5,169 | ) | (5,169 | ) | |||||
Subtotal |
| 1,701 |
| 26,367 |
| 7,643 |
| 41,276 |
| 76,987 |
| |||||
Pro-Forma income tax expense |
| (361 | ) | (6,918 | ) | (1,630 | ) | (6,414 | ) | (15,323 | ) | |||||
Pro-Forma income from continuing operations |
| $ | 1,340 |
| $ | 19,449 |
| $ | 6,013 |
| $ | 34,862 |
| $ | 61,664 |
|
Pro-Forma weighted average shares (diluted) |
| 47,484 |
| 48,131 |
| 49,124 |
| 51,310 |
| 49,016 |
| |||||
EPS - Pro-Forma income from continuing operations (diluted) |
| $ | 0.03 |
| $ | 0.40 |
| $ | 0.12 |
| $ | 0.68 |
| $ | 1.26 |
|
(a) Central America includes Mexico, Costa Rica and Panama.
(b) South America includes Chile, Ecuador and Peru.
(c) The Mediterranean region includes Spain.
(d) This expense has been reclassed into the appropriate operating segments. This presentation will be required under FAS 123R, effective January 1, 2006. This reclassification is provided for comparability purposes.
(e) Includes acceleration of original issue discount triggered by the early repayment of the K-12 seller note and the gain on the divestment of land at UEM.
(f) The pro forma financial measures used in this current report on Form 8-K release are non-GAAP financial measures. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The Company’s management refers to these non-generally acceptable accounting principles (“GAAP”) financial measures in making operating decisions because they provide meaningful supplemental information regarding the Company’s operational performance and facilitate management’s internal comparisons to the Company’s historical operating results. In addition, the Company has historically reported similar non-GAAP financial measures to investors and believes that the inclusion of comparative numbers provides consistency in its financial reporting. Investors are encouraged to review the reconciliation of the non-GAAP financial measures used in this current report on Form 8-K to their most directly comparable GAAP financial meaure as provided with the financial results attached to this current report on Form 8-K.
Laureate Education, Inc.
Re-presented Historical Results (including pro forma adjustments)
Consolidated Statements of Continuing Operations
Reflects new revenue recognition method adoption for prior periods presented
(unaudited)
|
| 1Q05 |
| 2Q05 |
| 3Q05 |
| 4Q05 |
| FY05 |
| |||||
|
| Actual |
| Actual |
| Actual |
| Actual |
| Actual |
| |||||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||||
Central America (a) |
| $ | 62,930 |
| $ | 52,623 |
| $ | 59,997 |
| $ | 87,893 |
| $ | 263,443 |
|
South America (b) |
| 20,042 |
| 78,528 |
| 65,422 |
| 79,148 |
| 243,140 |
| |||||
Campus Based - Latin America |
| 82,972 |
| 131,151 |
| 125,419 |
| 167,041 |
| 506,583 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mediterranean Region (c) |
| 29,140 |
| 27,924 |
| 3,086 |
| 28,564 |
| 88,714 |
| |||||
Hospitality |
| 14,601 |
| 10,770 |
| 14,178 |
| 13,854 |
| 53,403 |
| |||||
France |
| 12,502 |
| 11,547 |
| 5,308 |
| 13,414 |
| 42,771 |
| |||||
Campus Based - Europe |
| 56,243 |
| 50,241 |
| 22,572 |
| 55,832 |
| 184,888 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Campus Based Total |
| 139,215 |
| 181,392 |
| 147,991 |
| 222,873 |
| 691,471 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Laureate Online Education |
| 39,462 |
| 45,577 |
| 45,809 |
| 53,505 |
| 184,353 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total revenues |
| 178,677 |
| 226,969 |
| 193,800 |
| 276,378 |
| 875,824 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Core operating expenses |
| 170,247 |
| 176,559 |
| 170,214 |
| 198,938 |
| 715,958 |
| |||||
Non-cash stock compensation expense (d) |
| — |
| — |
| — |
| — |
| — |
| |||||
General and administrative expenses |
| 6,696 |
| 5,800 |
| 8,145 |
| 8,355 |
| 28,996 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total operating expenses |
| 176,943 |
| 182,359 |
| 178,359 |
| 207,293 |
| 744,954 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Operating Income |
| 1,734 |
| 44,610 |
| 15,441 |
| 69,085 |
| 130,870 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-operating items |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and other income (e) |
| 2,416 |
| 3,273 |
| 2,876 |
| 3,224 |
| 11,789 |
| |||||
Interest expense |
| (2,373 | ) | (2,703 | ) | (2,611 | ) | (2,753 | ) | (10,440 | ) | |||||
Foreign exchange gain (loss) |
| 249 |
| (936 | ) | (90 | ) | (726 | ) | (1,503 | ) | |||||
Total non-operating items |
| 292 |
| (366 | ) | 175 |
| (255 | ) | (154 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations before minority interest, equity in net income (loss) of affliates and income taxes |
| 2,026 |
| 44,244 |
| 15,616 |
| 68,830 |
| 130,716 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Minority interest in (income) loss of consolidated subsidiaries, net of income tax |
| (381 | ) | (7,865 | ) | (4,634 | ) | (11,274 | ) | (24,154 | ) | |||||
Equity in net income (loss) of affiliates, net of income tax |
| (90 | ) | (114 | ) | (166 | ) | (165 | ) | (535 | ) | |||||
Income tax expense |
| (227 | ) | (4,955 | ) | (1,749 | ) | (12,736 | ) | (19,667 | ) | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 1,328 |
| $ | 31,310 |
| $ | 9,067 |
| $ | 44,655 |
| $ | 86,360 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted average shares (basic) |
| 49,237 |
| 49,566 |
| 49,801 |
| 49,881 |
| 49,625 |
| |||||
Weighted average shares (diluted) |
| 51,814 |
| 51,944 |
| 52,073 |
| 52,267 |
| 52,028 |
| |||||
EPS-Income from continuing operations (basic) |
| $ | 0.03 |
| $ | 0.63 |
| $ | 0.18 |
| $ | 0.90 |
| $ | 1.74 |
|
EPS-Income from continuing operations (diluted) |
| $ | 0.03 |
| $ | 0.60 |
| $ | 0.17 |
| $ | 0.85 |
| $ | 1.66 |
|
(a) Central America includes Mexico, Costa Rica, Panama and Honduras.
(b) South America includes Chile, Brazil, Ecuador and Peru.
(c) The Mediterranean region includes Spain and Cyprus.
(d) This expense has been reclassed into the appropriate operating segments. This presentation will be required under FAS 123R, effective January 1, 2006. This reclassification is provided for comparability purposes.