ITT Educational Services, Inc. ( ESI)

F3Q11 Earnings Call

October 20, 2011 11:00 am ET


Kevin M. Modany – Chairman of the Board & Chief Executive Officer

Daniel M. Fitzpatrick – Chief Financial Officer & Executive Vice President


Trace A. Urdan – Signal Hill Capital Group

Gary Bisbee – Barclays Capital

Bob Craig – Stifel Nicolaus

Corey Greendale – First Analysis

Jeff [Volstein] – JP Morgan

Amy Junker – Robert W. Baird & Co., Inc.

Paul Ginocchio – Deutsche Bank

Sara Gubins – Bank of America Securities – Merrill Lynch

Brandon Dobell – William Blair & Company

George Tong – Piper Jaffray

Scott Schneeberger – Oppenheimer & Co.

James Samford – Citi Investment Research & Analysis

Kelly Flynn – Credit Suisse

Suzanne Stein – Morgan Stanley

Michael Tarkan – FBR Capital Markets & Co.



Welcome to the ITT Educational Services 2011 third quarter earnings call. At this time all participants are in a listen only mode. (Operator Instructions). As a reminder, this conference is being recorded. Joining us today from the management of ITT Educational Services we have Kevin Modany, Chief Executive Officer and Chairman and Dan Fitzpatrick, Executive Vice President and Chief Financial Officer.

Before we begin ITT Educational Services, Inc. wishes to remind you that this conference call may include forward-looking information. Actual results may differ from the information presented during this call. For additional information, please review the section on forward-looking information contained in today’s new release or in the company’s filings with the Securities & Exchange Commission. Thank you. Mr. Modany you may begin sir.

Kevin M. Modany

Thank you for joining us on our 2011 third quarter conference call to review our results. As usually, Dan Fitzpatrick our executive vice president and chief financial officer will join me on the call this morning. We’ll hear from Dan in a few moments. I’d like to briefly review our agenda for our prepared comments this morning. We will start by providing a review of the third quarter marketing and advertising activity. We’ll then offer additional color on our new student enrollment results in the 2011 third quarter. Next, we’ll discuss student retention and persistence during the quarter. We’ll then update our student outcome metrics including the graduate employment and average annual salary of our 2011 graduates. I will then close out my section of the prepared comments with an update on the execution of our strategic plan.

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