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Apollo Education Group Inc Class A APOL
Q3 2010 Earnings Call Transcript

Transcript Call Date 06/30/2010

Operator: Good afternoon, ladies and gentlemen and welcome to the Apollo Group Incorporated fiscal 2010 Third Quarter Earnings Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Please refrain from entering into the queue until those instructions are given. (Operator Instructions).

This conference call is being recorded today, June 30, 2010, and may not be reproduced in whole or in part without permission from the Company. There will be a replay of this call available through July 14, beginning approximately two hours after we conclude today. Additionally, this call will be broadcast over the Internet and can be accessed via the Company's website.

I would now like to turn the call over to Allyson Pooley, Vice President Investor Relations of Apollo Group. Ms. Pooley, go ahead, please.

Allyson Pooley - VP, IR: Good afternoon everyone and thank you for joining us to discuss our third quarter results. Participating with me on the call today are Chas Edelstein, Co-Chief Executive Officer, Greg Cappelli, Co-chief Executive Officer of Chairman of Apollo Global, and Brian Swartz, our Senior Vice President and Chief Financial Officer. Joe D'Amico, President and Chief Operating Officer, is also here and will be available during the Q & A portion of the call.

Before we begin, I'd like to remind you that as we discuss our results, unless noted otherwise, we will be comparing the third quarter of fiscal 2010, which ended May 31, 2010, to the third quarter of fiscal 2009. I'd also like to remind you that this conference call may contain forward-looking statements with respect to future performance, financial conditions, regulatory compliance and other matters regarding the business of Apollo Group that involve risks and uncertainties.

Various factors could cause actual results of the Company to be materially different from any future results expressed or implied by such forward-looking statements. These factors are discussed in Item 1A and elsewhere in the Company's most recent 10-K and subsequent 10-Q reports filed with the SEC and available on our website at, www.apolloggrp.edu. The Company disclaims any obligation to update any forward-looking statements made during the call.

Additionally, during the call, we may refer to non-GAAP financial measures, which are intended to supplement, but not substitute for the most directly comparable GAAP measures. A reconciliation of the GAAP to non-GAAP measures is included in our press release, which is also available on our website.

On today's call, Greg will provide you with an overview of the business and review our long-term strategy and update you on some of the initiatives that we are pursuing to meet these objectives. Brian will then review our financial results and provide you with our outlook for the fourth quarter and 2011, and Chas will conclude by highlighting some recent developments, including events in Washington.

I'll now turn the call over to Greg.

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