As we move through our discussion today, I'll review our fiscal year progress, enrollment trends, growth plan and regulatory issues. Bob will then review the fourth quarter operational and financial metrics in more detail and provide guidance for the first quarter of fiscal 2012.

I want to spend a few minutes now discussing some of our fiscal 2012 achievements starting with student outcomes. We continue to dedicate substantial resources over 700 employees and $50 million in fiscal 2012 alone to assist our graduates in finding employment. For students who graduated in calendar 2011, 68.1% or more than 33,000 graduates found employment in their field of study. This is up slightly from 67.6% the previous year and the current run rate for calendar 2012 grads is higher than in 2011.

To help our graduates find employment, in fiscal 2012 we signed 16 partnerships and 15 externship agreements with regional and national employers. In total, we signed 70 such agreement with large employers over the past few years. In addition, at the campus level, we have relationships with thousands of small to mid-sized employers.

Strong student completion remains an area of focus and in fiscal 2012, we kept completion essentially flat with the prior year. We also continued to monitor student achievement in our campus and take action as necessary to ensure that our standards are met. During the year, we completed the teach-out and closure of one campus and began to teach-out at two others which did not meet outcome standards. In addition, we closed seven programs which did not meet placement standards.

Every year, we conduct a survey of employee satisfaction and this year 86% of our workforce responded to the survey. Given a difficult year of cost cuts and layoffs we're pleased that overall employee satisfaction moved up slightly compared with the previous year. Employee turnover continued to improve as well, dropping from 29.5% in fiscal 2011 to 25.7% in fiscal 2012. In addition, Corinthian was recognized as a national top workplace in a survey of over 500,000 employees in companies across the US. The survey was jointly sponsored by 30 major newspapers.

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