14.08.2010 19:48:00
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Strayer Education, Inc. Schedules Conference Call to Discuss Recent Data Released by the Department of Education
Strayer Education, Inc. (NASDAQ: STRA) today announced that it will host a conference call at 7:30 a.m. (ET) on Monday, August 16, 2010 to discuss the data released by the Department of Education on August 13, 2010 in connection with the Department’s gainful employment Notice of Proposed Rulemaking. The Company will post to its website (www.strayereducation.com) at 7:00 a.m. on the same day additional information regarding its own internal analysis of the Notice of Proposed Rulemaking, specifically regarding its loan repayment rate.
The Company filed a Form 8-K with the SEC last night, reporting on the following communication the Company sent to the Department of Education:
"Strayer Education, Inc. and Strayer University have reviewed the data released by the Department of Education on August 13, 2010 in connection with the Department's gainful employment Notice of Proposed Rulemaking. The data and analysis released related to Strayer University are significantly at odds with Strayer University's own internal analysis, which we conducted in light of the guidance issued by the Department. This discrepancy has significant operational, financial, and public policy implications, and we would like to address it immediately. Unfortunately, there is no opportunity for us to de-conflict the data or the conclusions without more information regarding the data and methodology used by the Department in its calculation. Contrary to the process the Department normally employs when releasing institution-specific data, today's data release was conducted without any consultation with or input from Strayer University. We respectfully request an immediate meeting or contact person so that we can proceed in our efforts to de-conflict this data. Given the urgency of this matter we would like to resolve it over the weekend, and will make ourselves available accordingly.”
The Company met telephonically with the Department today and will discuss the outstanding issues in the conference call on Monday.
To participate in the live call, investors should dial 877-718-5108 10 minutes prior to the start time. In addition, the call will be available via live Webcast over the Internet. To access the live Webcast of the conference call, please go to www.strayereducation.com 15 minutes prior to the start of the call to register. An archived replay of the conference call will be available at (888) 203-1112 (pass code 1104046) starting at 11:00 a.m. (ET) on August 16 and it will be available through Monday, August 30 and archived at www.strayereducation.com for 90 days.
Strayer Education, Inc. (NASDAQ: STRA) is an education services holding company that owns Strayer University and certain other assets. Strayer’s mission is to make higher education achievable and convenient for working adults in today’s economy. Strayer University is a proprietary institution of higher learning that offers undergraduate and graduate degree programs in business administration, accounting, information technology, education, health services administration, public administration, and criminal justice to approximately 56,000 working adult students at 84 campuses in 19 states and Washington, D.C. and worldwide via the Internet. Strayer University is committed to providing an education that prepares working adult students for advancement in their careers and professional lives. Founded in 1892, Strayer University is accredited by the Middle States Commission on Higher Education.
For more information on Strayer Education, Inc. visit www.strayereducation.com and for Strayer University visit www.strayer.edu.
This press release contains statements that are forward looking and are made pursuant to the "safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995 ("Reform Act”). The statements are based on the Company’s current expectations and are subject to a number of uncertainties and risks. In connection with the safe harbor provisions of the Reform Act, the Company has identified important factors that could cause the Company’s actual results to differ materially. The uncertainties and risks include the pace of growth of student enrollment, our continued compliance with Title IV of the Higher Education Act, and the regulations thereunder, as well as regional accreditation standards and state regulatory requirements, competitive factors, risks associated with the opening of new campuses, risks associated with the offering of new educational programs and adapting to other changes, risks associated with the acquisition of existing educational institutions, risks relating to the timing of regulatory approvals, our ability to implement our growth strategy, risks associated with the ability of our students to finance their education in a timely manner, and general economic and market conditions. Further information about these and other relevant risks and uncertainties may be found in the Company’s annual report on Form 10-K and its other filings with the Securities and Exchange Commission, all of which are incorporated herein by reference and which are available from the Commission. We undertake no obligation to update or revise forward looking statements.
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