SUMMARY OF FINANCIAL MEASURES AND EVALUATION			APOLLO GROUP
OF 2006 AND 2005 RESULTS FOR APOLLO GROUP			Liquidity Ratios
															Evaluation of Results
												Apollo Group		Industry	2005 to	2006 to	2006
							2000	2001	2002	2003	2004	2005	2006	Average	2006	Industry	Overall
LIQUIDITY RATIOS
Net Working Capital ($ million)			Total Current Assets-Total Current Liabilities				115,818	$304,851	$466,133	$615,020	$389,246	$317,117	$207,176	na	Bad	Bad	na		Note: Apollo is listed within the Education and Training Industry.
Ratio, Net Working Capital to Revenue			Net Working Capital				0.190	0.396	0.462	0.459	0.216	0.141	0.084	na	Bad	Bad	na		Some organizations within this industry, while producing some sort
Ratio, Net Working Capital to Current Assets			Net Working Capital				0.469	0.626	0.638	0.647	0.455	0.380	0.258	0.384	Bad	Bad	Bad		of instruction, may carry inventory and incur additional interest
Current Ratio			Current Assets				1.884	2.673	2.764	2.835	1.836	1.612	1.348	1.8	Bad	Bad	Bad		due to the reliance on debt stemming from the nature of the
Quick Ratio			Current Assets-Inventory				1.884	2.673	2.764	2.835	1.836	1.612	1.348	1.8	Bad	Bad	Bad		instruction delivered. For example, the diesal mechanic and trucking driving
EFFICIENCY RATIOS			Efficiency Ratios																schools would also be grouped within this industry. Both schools
Inventory Turnover (per year)			COGS				0	0	0	0	0	0	0	457.6	Bad	Bad	Bad		would maintain some inventory or at some point list inventory for resale.
Average Collection Period (days)			Average Accounts Receivable				#REF!	#REF!	#REF!	#REF!	#REF!	4,468,376,194	4,359,996,512	na	Good	Bad	na		Also, expenditures on truck and equipment may produce a
Accounts Receivable Turnover Ratio (per year)			Annual Credit Sales				#REF!	#REF!	#REF!	#REF!	#REF!	3.108	3.857	0.581	Good	Bad	Good		greater need for debt. In comparison to industry, Apollo cannot be perceived
Average Payment Period (days)			Accounts payable				#REF!	#REF!	#REF!	#REF!	#REF!	15.054	21.164	na	Bad	Bad	na		as bad in many cases due to this diverse nature of the industry.
Fixed Asset Turnover Ratio			Revenue				3.864	3.981	4.051	3.130	3.009	4.812	5.155	na	Good	Bad	na
Total Asset Turnover Ratio			Revenue				1.507	1.131	1.030	0.972	1.238	1.728	1.931	1.5	Good	Good	Good
LEVERAGE RATIOS			Leverage Ratios
Total Debt to Total Assets			Total Liabilities				0.355	0.292	0.286	0.255	0.341	0.457	0.529	0.31	Bad	Bad	Good
Long-Term Debt  to Total Assets			Long Term Debt				0.025	0.022	0.016	0.011	0.020	0.060	0.064	na	Bad	Bad	na
Long-Term Debt to Total Capitalization			Long Term Debt				0.037	0.030	0.022	0.015	0.030	0.099	0.115	na	Bad	Bad	na
Total Debt to Equity			Total Liabilities				0.550	0.412	0.402	0.342	0.517	0.843	1.070	0.46	Bad	Bad	Good
Long-Term Debt to Equity			Long  Term Debt				0.038	0.031	0.022	0.015	0.030	0.110	0.130	na	Bad	Bad	na
COVERAGE RATIOS			Coverage Ratios
Times Interest Earned			EBIT				0	0	0	0	0	0	0	0.2	Bad	Bad	Bad
Cash Coverage			EBIT + Depreciation				0	0	0	0	0	0	0	3.1	Bad	Bad	Bad
PROFITABILITY RATIOS			Profitability Ratios
Gross Profit Margin			Gross Profit				0.422	0.467	0.520	0.542	0.574	0.584	0.551	0.547	Bad	Bad	Bad
Operating Profit Margin			Earnings before Interest and Taxes				0.197	0.228	0.263	0.300	0.254	0.324	0.270	0.558	Bad	Bad	OK
Net Profit Margin			Earnings after Interest and Taxes (EAT)				0.117	0.140	0.160	0.184	0.154	0.190	0.167	0.126	Bad	Bad	OK
Return on Total Assets			EAT				0.176	0.158	0.164	0.179	0.191	0.328	0.323	0.192	Bad	Bad	OK
Return on Equity			EAT				0.273	0.224	0.231	0.241	0.290	0.605	0.654	0.543	Good	Bad	Good
Return on Common Equity			Net Earnings Available to Common Stockholders				0.273	0.224	0.231	0.241	0.290	0.605	0.654	na	Good	Bad	na