- Current report filing (8-K)
November 29 2010 - 5:13PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): November 29, 2010
Apollo Group, Inc.
(Exact name of registrant as specified in its charter)
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Arizona
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0-25232
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86-0419443
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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4025 S. Riverpoint Parkway, Phoenix,
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Arizona
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85040
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number, including area code:
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(480) 966-5394
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Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Section 8 Other Events
Today, our principal subsidiary, University of Phoenix, implemented a strategic reduction in force
in which it eliminated approximately 700 full-time positions, principally among admissions
personnel.
We expect
to incur charges of approximately $5 million in the quarter ending November 30, 2010
in connection with this reduction in employment, and we expect to realize related employee
compensation expense reductions of approximately $8 million per quarter, commencing in the
second quarter of fiscal year 2011.
The personnel reductions are designed to streamline our operations and to better align our
operations with our business strategy, refined business model and outlook.
Forward-Looking Statements Safe Harbor
Statements about Apollo Group and its business in this report which are not statements of
historical fact, including statements regarding the expected impact of todays personnel
reductions, are forward-looking statements, and are subject to the Safe Harbor provisions created
by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based
on current information and expectations and involve a number of risks and uncertainties. Actual
results achieved may differ materially from those set forth in such statements due to various
factors, including unexpected expenses associated with employee terminations, the impact of
employee terminations on employee productivity and attrition rates, the impact of reduced
admissions personnel on our relations with students and potential students and other factors
affecting our business generally. For a discussion of various factors that may cause actual
results achieved to differ materially from those set forth in the forward-looking statements,
please refer to the risk factors and other disclosures contained in our Form 10-K for fiscal year
2010 and subsequent Forms 10-Q, and other filings with the Securities and Exchange Commission, all
of which are available on our website at
http://www.apollogrp.edu
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The information in Item 8.01 of this Form 8-K shall not be deemed filed for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to
the liabilities under that section, nor shall it be deemed incorporated by reference in any filing
under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general
incorporation language in such filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Apollo Group, Inc.
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November 29, 2010
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By:
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/s/ Brian L. Swartz
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Name:
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Brian L. Swartz
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Title:
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Senior Vice President and Chief
Financial Officer
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