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Laureate Education, Inc. (NASDAQ:LAUR), the world's leading international provider of higher education, announced record financial results for the quarter ended June 30, 2006. -- Second quarter 2006 revenues increased 34% to $303.1 million, compared to $227.0 million in the second quarter of 2005. -- Laureate Education reported income from continuing operations of $40.7 million or $0.77 per diluted share, an increase of 28% over second quarter 2005. Excluding the ($0.02) impact of stock option expense and the $0.04 net impact of the continued liquidation of Sylvan Ventures, income from continuing operations would have been $39.6 million or $0.75 per diluted share, an increase of 25% over the second quarter of 2005. -- The Company's campus-based institutions reported second quarter total student enrollment increased 34% to 199,377 students. -- Laureate Online Education reported a 23% increase in new student enrollment and a 27% increase in total student enrollment to 29,134 students. -- The Company believes that it will achieve earnings of between $0.19 and $0.21 per diluted share for the quarter ending September 30, 2006, excluding estimated stock option expense of ($0.02) to ($0.03) per diluted share. -- Laureate Education reiterates its full-year 2006 earnings outlook of between $2.05 and $2.15 per diluted share, an increase of 23% or more over full-year 2005. This excludes estimated stock option expense of ($0.10) to ($0.12) per diluted share. -- The Company introduces a full-year 2007 earnings outlook of between $2.59 and $2.67 per diluted share, an increase of 20% or more over full-year 2006. This excludes estimated stock option expense of ($0.12) to ($0.14) per diluted share. Full-year 2007 Earnings Outlook including SFAS123R expense is $2.45 to $2.55 per diluted share. Douglas Becker, Chairman and Chief Executive Officer of Laureate Education stated, "The strong financial results for the first six months of this year give us confidence that we are on track to achieve our stated goals for 2006. As indicated by our 2007 earnings outlook, we remain confident in our five year plan that calls for 25% average annual growth in earnings between 2006 and 2010." "We will continue to invest in our future while delivering strong enrollment and earnings growth. Investments associated with increasing management capacity, opening new campuses, developing new products, and entering new countries are designed to extend Laureate's leadership position and growth rates even beyond the current five year plan," added Mr. Becker. Laureate Education operates 24 institutions of higher education in 15 countries, offering academic programs to 228,511 students through 53 campuses and online. Financial Results All financial information for the prior year 2005 has been restated to reflect a preferential change in accounting for tuition revenue. Total revenues for the second quarter of 2006 were $303.1 million, an increase of 34% compared to total revenues of $227.0 million in the second quarter of 2005. Total operating income for the second quarter 2006 increased to $57.0 million, versus operating income of $44.6 million in the second quarter of 2005. The Company reported income from continuing operations of $40.7 million or $0.77 per diluted share. Excluding the ($0.02) impact of stock option expense and the $0.04 net impact of the continued liquidation of Sylvan Ventures, income from continuing operations would have been $39.6 million or $0.75 per diluted share. (For details see Reg G Reconciliation in the investor relations section of www.laureate-inc.com) In the second quarter of 2006, the Company recorded a non-operating gain of $9.3 million from the sale of Chancery Software Ltd., a former Sylvan Ventures investment. Additionally, the Company generated a net tax expense of $7.0 million related to this gain and the continued liquidation of Sylvan Ventures. For the six-month period ended June 30, 2006, total revenues were $538.2 million, an increase of 33% compared to total revenues of $405.6 million in the same period of 2005. Total operating income for the six-month period increased to $57.0 million, versus operating income of $46.3 million in the same period of 2005. Income from continuing operations for the six-month period ended June 30, 2006 was $39.9 million or $0.75 per diluted share, an increase of 22% over the same period of 2005.
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