A summary of Kaplan’s operating results by division, including and excluding restructuring costs, for 2012 and the fourth quarter of 2012 compared to 2011, is as follows:

       
Three Months Ended Twelve Months Ended
December 31, December 31,
(in thousands)   2012   2011   % Change   2012   2011   % Change
Revenue    
Higher education $ 276,459 $ 323,532 (15 ) $ 1,149,407 $ 1,399,583 (18 )
Test preparation 60,485 66,901 (10 ) 284,252 303,093 (6 )
Kaplan international 208,285 190,821 9 764,184 704,581 8
Kaplan corporate 1,487 1,110 34 4,645 4,585 1
Intersegment elimination   (2,287 )     (1,601 )   (5,992 )     (7,383 )
$ 544,429     $ 580,763   (6 ) $ 2,196,496     $ 2,404,459   (9 )
Operating Income (Loss)
Restructuring Costs Included in Divisions
Higher education $ 10,916 $ 28,025 (61 ) $ 27,245 $ 148,915 (82 )
Test preparation (6,732 ) 520 (10,799 ) (28,498 ) 62
Kaplan international 15,733 22,771 (31 ) 49,069 41,506 18
Kaplan corporate (14,474 ) (16,202 ) 11 (42,617 ) (45,100 ) 6
Amortization of intangible assets (6,191 ) (4,394 ) (41 ) (17,719 ) (19,417 ) 9
Impairment of goodwill and other long-lived assets (111,593 ) (111,593 )
Intersegment elimination   467       173     1,046       (1,120 )
$ (111,874 )   $ 30,893   $ (105,368 )   $ 96,286  
Operating Income (Loss)
Restructuring Costs Excluded from Divisions
Higher education* $ 27,860 $ 34,137 (18 ) $ 50,640 $ 162,116 (69 )
Test preparation* (6,732 ) 1,009 (10,799 ) (15,959 ) 32
Kaplan international* 30,615 23,806 29 65,511 42,541 54
Kaplan corporate* (12,989 )     (14,507 ) 10 (39,807 )     (42,930 ) 7
38,754 44,445 (13 ) 65,545 145,768 (55 )
Restructuring costs* (35,906 ) (9,331 ) (45,242 ) (28,945 ) (56 )
Amortization of intangible assets* (3,596 ) (4,394 ) 18 (15,124 ) (19,417 ) 22
Impairment of goodwill and other long-lived assets (111,593 ) (111,593 )
Intersegment elimination   467       173     1,046       (1,120 )
$ (111,874 )   $ 30,893   $ (105,368 )   $ 96,286  
 
*Non-GAAP Measure
 

Kaplan sold Kidum in August 2012, EduNeering in April 2012 and Kaplan Learning Technologies in February 2012. Consequently, the education division’s operating results exclude these businesses.

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