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APOL > SEC Filings for APOL > Form 8-K on 21-Nov-2011All Recent SEC Filings

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Other Events

Item 8.01 Other Events.

On Thursday, November 17, Universidad de Artes, Ciencias y Comunicación ("UNIACC"), an arts and communications university based in Santiago, Chile owned and operated by an indirect majority-owned subsidiary of Apollo Group, Inc., was advised by the National Accreditation Commission of Chile that its institutional accreditation would not be renewed. UNIACC is seeking clarification and evaluating the circumstances pending receipt of the formal notice and detailed description of the basis for the action. UNIACC expects to appeal the decision. The loss of accreditation from the National Accreditation Commission would not impact UNIACC's ability to operate or confer degrees and would not directly affect UNIACC's programmatic accreditations. However, without this institutional accreditation, government scholarship and student loan programs would not be available to new students enrolled after a final adverse determination in the appeals process.

For Apollo Group's fiscal year ended August 31, 2011, UNIACC generated $27 million of revenue and experienced an operating loss of $13 million. Approximately 30% of UNIACC's revenue in fiscal 2011 was derived from some form of governmental assistance that would no longer be available to new students without the accreditation by the National Accreditation Commission.

Additionally, as of August 31, 2011, Apollo Group had recorded approximately $21 million of goodwill and intangible assets on its balance sheet related to UNIAAC. Apollo Group is assessing whether an impairment of UNIACC's assets has occurred, which impairment, if any, would be reflected in Apollo Group's fiscal 2012 first quarter financial results.

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