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Business Description
ITT Educational Services, Inc. (ITT/ESI) is a provider of technology-oriented postsecondary degree programs in the United States. It offers Associate's, Bachelor's and Master's degree programs and non-degree diploma programs to more than 37,000 students. As of December 31, 2003, the Company operated 77 institutes located in 30 states. Each of its institutes is authorized by the applicable education authorities of the states in which they operate and recruit and accredited by an accrediting commission recognized by the United States Department of Education. ITT/ESI designs its education programs, after consultation with employers, to help graduates prepare for careers in various fields involving their areas of study. As of December 31, 2003, more than 99% of its program offerings were degree programs, and it was seeking authorization to award a degree in the remaining programs. The Company's institutes have graduated over 175,000 students since 1976.

Financial Information
For the nine months ended 9/30/04, revenues increased 19% to $450.6 million. Net income increased 21% to $41.5 million. Revenues reflect higher student enrollment and tuition rates. Earnings also benefitted from increased margins.