Kevin M. Modany

Thank you, operator. Good morning, ladies and gentlemen, and thank you for joining us on our conference call to review our 2012 second quarter results. As usual, Dan Fitzpatrick, our Executive Vice President and Chief Financial Officer, is on the call with me this morning. For our prepared remarks today, we'll follow our standard format and limit our comments so as to allow more time for your questions during the Q&A session.

We'll begin the call with a brief review of our marketing and advertising efforts in the quarter. We'll then provide some additional color on the new student enrollment results for the academic period that began in June 2012. Additionally, we'll speak to the leading indicators related to new student enrollment for the academic period that will begin in September 2012. Next, we'll provide an overview of student retention and the number of graduates in the second quarter of 2012 compared to the same period in the prior year, as well as the resulting impact on our student persistence rate in the quarter. At that point, we'll provide the graduate employment metrics for our 2011 graduates compared to the same metrics for our 2010 graduates. We'll also provide an update on the year-to-date graduate employment metrics of our 2012 graduates in comparison to the 2011 graduate metrics at the same point in the prior year. I will then provide an update on our progress related to various elements of our strategic plan. And lastly, before I turn it over to Dan, I'll provide a few comments regarding our efforts to facilitate additional private education loan options for our students. Dan will then conclude the prepared comments portion of our call by providing additional color on the financial results reported in this morning's press release. At that point, we'll open up the call for your questions.

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