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Business Description
Education Management Corporation (EDMC) is engaged in the business of providing private post-secondary education in North America. EDMC provides career-oriented education. As of the fiscal year ended June 30, 2004 (fiscal 2004), the company had 67 primary campus locations in 24 states and two Canadian provinces. EDMC's educational systems offer a broad range of academic programs concentrated in the media arts, design, fashion, culinary arts, behavioral sciences, health sciences, education, information technology, legal studies and business fields, culminating in the award of associate's through doctoral degrees. Prior to fiscal 2004, The Art Institutes and Argosy University were managed as separate operating segments. During fiscal 2004 EDMC shifted from an educational system approach to a centralized corporate structure utilizing divisions, which have been aggregated into one operating segment.

Financial Information
For the three months ended 9/30/04, net revenues increased 26% to $213.6 million. Net income rose 81% to $8.2 million. Results reflect higher enrollment and higher tuition fees and increased leverage facilities and administrative functions.