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Sylvan Learning Systems Changes Name to Laureate Education
BALTIMORE -- The Sylvan Learning Systems name has been changed to Laureate Education Inc., and the company's stock recently began trading on the Nasdaq under the ticker symbol LAUR. The new name was chosen to reflect the company's emphasis on higher education programs, according to Douglas Becker, chairman and chief executive officer of Laureate."The global demand for accredited university level education has been growing at an explosive rate," he says. "Over the past three years, Laureate Education revenues from post secondary education have increased at a compounded annual growth rate of 69%, and today we enroll more than 130,000 students, making Laureate Education one of the largest providers of international higher education in the world."In 2003, Laureate reported full year revenues of $472.8 million, an increase of 41% over 2002. Operating income increased 135% to $33.6 million.Laureate Education's programs are designed to expand knowledge of multiple cultures and languages while reinforcing local culture and practices. Laureate also offers students access to an increasing number of study abroad programs, as well as to curricula in which content is shared among network universities, Becker says.On campus, Laureate offers over 100 undergraduate and graduate degree programs including business, health sciences, law, education engineering, information technology, communications, and architecture. Laureate's expanding network includes eight accredited universities and one technical/vocational institute in several foreign countries.Online, Laureate offers over 30 graduate and undergraduate programs including education, management, health and human services, engineering, information technology and psychology. Laureate's expanding online offerings for working adults include two accredited universities, and two distance-learning institutions that partner with accredited universities Walden University, National Technology University, Canter, partner to accredited education colleges and KIT eLearning, exclusive online partner to University of LiverpoolIn June 2003, Laureate (then Sylvan Learning Systems Inc.) sold the Sylvan Learning Center and the Sylvan brand name to Educate Inc., a newly formed company funded by Apollo Management. "Over the past year, we have been working on developing and testing a new brand name that will one day have the same appeal in the international higher education market that 'Sylvan' currently enjoys in the K-12 arena," Becker says. "'Laureate' is that name.""