Laureate Education, Inc. (NASDAQ:LAUR) ("the Company"), the world's leading international provider of higher education, announced increases in student enrollment and financial results for the quarter ended June 30, 2007.
- Second quarter 2007 revenues increased 24% to $375.8 million, compared to $303.1 million in the second quarter of 2006.
- Income from continuing operations available to common shareholders in the second quarter of 2007 was $52.9 million or $0.98 per diluted share, compared to $44.7 million or $0.84 per diluted share in the same period of 2006. Excluding the impact of the accounting for minority share ownership purchase arrangements ("minority put arrangements") of ($0.12) per share and the additional expense of ($0.07) per share related to the transaction contemplated by the merger agreement, EPS would have been $1.17 per diluted share in the second quarter of 2007.
- The Company's campus-based institutions reported second quarter total enrollment increased 17% to 233,100 students.
- Laureate Online Education reported total enrollment increased 27% to 36,900 students, driven by a 24% increase in new student enrollment.
- Laureate Education announced that on May 17, 2007, Universidad del Valle de Mexico ("UVM") acquired Universidad del Desarrollo Profesional ("UNIDEP"), an accredited university with 23 locations in 9 states in Mexico.
- The investor group led by Douglas L. Becker, Laureate's Chairman and CEO, recently announced a successful tender offer that resulted in the tender of approximately 89% of the outstanding shares. On July 25, 2007, the investor group notified the Company of the exercise of its top-up option. This will enable the group to eventually acquire all of the outstanding shares of Laureate's common stock at a price of $62.00 per share through a short-form merger that is expected to be completed in August 2007.
Financial and Other Results
Total revenues for the second quarter of 2007 were $375.8 million, an increase of 24% compared to total revenues of $303.1 million in the second quarter of 2006. Total operating income for the second quarter of 2007 was $66.5 million, versus total operating income of $56.9 million in the second quarter of 2006, an increase of 17%. Income from continuing operations available to common shareholders in the second quarter of 2007 was $52.9 million or $0.98 per diluted share. This includes an EPS impact from minority share ownership purchase arrangements ("minority put arrangements") of ($0.12) per share and additional expense of ($0.07) per share related to the transaction contemplated by the merger agreement.
For the six-month period ended June 30, 2007, total revenues were $659.3 million, an increase of 22% compared to total revenues of $538.2 million in the same period of 2006. Total operating income for the six-month period was $56.7 million, which included $12.8 million of transaction costs, versus operating income of $56.8 million in the same period of 2006. Income from continuing operations available to common shareholders for the six-month period ended June 30, 2007 was $26.5 million or $0.49 per diluted share, a decrease of (37%) over the same period of 2006. This includes an EPS impact from minority share ownership purchase arrangements ("minority put arrangements") of ($0.39) per share and additional expense of ($0.24) per share related to the transaction contemplated by the merger agreement.
Total cash and marketable securities at June 30, 2007 was $138.5 million, while total company debt was $526.3 million.
On June 22, 2007, the Company amended its current credit agreement and received additional U.S. sub-facility commitments in an aggregate amount of $175 million from certain of the existing lenders under the Credit Agreement as well as two additional lenders that joined the Credit Agreement. The total amount available under the Credit Agreement is now $525 million. In connection with the new commitments under the Credit Agreement, the Company shortened the maturity date to December 31, 2009.
Acquisition in Mexico
Laureate Education announced that on May 17, 2007, it acquired Universidad del Desarrollo Profesional, an accredited university with 23 locations in 9 states in Mexico.
The university opened with one location in 2003 in Hermosillo and now serves approximately 6,700 students. UNIDEP is authorized to operate by the Mexican Secretary of Education (SEP) and offers high school, undergraduate and graduate degrees. The mission of UNIDEP is to provide a high-quality degree that is accessible for students coming from a lower socio-economic segment, a segment that is growing and under-served in Mexico. UNIDEP provides a platform for expansion in this segment. UNIDEP offers degrees in Law, IT, Teaching, Graphic Design, Communications, Business and Marketing.
Revenue Growth - Organic and Acquisition | ||||||||||||
| For three months ended June 30th | ||||||||||||
% Growth | ||||||||||||
Revenue | Amount | Constant | ||||||||||
| (In Thousands) | 2007 | 2006 | in USD | Currency | ||||||||
| Mexico/Central America(1) | $ | 83,995 | $ | 67,714 | 24 | % | 20 | % | ||||
| South America(2) | 145,072 | 123,091 | 18 | % | 18 | % | ||||||
| Europe(3) | 67,642 | 57,297 | 18 | % | 12 | % | ||||||
| Online | 73,096 | 55,017 | 33 | % | 33 | % | ||||||
| Subtotal | 369,805 | 303,119 | 22 | % | ||||||||
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| Acquisitions(4) | 5,971 | - | ||||||||||
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| Total | $ | 375,776 | $ | 303,119 | 24 | % | ||||||
(1) Mexico/Central America includes Mexico, Costa Rica, Honduras and Panama.
(2) South America includes Chile, Ecuador, Peru and Brazil.
(3) Europe includes Cyprus, France, Hospitality, and Spain
(4) Acquisitions include: CH Holdings Netherlands B.V. (4Q 2006), Universidad Valle del Bravo Mexico (1Q 2007) and Universidad del Desarrollo Profesional (2Q 2007)
Revenue Growth - Organic and Acquisition | ||||||||||||
| For six months ended June 30th | ||||||||||||
% Growth | ||||||||||||
Revenue | Amount | Constant | ||||||||||
| (In Thousands) | 2007 | 2006 | in USD | Currency | ||||||||
| Mexico/Central America(1) | $ | 175,234 | $ | 146,957 | 19 | % | 19 | % | ||||
| South America(2) | 194,067 | 166,349 | 17 | % | 17 | % | ||||||
| Europe(3) | 139,444 | 117,200 | 19 | % | 13 | % | ||||||
| Online | 142,689 | 107,723 | 32 | % | 32 | % | ||||||
| Subtotal | 651,434 | 538,229 | 21 | % | ||||||||
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| Acquisitions(4) | 7,866 | - | ||||||||||
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| Total | $ | 659,300 | $ | 538,229 | 22 | % | ||||||
(1) Mexico/Central America includes Mexico, Costa Rica, Honduras and Panama.
(2) South America includes Chile, Ecuador, Peru and Brazil.
(3) Europe includes Cyprus, France, Hospitality, and Spain
(4) Acquisitions include: CH Holdings Netherlands B.V. (4Q 2006), Universidad Valle del Bravo Mexico (1Q 2007) and Universidad del Desarrollo Profesional (2Q 2007)
Student Enrollment | |||||||
| As of June 30, 2007 | |||||||
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New Student Enrollment (1) | 2007 | 2006 | % Growth | ||||
Online | 14,700 | 11,900 | 24 | % | |||
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Total Student Enrollment (2) | 2007 | 2006 | % Growth | ||||
| Mexico/Central America | 95,500 | 83,100 | 15 | % | |||
| South America | 106,700 | 97,000 | 10 | % | |||
| Europe | 20,700 | 19,300 | 7 | % | |||
Total Campus Based | 222,900 | 199,400 | 12 | % | |||
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Total Student Enrollment at Acquired Schools(3) | 10,200 | -- | |||||
| Subtotal | 233,100 | 199,400 | 17 | % | |||
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Online | 36,900 | 29,100 | 27 | % | |||
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Total Student Enrollment | 270,000 | 228,500 | 18 | % | |||
(1) New Student Enrollment is YTD, reported as of 6/30/2007 and 6/30/2006, respectively. There are no major enrollment intakes at campus-based institutions during the second quarter.
(2) Total Student Enrollment is census, reported as of 6/30/2007 and 6/30/2006, respectively.
(3) Acquisitions include: UVB (Mexico) and UNIDEP (Mexico).
Student enrollment rounded to the nearest hundred.
Non-GAAP Financial Measures
This earnings release contains certain non-GAAP financial measures. Management believes these non-GAAP items provide useful information to management and investors by excluding certain items that may not be indicative of the Company's core operating and financial results. Non-GAAP financial measures exclude certain non-cash charges including expense related to stock options; and other charges; net gain or loss from the sale of operating assets, certain tax adjustments, and certain nonrecurring charges. Reconciliations of non-GAAP financial measures to corresponding GAAP amounts can be found in the table below and in the investor relations section of the Company's web site, www.laureate-inc.com.
| Reg G Reconciliation - 2007 GAAP to Adjusted Results | ||||||
| (in thousands, except per share) | ||||||
| Three Months | EPS | |||||
| Ended 6/30/07 | Impact | |||||
Income from continuing operations available to Common shareholders | $ | 52,861 | $ | .98 | ||
| Adjustment: | ||||||
| Effect of minority put arrangements | 6,176 | 0.12 | ||||
| Non- Recurring Transaction Costs | 3,546 | 0.07 | ||||
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| Adjusted Income from Continuing Operations | $ | 62,583 | $ | 1.17 | ||
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| Weighted Average Shares Outstanding - Diluted | 53,696 | |||||
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| Six Months | EPS | |||||
| Ended 6/30/07 | Impact | |||||
Income from continuing operations available to Common shareholders | $ | 26,484 | $ | 0.49 | ||
| Adjustment: | ||||||
| Effect of minority put arrangements | 20,937 | 0.39 | ||||
| Non- Recurring Transaction Costs | 12,849 | 0.24 | ||||
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| Adjusted Income from Continuing Operations | $ | 60,270 | $ | 1.13 | ||
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| Weighted Average Shares Outstanding - Diluted | 53,553 | |||||
About Laureate Education, Inc.
Laureate Education, Inc. (NASDAQ:LAUR) is focused on providing a superior university experience to 270,000 students through the leading global network of accredited campus-based and online universities. Addressing the rapidly growing global demand for higher education, Laureate offers a broad range of career-oriented undergraduate and graduate programs through campus-based universities located in Latin America, Europe, and Asia. Through online universities, Laureate offers the growing population of non-traditional, working-adult students the convenience and flexibility of distance learning to pursue undergraduate, master's and doctorate degree programs in major career fields including engineering, education, business, and healthcare. For more information, please visit our website, www.laureate-inc.com.
Forward-Looking Statements
This release includes information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company's actual results could differ materially from those described in the forward-looking statements. Many of the factors that will determine the outcome of the subject matter of this press release are beyond Laureate's ability to control or predict. Laureate undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
Certain additional factors could affect the outcome of the matters described in this press release, including particularly the transaction contemplated by the merger agreement. These factors include, but are not limited to:
- The Company's operations can be materially affected by competition in its target markets and by overall market conditions, among other factors.
- The Company's foreign operations, in particular, are subject to political, economic, legal, regulatory and currency-related risks.
- The tender offer and merger could disrupt current plans and operations, cause difficulties in employee retention and require the Company to expend significant costs, fees, expenses and charges.
Additional information regarding various 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, www.laureate-inc.com, please click on "Investor Relations","SEC Filings").
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| Laureate Education, Inc. & Subsidiaries | |||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||
| (Amounts in thousands, except per share data) | |||||||||||||||
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| Three Months Ended June 30, | |||||||||||||||
| 2007 | Â | 2006 | Â | $ Variance | Â | % Variance | |||||||||
| Revenues | (restated) | ||||||||||||||
| Mexico & Central America (a) | $ | 88,924 | $ | 67,714 | $ | 21,210 | 31 | % | |||||||
| South America (b) | Â | 145,072 | Â | Â | 123,091 | Â | Â | 21,981 | Â | 18 | % | ||||
| Campus Based - Latin America | 233,996 | 190,805 | 43,191 | 23 | % | ||||||||||
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| Mediterranean Region (c) | 37,819 | 32,607 | 5,212 | 16 | % | ||||||||||
| Hospitality | 16,636 | 12,788 | 3,848 | 30 | % | ||||||||||
| France | Â | 14,229 | Â | Â | 11,902 | Â | Â | 2,327 | Â | 20 | % | ||||
| Campus Based - Europe | 68,684 | 57,297 | 11,387 | 20 | % | ||||||||||
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| Campus Based Total | Â | 302,680 | Â | Â | 248,102 | Â | Â | 54,578 | Â | 22 | % | ||||
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| Laureate Online Education | 73,096 | 55,017 | 18,079 | 33 | % | ||||||||||
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| Total revenues | Â | 375,776 | Â | Â | 303,119 | Â | Â | 72,657 | Â | 24 | % | ||||
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| Operating expenses | 295,441 | 234,831 | 60,610 | 26 | % | ||||||||||
| General and administrative expenses | 10,330 | 11,420 | (1,090 | ) | -10 | % | |||||||||
| Transaction Costs | 3,546 | - | 3,546 | N/A | |||||||||||
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| Total operating expenses | Â | 309,317 | Â | Â | 246,251 | Â | Â | 63,066 | Â | 26 | % | ||||
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| Operating income | 66,459 | 56,868 | 9,591 | 17 | % | ||||||||||
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| Non-operating items | |||||||||||||||
| Interest and other income | 4,875 | 4,282 | 593 | 14 | % | ||||||||||
| Interest expense | (7,903 | ) | (3,662 | ) | (4,241 | ) | -116 | % | |||||||
| Gain on sale of Chancery | 809 | 9,322 | (8,513 | ) | -91 | % | |||||||||
| Foreign exchange loss | Â | (290 | ) | Â | (203 | ) | Â | (87 | ) | -43 | % | ||||
| Total non-operating items | Â | (2,509 | ) | Â | 9,739 | Â | Â | (12,248 | ) | N/A | Â | ||||
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Income from continuing operations before minority interest, equity in net income (loss) of affiliates, and income taxes | 63,950 | 66,607 | (2,657 | ) | -4 | % | |||||||||
Minority interest in income of consolidated subsidiaries, net of income tax | (4,363 | ) | (9,645 | ) | 5,282 | 55 | % | ||||||||
| Equity in net (loss) income of affiliates, net of income tax | (161 | ) | (102 | ) | (59 | ) | -58 | % | |||||||
| Income tax expense | Â | (389 | ) | Â | (12,133 | ) | Â | 11,744 | Â | 97 | % | ||||
| Income from continuing operations | 59,037 | 44,727 | 14,310 | 32 | % | ||||||||||
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| Loss from discontinued operations, net of income tax (d) | (8 | ) | (1,504 | ) | 1,496 | 99 | % | ||||||||
Loss on disposal of discontinued operations, net of income tax | Â | (103 | ) | Â | (1,182 | ) | Â | 1,079 | Â | 91 | % | ||||
| Net income | $ | 58,926 | Â | $ | 42,041 | Â | $ | 16,885 | Â | 40 | % | ||||
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| Earnings available to common shareholders: | |||||||||||||||
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| Income from continuing operations | $ | 59,037 | $ | 44,727 | $ | 14,310 | 32 | % | |||||||
| Effect of minority put arrangements | Â | (6,176 | ) | Â | - | Â | Â | (6,176 | ) | N/A | Â | ||||
| Income from continuing operations available to common shareholders | $ | 52,861 | Â | $ | 44,727 | Â | $ | 8,134 | Â | 18 | % | ||||
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| Net income | $ | 58,926 | $ | 42,041 | $ | 16,885 | 40 | % | |||||||
| Effect of minority put arrangements | Â | (6,176 | ) | Â | - | Â | Â | (6,176 | ) | N/A | Â | ||||
| Net income available to common shareholders | $ | 52,750 | Â | $ | 42,041 | Â | $ | 10,709 | Â | 25 | % | ||||
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| Weighted average shares (basic) | 51,814 | 51,429 | |||||||||||||
| Weighted average shares (diluted) | 53,696 | 53,098 | |||||||||||||
| EPS-Net income available to common shareholders (basic) | $ | 1.02 | $ | 0.82 | |||||||||||
| EPS-Net income available to common shareholders (diluted) | $ | 0.98 | $ | 0.79 | |||||||||||
| EPS- Income from continuing operations available to common shareholders (basic) | $ | 1.02 | $ | 0.87 | |||||||||||
| EPS- Income from continuing operations available to common shareholders (diluted) | $ | 0.98 | $ | 0.84 | |||||||||||
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| Segment operating profit (loss): | |||||||||||||||
| Campus Based - Latin America | $ | 66,783 | $ | 58,954 | $ | 7,829 | 13 | % | |||||||
| Campus Based - Europe | 7,346 | 7,096 | 250 | 4 | % | ||||||||||
| Campus Based - Overhead | Â | (6,619 | ) | Â | (5,908 | ) | Â | (711 | ) | -12 | % | ||||
| Campus Based - Total | $ | 67,510 | Â | $ | 60,142 | Â | $ | 7,368 | Â | 12 | % | ||||
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| Laureate Online | $ | 12,825 | Â | $ | 8,146 | Â | $ | 4,679 | Â | 57 | % | ||||
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| a) | Mexico & 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) | The 2007 and 2006 operating results present the WSI and IFG Langues business units as discontinued operations. |
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| Laureate Education, Inc. & Subsidiaries | |||||||||||||||
| Consolidated Statements of Operations | |||||||||||||||
| (Amounts in thousands, except per share data) | |||||||||||||||
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| Six Months Ended June 30, | |||||||||||||||
| 2007 | Â | 2006 | Â | $ Variance | Â | % Variance | |||||||||
| Revenues | (restated) | ||||||||||||||
| Mexico & Central America (a) | $ | 181,146 | $ | 146,957 | $ | 34,189 | 23 | % | |||||||
| South America (b) | Â | 194,067 | Â | Â | 166,349 | Â | Â | 27,718 | Â | 17 | % | ||||
| Campus Based - Latin America | 375,213 | 313,306 | 61,907 | 20 | % | ||||||||||
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| Mediterranean Region (c) | 80,393 | 65,809 | 14,584 | 22 | % | ||||||||||
| Hospitality | 33,922 | 27,683 | 6,239 | 23 | % | ||||||||||
| France | Â | 27,083 | Â | Â | 23,708 | Â | Â | 3,375 | Â | 14 | % | ||||
| Campus Based - Europe | 141,398 | 117,200 | 24,198 | 21 | % | ||||||||||
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| Campus Based Total | Â | 516,611 | Â | Â | 430,506 | Â | Â | 86,105 | Â | 20 | % | ||||
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| Laureate Online Education | 142,689 | 107,723 | 34,966 | 32 | % | ||||||||||
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| Total revenues | Â | 659,300 | Â | Â | 538,229 | Â | Â | 121,071 | Â | 22 | % | ||||
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| Operating expenses | 568,372 | 460,191 | 108,181 | 24 | % | ||||||||||
| General and administrative expenses | 21,366 | 21,271 | 95 | 0 | % | ||||||||||
| Transaction Costs | 12,849 | - | 12,849 | N/A | |||||||||||
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| Total operating expenses | Â | 602,587 | Â | Â | 481,462 | Â | Â | 121,125 | Â | 25 | % | ||||
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| Operating income | 56,713 | 56,767 | (54 | ) | 0 | % | |||||||||
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| Non-operating items | |||||||||||||||
| Interest and other income | 10,970 | 8,004 | 2,966 | 37 | % | ||||||||||
| Interest expense | (15,501 | ) | (7,783 | ) | (7,718 | ) | -99 | % | |||||||
| Gain on sale of Chancery | 809 | 9,322 | (8,513 | ) | -91 | % | |||||||||
| Foreign exchange loss | Â | (622 | ) | Â | (314 | ) | Â | (308 | ) | -98 | % | ||||
| Total non-operating items | Â | (4,344 | ) | Â | 9,229 | Â | Â | (13,573 | ) | N/A | Â | ||||
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Income from continuing operations before minority interest, equity in net income (loss) of affiliates, and income taxes | 52,369 | 65,996 | (13,627 | ) | -21 | % | |||||||||
Minority interest in income of consolidated subsidiaries, net of income tax | (5,855 | ) | (11,963 | ) | 6,108 | 51 | % | ||||||||
| Equity in net (loss) income of affiliates, net of income tax | (350 | ) | (211 | ) | (139 | ) | -66 | % | |||||||
Income tax benefit (expense) | Â | 1,257 | Â | Â | (12,365 | ) | Â | 13,622 | Â | N/A | Â | ||||
| Income from continuing operations | 47,421 | 41,457 | 5,964 | 14 | % | ||||||||||
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| Loss from discontinued operations, net of income tax (d) | (17 | ) | (1,673 | ) | 1,656 | 99 | % | ||||||||
| Gain (Loss) on disposal of discontinued operations, net of income tax | Â | 337 | Â | Â | (921 | ) | Â | 1,258 | Â | N/A | Â | ||||
| Net income | $ | 47,741 | Â | $ | 38,863 | Â | $ | 8,878 | Â | 23 | % | ||||
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| Earnings available to common shareholders: | |||||||||||||||
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| Income from continuing operations | $ | 47,421 | $ | 41,457 | $ | 5,964 | 14 | % | |||||||
| Effect of minority put arrangements | Â | (20,937 | ) | Â | - | Â | Â | (20,937 | ) | N/A | Â | ||||
| Income from continuing operations available to common shareholders | $ | 26,484 | Â | $ | 41,457 | Â | $ | (14,973 | ) | -36 | % | ||||
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| Net income | $ | 47,741 | $ | 38,863 | $ | 8,878 | 23 | % | |||||||
| Effect of minority put arrangements | Â | (20,937 | ) | Â | - | Â | Â | (20,937 | ) | N/A | Â | ||||
| Net income available to common shareholders | $ | 26,804 | Â | $ | 38,863 | Â | $ | (12,059 | ) | -31 | % | ||||
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| Weighted average shares (basic) | 51,714 | 50,940 | |||||||||||||
| Weighted average shares (diluted) | 53,553 | 52,883 | |||||||||||||
| EPS-Net income available to common shareholders (basic) | $ | 0.52 | $ | 0.76 | |||||||||||
| EPS-Net income available to common shareholders (diluted) | $ | 0.50 | $ | 0.73 | |||||||||||
| EPS- Income from continuing operations available to common shareholders (basic) | $ | 0.51 | $ | 0.81 | |||||||||||
| EPS- Income from continuing operations available to common shareholders (diluted) | $ | 0.49 | $ | 0.78 | |||||||||||
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| Segment operating profit (loss): | |||||||||||||||
| Campus Based - Latin America | $ | 61,207 | $ | 56,519 | $ | 4,688 | 8 | % | |||||||
| Campus Based - Europe | 22,229 | 19,628 | 2,601 | 13 | % | ||||||||||
| Campus Based - Overhead | Â | (13,082 | ) | Â | (10,575 | ) | Â | (2,507 | ) | -24 | % | ||||
| Campus Based - Total | $ | 70,354 | Â | $ | 65,572 | Â | $ | 4,782 | Â | 7 | % | ||||
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| Laureate Online | $ | 20,574 | Â | $ | 12,466 | Â | $ | 8,108 | Â | 65 | % | ||||
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| a) | Mexico & 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) | The 2007 and 2006 operating results present the WSI and IFG Langues business units as discontinued operations. |
