Exhibit 99.1

		Apollo Group, Inc. News Release

APOLLO GROUP, INC. REPORTS FISCAL 2011 THIRD QUARTER RESULTS

Phoenix, June 30, 2011 — Apollo Group, Inc. (NASDAQ: APOL) (“Apollo Group,” “Apollo” or the “Company”) today reported financial results for the three and nine months ended May 31, 2011.

“During the third quarter, we continued to execute on our key initiatives to improve outcomes, enhance student protections, and elevate the educational experience throughout every touch point of the student lifecycle,” said Apollo Group Co-Chief Executive Officer and Apollo Global Chairman Greg Cappelli. “We are encouraged by the progress we are making in improving retention rates and continuing to shift the mix of our students toward higher degree level programs.”

Apollo Group Co-Chief Executive Officer Chas Edelstein added, “We are committed to differentiating the University of Phoenix by focusing on academic quality and delivering a world class student experience. Our actions, over time, are intended to elevate the brand and reputation of our institutions, improve student outcomes, reduce enterprise risk, and position us for stable, long-term growth.”

Unaudited Third Quarter of Fiscal 2011 Results of Operations

Consolidated net revenue for the third quarter of fiscal 2011 totaled $1,235.8 million, which represents a 7.6% decrease from the third quarter of fiscal 2010, principally due to lower enrollments at University of Phoenix, partially offset by selective tuition price and other fee changes. For the quarter, University of Phoenix Degreed Enrollment decreased 16.4% to 398,400 compared with the prior year third quarter, primarily due to decreases in New Degreed Enrollment in recent quarters, including a 40.5% decrease in New Degreed Enrollment in the third quarter of fiscal 2011 compared with the prior year period. The Company believes the decline in New Degreed Enrollment is primarily the result of the operational changes and initiatives it has implemented to more effectively support students and improve educational outcomes, as well as the broader competitive environment. The operational changes include the manner in which admissions personnel and other employees are evaluated and compensated, the full implementation of University Orientation, and the Company’s efforts to more effectively identify students who have a greater likelihood to succeed in University of Phoenix’s educational programs.

The Company reported income from continuing operations attributable to Apollo Group for the three months ended May 31, 2011, of $211.9 million, or $1.51 per share (140.3 million diluted weighted average shares outstanding), compared to income from continuing operations attributable to Apollo Group of $177.2 million, or $1.16 per share (152.3 million diluted weighted average shares outstanding) for the three months ended May 31, 2010.

Results for the third quarter of fiscal 2011 contain special items that include a $2.0 million pre-tax charge ($1.2 million net of tax) for accrued incremental post-judgment interest and future estimated legal costs related to a securities class action lawsuit (Policeman’s Annuity and Benefit Fund of Chicago) and a tax benefit of $9.6 million resulting from the resolution with the Internal Revenue Service regarding the deductibility of payments made to settle a lawsuit in fiscal 2010. The fiscal 2010 third quarter results contain special items that include a goodwill impairment charge of $8.7 million ($7.5 million net of the portion attributable to noncontrolling interest) and a $132.6 million pre-tax charge ($79.9 million net of tax) representing an accrual related to the securities class action lawsuit mentioned above. The Company did not record a net tax benefit associated with the goodwill impairment, as it is not deductible for tax purposes

Excluding these special items, income from continuing operations attributable to Apollo Group for the three months ended May 31, 2011, was $203.5 million, or $1.45 per share (140.3 million diluted weighted average shares outstanding), compared to income from continuing operations attributable to Apollo Group for the three months ended May 31, 2010 of $264.6 million, or $1.74 per share (152.3 million diluted weighted average shares outstanding). (See the reconciliation of GAAP financial information to non-GAAP financial information in the tables section of this press release.)

Operating Expenses

Instructional and student advisory expenses increased by $16.4 million, or 3.7%, to $458.1 million for the three months ended May 31, 2011, compared to the three months ended May 31, 2010. The increase was primarily due to various strategic initiatives implemented to more effectively support students and improve their educational outcomes, which have resulted in increased compensation expense related to certain student advisory and infrastructure support functions and increased curriculum development and delivery costs.

Marketing expenses increased by $9.4 million, or 6.2%, to $161.0 million for the three months ended May 31, 2011, compared to the three months ended May 31, 2010. The increase was primarily a result of higher advertising expenditures, driven by the increased costs associated with the Company’s efforts to more effectively identify students who have a greater likelihood to succeed in its educational programs and increases in advertising rates for traditional and online media due to increased competition for higher degree level students and improving general economic conditions.

Admissions advisory expenses decreased by $16.4 million, or 14.1%, to $99.9 million for the three months ended May 31, 2011, compared to the three months ended May 31, 2010. The decrease was a result of lower admissions advisory headcount primarily attributable to a strategic reduction in force implemented during the first quarter of fiscal 2011 that eliminated approximately 700 full-time positions, principally among admissions personnel. This decrease was partially offset by higher average employee compensation costs.

General and administrative (“G&A”) expenses increased by $12.5 million, or 16.6%, to $87.9 million for the three months ended May 31, 2011, compared to the three months ended May 31, 2010. The increase is primarily attributable to expenses associated with higher employee

compensation costs and other expenses associated with the Company’s investments in its information technology resources and capabilities.

The provision for uncollectible accounts receivable (“bad debt expense”) decreased by $32.8 million, or 45.5%, to $39.2 million for the three months ended May 31, 2011, compared to the three months ended May 31, 2010. The decrease is primarily attributable to reductions in gross accounts receivable as a result of decreases in New Degreed Enrollment, a shift in the mix of students from Associates to higher degree-level programs, and improvements in student retention rates, partially due to the full implementation of University Orientation. Improved collection rates at University of Phoenix, which were favorably impacted by ongoing process improvements and an initiative to address the Company’s oldest receivables, also contributed to the decrease.

Depreciation and amortization increased by $4.4 million, or 12.1%, to $41.1 million for the three months ended May 31, 2011, compared to the three months ended May 31, 2010. The increase was primarily due to increased depreciation related to information technology, network infrastructure and software, partially offset by a decrease in amortization of BPP intangible assets and depreciation of principal office buildings in respect of which the Company entered into a sale-leaseback arrangement.

Financial and Operating Metrics

Below are Apollo Group’s unaudited financial data and operating metrics for the third quarter of fiscal 2011 versus the prior-year period.

		Q3 2011				Q3 2010
Revenues (in thousands)
Degree Seeking Gross Revenues (1)		$	1,166,880			$	1,261,258
Less: Discounts and other			(66,888	)			(60,441	)
Degree Seeking Net Revenues (1)			1,099,992				1,200,817
Non-degree Seeking Revenues (2)			11,365				12,502
Other, net of discounts (3)			124,480				124,085
		$	1,235,837			$	1,337,404
Revenue by Degree Type (in thousands) (1)
Associates		$	356,344			$	464,373
Bachelors			592,258				551,808
Masters			194,365				221,718
Doctoral			23,913				23,359
Less: Discounts and other			(66,888	)			(60,441	)
		$	1,099,992			$	1,200,817
Degreed Enrollment (rounded to hundreds) (4)
Associates			147,900				212,100
Bachelors			184,500				186,400
Masters			58,500				70,400
Doctoral			7,500				7,600
			398,400				476,500
Degree Seeking Gross Revenues per Degreed Enrollment (1), (4)
Associates		$	2,409			$	2,189
Bachelors			3,210				2,960
Masters			3,322				3,149
Doctoral			3,188				3,074
All degrees (after discounts)		$	2,761			$	2,520
New Degreed Enrollment (rounded to hundreds) (5)
Associates			23,400				50,200
Bachelors			24,000				31,700
Masters			7,900				11,300
Doctoral			700				900
			56,000				94,100

Unaudited First Nine Months of Fiscal 2011 Results of Operations

Consolidated net revenue for the nine months ended May 31, 2011, was $3.6 billion, a 1.5% decrease from the comparable period of fiscal 2010. The decrease in consolidated net revenue was primarily attributable to a 6.6% decrease in University of Phoenix’s average Degreed Enrollment in the first nine months of fiscal year 2011 compared to the first nine months of fiscal year 2010, partially offset by selective tuition price and other fee changes at University of Phoenix. The Company reported income from continuing operations attributable to Apollo Group of $381.3 million, or $2.66 per share, (143.2 million diluted weighted average shares outstanding), and $520.9 million, or $3.37 per share, (154.5 million diluted weighted average shares outstanding) for the nine months ended May 31, 2011, and May 31, 2010, respectively.

Results for the nine months ended May 31, 2011 contain special items that include goodwill and other intangibles impairment charges of $219.9 million for the BPP subsidiary of Apollo Global ($188.3 million net of the portion attributable to noncontrolling interests), a $4.5 million charge for accrued incremental post-judgment interest and future estimated legal costs related to a securities class action lawsuit (Policeman’s Annuity and Benefit Fund of Chicago), and a $3.8 million restructuring charge associated with a strategic reduction in force, primarily at University of Phoenix. The Company recorded a tax benefit of $7.7 million, net of noncontrolling interests, associated with these charges, along with a tax benefit of $9.6 million resulting from the resolution with the Internal Revenue Service regarding the deductibility of payments made to settle a lawsuit in fiscal 2010. Results for the nine months ended May 31, 2010 included a goodwill impairment charge of $8.7 million ($7.5 million net of the portion attributable to noncontrolling interest), a $177.1 million pre-tax charge ($106.8 million net of tax) representing an accrual related to the securities class action lawsuit mentioned above, and a tax benefit of $11.4 million resulting from the settlement of disputed tax issues with the Internal Revenue Service. The Company did not record a net tax benefit associated with the goodwill impairment in either period, as it is not deductible for tax purposes.

Excluding these special items, income from continuing operations attributable to Apollo Group for the nine months ended May 31, 2011 was $560.6 million, or $3.91 per share, compared to income from continuing operations attributable to Apollo Group of $623.8 million, or $4.04 per share, for the nine months ended May 31, 2010. (See the reconciliation of GAAP financial information to non-GAAP financial information in the tables section of this press release.)

Unaudited Balance Sheet

As of May 31, 2011, the Company’s cash and cash equivalents, excluding restricted cash, totaled $1,426.3 million as compared to $1,284.8 million as of August 31, 2010. The increase is attributable to cash generated from operations, a decrease in restricted cash, and proceeds from the sale-leaseback of the Company’s principal office buildings in Phoenix, Arizona, partially offset by repayments on borrowings, share repurchases and capital expenditures. Restricted cash and cash equivalents (including long-term) decreased by $194.3 million compared to August 31, 2010, primarily due to the return of funds associated with the release of the Company’s cash- collateralized letter of credit in the amount of approximately $126 million in connection with a previous program review of University of Phoenix by the U.S. Department of Education.

At May 31, 2011, accounts receivable decreased to $227.2 million from $264.4 million at August 31, 2010. Excluding accounts receivable and the associated net revenue for Apollo Global, the Company’s days sales outstanding (“DSO”) was 23 days at May 31, 2011, compared to 30 days at August 31, 2010 and May 31, 2010. The decrease in DSO versus a year ago is primarily attributable to reductions in gross accounts receivable as a result of decreases in New Degreed Enrollment, a shift in the mix of students from associates to higher degree-level programs, and improvements in student retention, partially due to the full implementation of University Orientation. Improved collection rates at University of Phoenix also contributed to the decrease.

Total debt outstanding (including short-term borrowings and the current portion of long-term debt) decreased by $389.1 million to $195.3 million at May 31, 2011, from $584.4 million at August 31, 2010. The decrease is due to the repayment of U.S. denominated borrowings on the Company’s $500 million credit facility.

Share Repurchases

The Company repurchased approximately 4.1 million and 10.6 million shares of its common stock at a weighted average purchase price of $40.26 and $39.48 per share for a total expenditure of $167.3 million and $418.7 million during the three and nine months ended May 31, 2011, respectively. At May 31, 2011, $11.8 million was recorded in accrued liabilities in the Condensed Consolidated Balance Sheets for repurchased shares that settled subsequent to May 31, 2011. As of May 31, 2011, approximately $357.7 million remained available under the Company’s current share repurchase authorization.

Business Outlook

The Company offers the following commentary regarding the outlook for fiscal 2011 and fiscal 2012 based on the business trends observed during the third quarter of fiscal 2011, as well as management’s current expectations of future trends, which could change.

Fiscal 2011:

	•		Consolidated net revenue of $4.65-$4.75 billion; and
	•		Operating income, excluding the impact of special items, of $1.15-$1.20 billion.

Fiscal 2012:

	•		Consolidated net revenue of $4.00-$4.25 billion; and
	•		Operating income, excluding the impact of special items, of $675-$800 million.

Conference Call Information

The Company will hold a conference call to discuss these earnings results at 5:00 p.m. Eastern, 2:00 p.m. Phoenix time, today, Thursday, June 30, 2011. The call may be accessed by dialing (877) 292-6888 (domestic) or (973) 200-3381 (international) and entering the conference ID number 71264066. A live webcast of this event may be accessed by visiting the Company’s website at www.apollogrp.edu. A replay of the call will be available on the website or by dialing (800) 642-1687 (domestic) or (706) 645-9291 (international) and entering the conference ID number 71264066 until July 9, 2011.

About Apollo Group, Inc.

Apollo Group, Inc. is one of the world’s largest private education providers and has been in the education business for more than 35 years. The Company offers innovative and distinctive educational programs and services both online and on-campus at the undergraduate, master’s and doctoral levels through its subsidiaries: University of Phoenix, Apollo Global, Institute for Professional Development and College for Financial Planning. The Company’s programs and services are provided in 40 states and the District of Columbia; Puerto Rico; Latin America; and Europe, as well as online throughout the world.

For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit the Company’s website at www.apollogrp.edu.

Forward-Looking Statements Safe Harbor

Statements about Apollo Group and its business in this release which are not statements of historical fact, including statements regarding Apollo Group’s future strategy and plans and commentary regarding future results of operations and prospects, 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 plans implemented and actual results achieved may differ materially from those set forth in or implied by such statements due to various factors, including without limitation (i) changes in the overall U.S. or global economy, (ii) changes in enrollment or student mix, including as a result of the roll-out of the Company’s University Orientation program to all eligible students in November 2010, (iii) the impact of recent changes in the manner in which the Company evaluates and compensates its counselors that advise and enroll students, (iv) changes in law or regulation affecting the Company’s eligibility to participate in or the manner in which it participates in U.S. federal student financial aid programs, including, specifically, the impact on the Company’s business of the operational and other changes necessary to comply with the final program integrity regulations published by the U.S. Department of Education on October 29, 2010, and the final gainful employment regulations published by the Department on June 13, 2011, (v) changes in the Company’s business necessary to remain in compliance with U.S. federal student financial aid program regulations, including the so-called 90/10 Rule and the limitations on cohort default rates, and to remain in compliance with the accrediting criteria of the relevant accrediting bodies, and (vi) other regulatory developments. For a discussion of the various factors that may cause actual plans implemented and 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 Apollo Group’s 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 the Company’s website at http://www.apollogrp.edu.

Use of Non-GAAP Financial Information

This press release and the related conference call contain non-GAAP financial measures, which are intended to supplement, but not substitute for, the most directly comparable GAAP measures. Management uses, and chooses to disclose to investors, these non-GAAP financial measures because (i) such measures provide an additional analytical tool to clarify the Company’s results from operations and help to identify underlying trends in its results of operations; (ii) as to the

non-GAAP earnings measures, such measures help compare the Company’s performance on a consistent basis across time periods; and (iii) these non-GAAP measures are employed by the Company’s management in its own evaluation of performance and are utilized in financial and operational decision-making processes, such as budgeting and forecasting. Exclusion of items in the non-GAAP presentation should not be construed as an inference that these items are unusual, infrequent or non-recurring. Other companies, including other companies in the education industry, may calculate non-GAAP financial measures differently, limiting their usefulness as a comparative measure across companies.

Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)

		As of
		May 31,				August 31,
($ in thousands)		2011				2010
ASSETS:
Current assets
Cash and cash equivalents		$	1,426,346			$	1,284,769
Restricted cash and cash equivalents			376,474				444,132
Accounts receivable, net			227,171				264,377
Deferred tax assets, current portion			148,052				166,549
Prepaid taxes			15,605				39,409
Other current assets			47,215				38,031
Assets held for sale from discontinued operations			—				15,945
Total current assets			2,240,863				2,253,212
Property and equipment, net			520,225				619,537
Long-term restricted cash and cash equivalents			—				126,615
Marketable securities			5,946				15,174
Goodwill			132,872				322,159
Intangible assets, net			123,525				150,593
Deferred tax assets, less current portion			112,643				99,071
Other assets			15,778				15,090
Total assets		$	3,151,852			$	3,601,451
LIABILITIES AND SHAREHOLDERS’ EQUITY:
Current liabilities
Short-term borrowings and current portion of long-term debt		$	24,153			$	416,361
Accounts payable			60,071				90,830
Accrued liabilities			438,205				375,461
Student deposits			404,155				493,245
Deferred revenue			311,445				359,724
Other current liabilities			40,730				53,416
Liabilities held for sale from discontinued operations			—				4,474
Total current liabilities			1,278,759				1,793,511
Long-term debt			171,121				168,039
Deferred tax liabilities			32,882				38,875
Other long-term liabilities			275,732				212,286
Total liabilities			1,758,494				2,212,711
Commitments and contingencies
Shareholders’ equity
Preferred stock, no par value			—				—
Apollo Group Class A nonvoting common stock, no par value			103				103
Apollo Group Class B voting common stock, no par value			1				1
Additional paid-in capital			82,572				46,865
Apollo Group Class A treasury stock, at cost			(2,805,711	)			(2,407,788	)
Retained earnings			4,131,860				3,748,045
Accumulated other comprehensive loss			(23,940	)			(31,176	)
Total Apollo shareholders’ equity			1,384,885				1,356,050
Noncontrolling interests			8,473				32,690
Total equity			1,393,358				1,388,740
Total liabilities and shareholders’ equity		$	3,151,852			$	3,601,451

Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)

		Three Months Ended May 31,								% of Revenue
(in thousands, except per share data)		2011				2010				2011				2010
Net revenue		$	1,235,837			$	1,337,404				100.0	%			100.0	%
Costs and expenses:
Instructional and student advisory			458,145				441,700				37.1	%			33.0	%
Marketing			161,034				151,668				13.0	%			11.3	%
Admissions advisory			99,923				116,344				8.1	%			8.7	%
General and administrative			87,857				75,362				7.1	%			5.6	%
Provision for uncollectible accounts receivable			39,217				72,011				3.2	%			5.4	%
Depreciation and amortization			41,125				36,701				3.3	%			2.8	%
Estimated litigation loss			2,048				132,600				0.2	%			9.9	%
Goodwill and other intangibles impairment			—				8,712				—				0.7	%
Total costs and expenses			889,349				1,035,098				72.0	%			77.4	%
Operating income			346,488				302,306				28.0	%			22.6	%
Interest income			867				827				0.1	%			0.1	%
Interest expense			(2,383	)			(1,979	)			(0.2	%)			(0.2	%)
Other, net			(1,862	)			(1,312	)			(0.1	%)			(0.1	%)
Income from continuing operations before income taxes			343,110				299,842				27.8	%			22.4	%
Provision for income taxes			(130,385	)			(122,390	)			(10.6	%)			(9.1	%)
Income from continuing operations			212,725				177,452				17.2	%			13.3	%
Income from discontinued operations, net of tax			540				2,084				0.1	%			0.1	%
Net income			213,265				179,536				17.3	%			13.4	%
Net income attributable to noncontrolling interests			(825	)			(253	)			(0.1	%)			—
Net income attributable to Apollo		$	212,440			$	179,283				17.2	%			13.4	%
Earnings per share — Basic:
Continuing operations attributable to Apollo		$	1.52			$	1.17
Discontinued operations attributable to Apollo			—				0.02
Basic income per share attributable to Apollo		$	1.52			$	1.19
Earnings per share — Diluted:
Continuing operations attributable to Apollo		$	1.51			$	1.16
Discontinued operations attributable to Apollo			—				0.02
Diluted income per share attributable to Apollo		$	1.51			$	1.18
Basic weighted average shares outstanding			139,856				151,127
Diluted weighted average shares outstanding			140,343				152,291

Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)

		Nine Months Ended May 31,								% of Revenue
(in thousands, except per share data)		2011				2010				2011				2010
Net revenue		$	3,610,901			$	3,666,399				100.0	%			100.0	%
Costs and expenses:
Instructional and student advisory			1,335,601				1,287,833				37.0	%			35.1	%
Marketing			484,392				444,593				13.4	%			12.1	%
Admissions advisory			315,958				349,767				8.8	%			9.6	%
General and administrative			257,075				214,821				7.1	%			5.9	%
Provision for uncollectible accounts receivable			141,666				208,593				3.9	%			5.7	%
Depreciation and amortization			117,369				106,625				3.3	%			2.9	%
Estimated litigation loss			4,503				177,100				0.1	%			4.8	%
Goodwill and other intangibles impairment			219,927				8,712				6.1	%			0.2	%
Restructuring			3,846				—				0.1	%			—
Total costs and expenses			2,880,337				2,798,044				79.8	%			76.3	%
Operating income			730,564				868,355				20.2	%			23.7	%
Interest income			2,635				2,284				0.1	%			0.1	%
Interest expense			(6,207	)			(8,107	)			(0.2	%)			(0.2	%)
Other, net			(1,603	)			(2,061	)			—				(0.1	%)
Income from continuing operations before income taxes			725,389				860,471				20.1	%			23.5	%
Provision for income taxes			(376,016	)			(341,435	)			(10.4	%)			(9.3	%)
Income from continuing operations			349,373				519,036				9.7	%			14.2	%
Income (loss) from discontinued operations, net of tax			2,487				(8,854	)			—				(0.3	%)
Net income			351,860				510,182				9.7	%			13.9	%
Net loss attributable to noncontrolling interests			31,955				1,849				0.9	%			0.1	%
Net income attributable to Apollo		$	383,815			$	512,031				10.6	%			14.0	%
Earnings (loss) per share — Basic:
Continuing operations attributable to Apollo		$	2.67			$	3.40
Discontinued operations attributable to Apollo			0.02				(0.06	)
Basic income per share attributable to Apollo		$	2.69			$	3.34
Earnings (loss) per share — Diluted:
Continuing operations attributable to Apollo		$	2.66			$	3.37
Discontinued operations attributable to Apollo			0.02				(0.06	)
Diluted income per share attributable to Apollo		$	2.68			$	3.31
Basic weighted average shares outstanding			142,845				153,345
Diluted weighted average shares outstanding			143,222				154,506

Apollo Group, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows From Continuing and Discontinued Operations
(Unaudited)

		Nine Months Ended May 31,
($ in thousands)		2011				2010
Cash flows provided by (used in) operating activities:
Net income		$	351,860			$	510,182
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation			50,453				46,236
Excess tax benefits from share-based compensation			(1,214	)			(6,427	)
Depreciation and amortization			117,369				108,033
Amortization of lease incentives			(10,523	)			(9,942	)
Impairment of discontinued operations			—				9,400
Goodwill and other intangibles impairment			219,927				8,712
Amortization of deferred gains on sale-leasebacks			(1,491	)			(1,294	)
Non-cash foreign currency loss, net			1,767				931
Provision for uncollectible accounts receivable			141,666				208,593
Estimated litigation loss			4,503				177,100
Deferred income taxes			(3,327	)			(69,571	)
Changes in certain assets and liabilities, excluding the impact of disposition:
Accounts receivable			(81,215	)			(175,845	)
Prepaid taxes			21,218				35,203
Other assets			(13,955	)			(8,223	)
Accounts payable and accrued liabilities			13,117				(59,413	)
Student deposits			(89,944	)			897
Deferred revenue			(60,763	)			5,796
Other liabilities			21,446				24,412
Net cash provided by operating activities			680,894				804,780
Cash flows provided by (used in) investing activities:
Additions to property and equipment			(119,726	)			(108,316	)
Maturities of marketable securities			10,000				—
Change in restricted cash and cash equivalents			194,273				(49,924	)
Proceeds from sale-leaseback			169,018				—
Proceeds from disposition			9,612				—
Net cash provided by (used in) investing activities			263,177				(158,240	)
Cash flows provided by (used in) financing activities:
Payments on borrowings			(425,325	)			(424,775	)
Proceeds from borrowings			11,682				17,824
Issuance of Apollo Group Class A common stock			10,240				18,209
Apollo Group Class A common stock purchased for treasury			(408,220	)			(341,161	)
Noncontrolling interest contributions			6,875				2,460
Excess tax benefits from share-based compensation			1,214				6,427
Net cash used in financing activities			(803,534	)			(721,016	)
Exchange rate effect on cash and cash equivalents			1,040				(1,789	)
Net increase (decrease) in cash and cash equivalents			141,577				(76,265	)
Cash and cash equivalents, beginning of period			1,284,769				968,246
Cash and cash equivalents, end of period		$	1,426,346			$	891,981
Supplemental disclosure of cash flow information
Cash paid for income taxes, net of refunds		$	326,999			$	356,570
Cash paid for interest		$	8,063			$	5,292
Supplemental disclosure of non-cash investing and financing activities
Credits received for tenant improvements		$	12,047			$	16,026
Unsettled purchase of Class A common stock for treasury		$	11,802			$	—
Accrued purchases of property and equipment		$	6,585			$	9,190
Restricted stock units vested and released		$	3,614			$	4,938

Apollo Group, Inc. and Subsidiaries
Reconciliation of GAAP financial information to non-GAAP financial information
(Unaudited)

		Three Months Ended May 31,								Nine Months Ended May 31,
(in thousands, except per share data)		2011				2010				2011				2010
Net income attributable to Apollo, as reported		$	212,440			$	179,283			$	383,815			$	512,031
Income (loss) from discontinued operations, net of tax			540				2,084				2,487				(8,854	)
Income from continuing operations attributable to Apollo			211,900				177,199				381,328				520,885
Reconciling items:
Estimated litigation loss(1)			2,048				132,600				4,503				177,100
Goodwill and other intangibles impairment, net of noncontrolling interest(2)			—				7,457				188,258				7,457
Restructuring(3)			—				—				3,846				—
			2,048				140,057				196,607				184,557
Less: tax effects, net of noncontrolling interest			(801	)			(52,700	)			(7,715	)			(70,328	)
Tax benefit from IRS settlement(4)			(9,646	)			—				(9,646	)			(11,356	)
Income from continuing operations attributable to Apollo, adjusted to exclude special items		$	203,501			$	264,556			$	560,574			$	623,758
Diluted income per share from continuing operations attributable to Apollo, as reported		$	1.51			$	1.16			$	2.66			$	3.37
Diluted income per share from continuing operations attributable to Apollo, adjusted to exclude special items		$	1.45			$	1.74			$	3.91			$	4.04
Diluted weighted average shares outstanding			140,343				152,291				143,222				154,506

Investor Relations Contacts:
Beth Coronelli ~ (312) 660-2059 ~ beth.coronelli@apollogrp.edu
Jeremy Davis ~ (312) 660-2071 ~ jeremy.davis@apollogrp.edu

Media Contact:
Media Relations Hotline ~ (602) 254-0086 ~ media@apollogrp.edu