The Company reported income from continuing operations attributable to Apollo Group for the three months ended August 31, 2012, of $52.6 million, or $0.46 per share (113.5 million weighted average diluted shares outstanding), compared to income from continuing operations attributable to Apollo Group of $189.7 million, or $1.38 per share (137.3 million weighted average diluted shares outstanding), for the three months ended August 31, 2011.

Results for the fourth quarter of fiscal year 2012 include restructuring and other charges of $9.4 million ($6.0 million net of tax and the portion attributable to noncontrolling interests) associated with a series of restructuring activities to reengineer business processes and refine the Company’s delivery structure. Results for the fourth quarter of fiscal year 2011 also contained special items, which are detailed in the reconciliation of GAAP financial information to non-GAAP financial information tables of this press release.

Excluding the special items noted above, income from continuing operations attributable to Apollo Group for the three months ended August 31, 2012, was $58.6 million, or $0.52 per share, compared to income from continuing operations attributable to Apollo Group of $140.7 million, or $1.02 per share, for the three months ended August 31, 2011. (See the reconciliation of GAAP financial information to non-GAAP financial information in the tables section of this press release.)

During the fourth quarter of fiscal year 2012, the Company completed the disposition of BPP Holdings Limited’s (“BPP”) subsidiary Mander Portman Woodward (“MPW”), a UK secondary education institution, for £54.8 million (equivalent to $85.3 million as of the date of sale). The Company recognized a gain on sale of $26.7 million, net of transaction costs, and has reported MPW’s operating results as discontinued operations in the Company’s Consolidated Statements of Income for all periods presented.

Operating Expenses

Instructional and student advisory increased $20.4 million, or 4.7%, to $455.6 million in the fourth quarter of fiscal year 2012 compared to the fourth quarter of fiscal year 2011. The expense increase was primarily related to the Company’s initiatives to more effectively support students and enhance their educational experience and outcomes, including investments in adaptive learning, curriculum development, the new learning and service platforms, and initiatives to connect education to careers. This was partially offset by a decrease in costs that are more variable in nature such as faculty and certain student advisory functions.

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