Exhibit 99

REGIS CORPORATION:

Mark Fosland – Vice President, Finance

(952) 806-1707

Alex Forliti – Director, Finance – Investor Relations

952-947-7781

For Immediate Release

REGIS REPORTS FOURTH QUARTER AND FISCAL YEAR 2007 RESULTS

– Fourth Quarter Earnings Exceed Guidance

MINNEAPOLIS, August 22, 2007 — Regis Corporation (NYSE:RGS), the global leader in the $150 billion hair care industry, today reported fourth quarter net income of $27.9 million, or $0.62 per diluted share, which exceeded the Company’s previously issued guidance of $0.53 to $0.60 per share.   Fourth quarter earnings included nine cents of benefit primarily related to actuarial adjustments to prior years’ workers’ compensation claim reserves.

On July 12, 2007, the Company reported revenues for the fourth quarter ended June 30, 2007 of $675 million, up 6.2 percent over the $636 million reported in the comparable period in fiscal 2006.  In the quarter, same-store service sales increased 0.9 percent and same-store total sales decreased 0.1 percent.

During the quarter, Regis added a net total of 254 locations. The Company constructed 85 locations and franchisees built an additional 75 locations. In addition, Regis acquired 213 salons (including 12 franchise buybacks).  The Company closed or relocated 107 corporate and franchise locations during the quarter.

Full-Year Results

For the full year, revenues totaled $2.6 billion, up 8 percent compared to $2.4 billion during fiscal year 2006. Same-store sales for the full year increased 0.2 percent. Net income was $83.2 million, or $1.82 per diluted share.  Net income results for the year were reduced by a $19.6 million, or $0.43 per diluted share, non-cash write-off for goodwill impairment related to the merger of the Company’s beauty school division with Empire Education.

“Fiscal year 2007 was the continuation of a very challenging period for the salon industry,” commented Paul D. Finkelstein, chairman and chief executive officer. “We remain as bullish as ever on the long-term prospects of Regis as well as the industry.  Our service business continues to improve.  The reality of the product business is that it is much more competitive today.  However, no other company in our industry has the resources that we have and we are determined to improve the profitability and growth of our product business.”

During the year, the Company added a net total of 550 locations. Regis constructed 422 locations and franchisees built 256 locations. The Company acquired 357 corporate locations (including 98 franchise buybacks).  Regis closed or relocated 387 corporate and franchised locations. As of June 30,

2007, Regis Corporation owned, franchised or held ownership interests in over 12,400 worldwide locations.

Fourth Quarter Non-Operational Detail

During the fourth quarter, Regis Corporation recorded nine cents of non-operational benefits and charges which are detailed below:

·A $7.5 million pre-tax benefit, or $0.11 per diluted share benefit from a favorable actuarial adjustment to workers’ compensation and insurance accruals related to reductions in prior years’ reserves.

·A $0.9 million pre-tax charge, or $0.01 per diluted share charge related to severance for two individuals.

·A $0.5 million pre-tax charge, or $0.01 per diluted share charge related to the sale and closing of five underperforming salons.

First Quarter 2008 Outlook

The following outlook pertains to the fiscal first quarter ending September 30, 2007:

·Earnings per diluted share are forecasted to be in a range of $0.43 to $0.49.

·Consolidated revenue is forecasted to grow four percent to five percent to a range of $665 million to $675 million compared to $639 million a year ago.

·Consolidated same-store sales are forecasted to be in a range of 0.0 to 2.0 percent.

Updated Fiscal Year 2008 Outlook

The following outlook pertains to the fiscal year ending June 30, 2008:

·Excluding accretion from future possible acquisitions, earnings per diluted share are forecasted to be in a range of $2.01 to $2.27.

·Excluding revenue from future possible acquisitions, consolidated revenue is forecasted to grow four percent to $2.7 billion.

·Consolidated same-store sales are forecasted to increase to a range of 1.0 to 3.0 percent.

Regis Corporation will host a conference call discussing fourth quarter and fiscal year results today, August 22, 2007 at 10:00 a.m., Central Time. Interested parties are invited to listen by logging on to www.regiscorp.com or dialing 800-218-0530. A replay of the call will be available through August 24, 2007. The replay phone number is 800-405-2236, access code 11091868#.

About Regis Corporation

Regis Corporation (NYSE:RGS) is the beauty industry’s global leader in beauty salons, hair restoration centers and cosmetology education. As of June 30, 2007, the Company owned, franchised or held ownership interests in over 12,400 worldwide locations.  Regis’ corporate and franchised locations operate under concepts such as Supercuts, Jean Louis David, Vidal Sassoon, Regis Salons, MasterCuts, Trade Secret, SmartStyle, Cost Cutters and Hair Club for Men and Women.  In addition, Regis maintains ownership interests in various other salon concepts such as Cool Cuts 4 Kids, and the Beauty Takashi and Beauty Plaza concepts in Japan.  System-wide, these and other concepts are located in the U.S. and in eleven other countries in North America, Europe and Asia. Regis also maintains a 50 percent ownership interest in Intelligent Nutrients, a joint venture that provides a wide variety of certified organic products for health and beauty.  For additional information about the company, including

management’s current financial outlook and a reconciliation of non-GAAP financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com. To join Regis Corporation’s email alert list, click on this link:

http://www.b2i.us/irpass.asp?BzID=913&to=ea&Nav=1&S=0&L=1

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including statements concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward—looking statements in this document reflect management’s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Such forward-looking statements are often identified herein by use of words including, but not limited to, “may,” “believe,” “project,” “forecast,” “expect,” “estimate,” “anticipate” and “plan.” In addition, the following factors could affect the Company’s actual results and cause such results to differ materially from those expressed in forward-looking statements. These factors include competition within the personal hair care industry, which remains strong, both domestically and internationally; price sensitivity; changes in economic conditions; changes in consumer tastes and fashion trends; labor and benefit costs; legal claims; risk inherent to international development (including currency fluctuations); the continued ability of the Company and its franchisees to obtain suitable locations for new salon development; governmental initiatives such as minimum wage rates, taxes and possible franchise legislation; the ability of the Company to successfully identify, acquire and integrate salons and beauty schools that support its growth objectives; the ability of the Company to maintain satisfactory relationships with suppliers; or other factors not listed above. The ability of the Company to meet its expected revenue growth is dependent on salon and beauty school acquisitions, new salon construction and same-store sales increases, all of which are affected by many of the aforementioned risks. Additional information concerning potential factors that could affect future financial results is set forth in the Company’s Annual Report on Form 10-K for the year ended June 30, 2006. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made in our subsequent annual and periodic reports filed or furnished with the SEC on Forms 10-K, 10-Q and 8-K and Proxy Statements on Schedule 14A.

(TABLES TO FOLLOW)

REGIS CORPORATION (NYSE: RGS)

CONSOLIDATED BALANCE SHEET

As of June 30, 2007 and 2006

(In thousands, except per share data)

	June 30,
	2007		2006
ASSETS
Current assets:
Cash and cash equivalents	$	184,785	$	135,397
Receivables, net	67,773		62,558
Inventories	196,582		193,999
Deferred income taxes	18,775		16,224
Other current assets	57,149		36,848
Total current assets	525,064		445,026
Property and equipment, net	494,085		483,764
Goodwill	812,383		778,228
Other intangibles, net	213,452		216,831
Other assets	87,130		61,475
Total assets	$	2,132,114	$	1,985,324
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Long-term debt, current portion	$	223,352	$	101,912
Accounts payable	74,532		70,807
Accrued expenses	240,748		233,496
Total current liabilities	538,632		406,215
Long-term debt and capital lease obligations	485,879		520,357
Other noncurrent liabilities	194,295		187,345
Total liabilities	1,218,806		1,113,917
Shareholders’ equity:
Common stock, $0.05 par value; issued and outstanding, 44,164,645 and 45,303,459 common shares at June 30, 2007 and 2006, respectively	2,209		2,266
Additional paid-in capital	178,029		232,284
Accumulated other comprehensive income	78,278		58,066
Retained earnings	654,792		578,791
Total shareholders’ equity	913,308		871,407
Total liabilities and shareholders’ equity	$	2,132,114	$	1,985,324

- more -

REGIS CORPORATION (NYSE: RGS)

CONSOLIDATED STATEMENT OF OPERATIONS

 (In thousands, except per share data)

	(Unaudited)
	Three Months Ended June 30,						Year Ended June 30,
	2007			2006			2007			2006
Revenues:
Service	$	469,357		$	436,717		$	1,793,802		$	1,634,028
Product	185,141			179,175			752,280			718,942
Franchise royalties and fees	20,823			20,073			80,506			77,894
	675,321			635,965			2,626,588			2,430,864
Operating expenses:
Cost of service	265,022			247,849			1,014,781			928,515
Cost of product	92,414			93,074			380,492			371,018
Site operating expenses	45,866			49,900			208,101			199,602
General and administrative	85,982			78,011			328,644			294,092
Rent	102,226			95,869			382,820			350,926
Depreciation and amortization	33,741			34,687			124,137			115,903
Goodwill impairment	—			—			23,000			—
Terminated acquisition income, net	—			(39,370		)	—			(33,683		)
Total operating expenses	625,251			560,020			2,461,975			2,226,373
Operating income	50,070			75,945			164,613			204,491
Other income (expense):
Interest	(10,906		)	(9,128		)	(41,770		)	(34,989		)
Other, net	1,645			(2,351		)	5,113			651
Income before income taxes	40,809			64,466			127,956			170,153
Income taxes	(12,934		)	(22,951		)	(44,786		)	(60,575		)
Net income	$	27,875		$	41,515		$	83,170		$	109,578
Net income per share:
Basic	$	0.63		$	0.92		$	1.86		$	2.43
Diluted	$	0.62		$	0.90		$	1.82		$	2.36
Weighted average common and common equivalent shares outstanding:
Basic	44,468			45,226			44,723			45,168
Diluted	45,256			46,259			45,623			46,400
Cash dividends declared per common share	$	0.04		$	0.04		$	0.16		$	0.16

REGIS CORPORATION (NYSE: RGS)

SELECTED CASH FLOW DATA

(In thousands)

	Years Ended June 30,
	2007			2006
Net cash provided by operating activities	$	241,860		$	281,685
Net cash used in investing activities	(193,049		)	(280,665		)
Net cash (used in) provided by financing activities	(6,425		)	28,571
Effect of exchange rate changes on cash and cash equivalents	7,002			3,088
Increase in cash and cash equivalents	49,388			32,679
Cash and cash equivalents:
Beginning of year	135,397			102,718
End of year	$	184,785		$	135,397

REGIS CORPORATION (NYSE: RGS)

Salon / School / Hair Restoration Center Counts and Revenues

	June 30,	June 30,
	2007	2006
SYSTEM-WIDE LOCATIONS:
Company-owned salons	8,139	7,559
Franchise salons	3,742	3,774
Beauty career schools	56	54
Company-owned hair restoration centers	49	48
Franchise hair restoration centers	41	42
Ownership interest locations	389	191
Total, system-wide	12,416	11,668

SALON LOCATION SUMMARY

	June 30,		June 30,
	2007		2006
NORTH AMERICAN SALONS:
REGIS SALONS
Open at beginning of period	1,079		1,093
Salons constructed	17		38
Acquired	49		14
Less relocations	(14	)	(16	)
Salon openings	52		36
Conversions	(1	)	—
Salons closed	(31	)	(50	)
Total, Regis Salons	1,099		1,079
MASTERCUTS
Open at beginning of period	642		636
Salons constructed	15		32
Acquired	—		—
Less relocations	(12	)	(8	)
Salon openings	3		24
Conversions	—		(2	)
Salons closed	(16	)	(16	)
Total, MasterCuts Salons	629		642
TRADE SECRET
Company-owned salons:
Open at beginning of period	615		597
Salons constructed	20		33
Acquired	3		2
Franchise buybacks	—		5
Less relocations	(11	)	(6	)
Salon openings	12		34
Conversions	1		1
Salons closed	(15	)	(17	)
Total company-owned salons	613		615

	June 30,		June 30,
	2007		2006
Franchise salons:
Open at beginning of period	19		24
Salons constructed	—		—
Acquired	—		—
Less relocations	—		—
Salon openings	—		—
Franchise buybacks	—		(5	)
Salons closed	—		—
Total franchise salons	19		19
Total, Trade Secret Salons	632		634
SMARTSTYLE/COST CUTTERS IN WAL-MART
Company-owned salons:
Open at beginning of period	1,739		1,497
Salons constructed	242		215
Acquired	—		—
Franchise buybacks	21		31
Less relocations	(2	)	(2	)
Salon openings	261		244
Conversions	—		1
Salons closed	—		(3	)
Total company-owned salons	2,000		1,739
Franchise salons:
Open at beginning of period	164		184
Salons constructed	8		11
Acquired	—		—
Less relocations	—		—
Salon openings	8		11
Conversions	—		—
Franchise buybacks	(21	)	(31	)
Salons closed	—		—
Total franchise salons	151		164
Total, SmartStyle/Cost Cutters in Wal-Mart Salons	2,151		1,903

	June 30,		June 30,
	2007		2006
STRIP CENTERS
Company-owned salons:
Open at beginning of period	3,031		2,728
Salons constructed	101		180
Acquired	193		122
Franchise buybacks	72		104
Less relocations	(17	)	(21	)
Salon openings	349		385
Conversions	—		(2	)
Salons closed	(63	)	(80	)
Total company-owned salons	3,317		3,031

Franchise salons:
Open at beginning of period	2,004		2,102
Salons constructed	135		135
Acquired (2)	—		—
Less relocations	(19	)	(18	)
Salon openings	116		117
Conversions	—		2
Franchise buybacks	(72	)	(104	)
Salons closed	(50	)	(113	)
Total franchise salons	1,998		2,004
Total, Strip Center Salons	5,315		5,035
INTERNATIONAL SALONS (1)
Company-owned salons:
Open at beginning of period	453		426
Salons constructed	25		33
Acquired	12		10
Franchise buybacks	4		2
Less relocations	(3	)	(4	)
Salon openings	38		41
Conversions	—		(2	)
Salons closed	(10	)	(12	)
Total company-owned salons	481		453
Franchise salons:
Open at beginning of period	1,587		1,592
Salons constructed	110		111
Acquired (2)	—		—
Less relocations	(1	)	—
Salon openings	109		111
Conversions	—		2
Franchise buybacks	(4	)	(2	)
Salons closed	(118	)	(116	)
Total franchise salons	1,574		1,587
Total, International Salons	2,055		2,040

	June 30,		June 30,
	2007		2006
TOTAL SYSTEM-WIDE SALONS:
Company-owned salons:
Open at beginning of period	7,559		6,977
Salons constructed	420		531
Acquired	257		148
Franchise buybacks	97		142
Less relocations	(59	)	(57	)
Salon openings	715		764
Conversions	—		(4	)
Salons closed	(135	)	(178	)
Total company-owned salons	8,139		7,559

Franchise salons:
Open at beginning of period	3,774		3,902
Salons constructed	253		257
Acquired (2)	—		—
Less relocations	(20	)	(18	)
Salon openings	233		239
Conversions	—		4
Franchise buybacks	(97	)	(142	)
Salons closed	(168	)	(229	)
Total franchise salons	3,742		3,774
Total Salons	11,881		11,333
BEAUTY SCHOOLS
Open at beginning of period	54		24
Salons constructed	2		2
Acquired	1		30
Less relocations	(1	)	(2	)
Total Beauty Schools	56		54
HAIR RESTORATION CENTERS:
Company-owned hair restoration centers:
Open at beginning of period	48		41
Salons constructed	—		1
Acquired	1		1
Franchise buybacks	1		7
Less relocations	—		(1	)
Salon openings	2		8
Sites closed	(1	)	(1	)
Total company-owned hair restoration centers	49		48
Franchise hair restoration centers:
Open at beginning of period	42		49
Salons constructed	3		—
Acquired	—		—
Less relocations	(2	)	—
Salon openings	43		49
Franchise buybacks	(1	)	—
Sites closed	(1	)	(7	)
Total franchise salons	41		42
Total Hair Restoration Centers	90		90
Ownership interest locations	389		191
Grand Total, System-wide	12,416		11,668

(1)Canadian and Puerto Rican salons are included in the Regis Salons, Strip Center, MasterCuts and Trade Secret concepts and not included in the international salon totals.

(2)Represents primarily the acquisition of franchise networks.

Relocations represent a transfer of location by the same salon concept. Conversions represent the transfer of one salon concept to another concept.

NOTE 1: REVENUES BY CONCEPT:

	For the Periods Ended June 30,
	Three Months						Twelve Months
(Dollars in thousands)	2007			2006			2007			2006
North American salons:
Regis	$	124,703		$	120,783		$	498,577		$	481,760
MasterCuts	42,310			43,066			174,287			174,674
Trade Secret(1)	57,248			63,005			253,250			262,862
SmartStyle	119,235			107,189			462,321			413,907
Strip Center(1)	202,473			191,354			776,995			703,345
Total North American salons	545,969			525,397			2,165,430			2,036,548
International salons(1)	76,194			64,249			253,430			220,662
Beauty schools	21,245			17,590			85,627			63,952
Hair restoration centers(1)	31,913			28,729			122,101			109,702
Consolidated revenues	$	675,321		$	635,965		$	2,626,588		$	2,430,864
Percent change from prior year	6.2		%	7.2		%	8.1		%	10.8		%
Salon same-store sales increase(2)	-0.1		%	0.1		%	0.2		%	0.4		%

(1)Includes aggregate franchise royalties and fees of $20.8 and $20.1 million for the three months ended June 30, 2007 and 2006, respectively, and $80.5 and $77.9 million for the twelve months ended June 30, 2007 and 2006, respectively. North American salon franchise royalties and fees represented 48.4 and 50.1 percent of total franchise revenues in the three months ended June 30, 2007 and 2006, respectively, and 48.2 and 50.4 percent in the twelve months ended June 30, 2007 and 2006, respectively.

(2)The Company began including hair restoration centers in its same-store sales calculation beginning with the third fiscal quarter of 2007.

NOTE 2: FINANCIAL INFORMATION BY SEGMENT:

Financial information concerning the Company’s salon, school and hair restoration businesses is shown in the following tables:

	For the Quarter Ended June 30, 2007
							Hair
	Salons				Beauty		Restoration		Unallocated
(Dollars in thousands)	North America		International		Schools		Centers		Corporate			Consolidated
Revenues:
Service	$	389,024	$	47,277	$	18,991	$	14,065	$	—		$	469,357
Product	146,857		19,521		2,254		16,509		—			185,141
Royalties and fees	10,088		9,396		0		1,339		—			20,823
	545,969		76,194		21,245		31,913		—			675,321
Operating expenses:
Cost of service	224,499		24,738		8,328		7,457		—			265,022
Cost of product	75,596		10,931		1,049		4,838		—			92,414
Site operating expenses	36,587		4,122		3,770		1,387		—			45,866
General and administrative	30,307		12,235		2,328		7,146		33,966			85,982
Rent	81,014		16,642		2,447		1,637		486			102,226
Depreciation and amortization	22,744		2,835		862		2,657		4,643			33,741
Total operating expenses	470,747		71,503		18,784		25,122		39,095			625,251
Operating income (loss)	75,222		4,691		2,461		6,791		(39,095		)	50,070
Other income (expense):
Interest	—		—		—		—		(10,906		)	(10,906		)
Other, net	—		—		—		—		1,645			1,645
Income (loss) before income taxes	$	75,222	$	4,691	$	2,461	$	6,791	$	(48,356	)	$	40,809

	For the Quarter Ended June 30, 2006
								Hair
	Salons				Beauty			Restoration		Unallocated
(Dollars in thousands)	North America		International		Schools			Centers		Corporate			Consolidated
Revenues:
Service	$	368,292	$	40,107	$	15,933		$	12,385	$	—		$	436,717
Product	147,055		15,413		1,657			15,050		—			179,175
Royalties and fees	10,050		8,729		—			1,294		—			20,073
	525,397		64,249		17,590			28,729		—			635,965
Operating expenses:
Cost of service	211,965		21,014		7,858			7,012		—			247,849
Cost of product	78,616		8,934		964			4,560		—			93,074
Site operating expenses	41,828		2,905		3,935			1,232		—			49,900
General and administrative	28,593		11,584		2,442			6,040		29,352			78,011
Rent	78,522		13,096		2,151			1,677		423			95,869
Depreciation and amortization	23,300		3,619		785			2,996		3,987			34,687
Terminated acquisition expenses (income)(1)	—		—		—			—		(39,370		)	(39,370		)
Total operating expenses	462,824		61,152		18,135			23,517		(5,608		)	560,020
Operating income (loss)	62,573		3,097		(545		)	5,212		5,608			75,945
Other income (expense):
Interest	—		—		—			—		(9,128		)	(9,128		)
Other, net	—		—		—			—		(2,351		)	(2,351		)
Income (loss) before income taxes	$	62,573	$	3,097	$	(545	)	$	5,212	$	(5,871	)	$	64,466

(1)   As a result of the termination of the merger agreement with Alberto-Culver, the Company recognized $50.0 million in income related to a termination fee, partially offset by $10.6 million in acquisition related expenses.

	For the Year Ended June 30, 2007
								Hair
	Salons				Beauty			Restoration		Unallocated
(Dollars in thousands)	North America		International		Schools			Centers		Corporate			Consolidated
Revenues:
Service	$	1,512,287	$	151,057	$	76,556		$	53,902	$	—		$	1,793,802
Product	614,377		65,675		9,071			63,157		—			752,280
Royalties and fees	38,766		36,698		—			5,042		—			80,506
	2,165,430		253,430		85,627			122,101		—			2,626,588
Operating expenses:
Cost of service	872,813		80,256		32,583			29,129		—			1,014,781
Cost of product	317,214		38,957		5,462			18,859		—			380,492
Site operating expenses	174,733		11,989		16,366			5,013		—			208,101
General and administrative	119,204		45,179		9,848			27,191		127,222			328,644
Rent	314,718		50,410		9,272			6,535		1,885			382,820
Depreciation and amortization	84,250		9,091		3,355			9,813		17,628			124,137
Goodwill impairment(1)	—		—		23,000			—		—			23,000
Total operating expenses	1,882,932		235,882		99,886			96,540		146,735			2,461,975
Operating income (loss)	282,498		17,548		(14,259		)	25,561		(146,735		)	164,613
Other income (expense):
Interest	—		—		—			—		(41,770		)	(41,770		)
Other, net	—		—		—			—		5,113			5,113
Income (loss) before income taxes	$	282,498	$	17,548	$	(14,259	)	$	25,561	$	(183,392	)	$	127,956

(1)   Operating income for the beauty school segment was reduced by $23.0 million for a non-cash write-off for goodwill impairment related to the merger of the Company’s beauty school segment with Empire Education.

	For the Year Ended June 30, 2006
							Hair
	Salons				Beauty		Restoration		Unallocated
(Dollars in thousands)	North America		International		Schools		Centers		Corporate			Consolidated
Revenues:
Service	$	1,395,953	$	133,323	$	58,281	$	46,471	$	—		$	1,634,028
Product	601,332		53,796		5,671		58,143		—			718,942
Royalties and fees	39,263		33,543		—		5,088		—			77,894
	2,036,548		220,662		63,952		109,702		—			2,430,864
Operating expenses:
Cost of service	806,024		71,110		24,757		26,624		—			928,515
Cost of product	316,980		32,168		4,278		17,592		—			371,018
Site operating expenses	175,039		9,755		10,272		4,536		—			199,602
General and administrative	108,362		41,963		8,270		23,254		112,243			294,092
Rent	293,571		42,756		6,999		6,215		1,385			350,926
Depreciation and amortization	80,011		9,348		2,610		9,908		14,026			115,903
Terminated acquisition income, net(1)	—		—		—		—		(33,683		)	(33,683		)
Total operating expenses	1,779,987		207,100		57,186		88,129		93,971			2,226,373
Operating income (loss)	256,561		13,562		6,766		21,573		(93,971		)	204,491
Other income (expense):
Interest	—		—		—		—		(34,989		)	(34,989		)
Other, net	—		—		—		—		651			651
Income (loss) before income taxes	$	256,561	$	13,562	$	6,766	$	21,573	$	(128,309	)	$	170,153

(1)   As a result of the termination of the merger agreement with Alberto-Culver, the Company recognized $50.0 million in income related to a termination fee, partially offset by $16.3 million in acquisition related expenses. Of the acquisition related expenses, $10.6 million was recognized during the fourth quarter of fiscal year 2006.

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