8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

- --------------------------------------------------------------------------------

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported): February 27, 2006

                            LAUREATE EDUCATION, INC.
             (Exact name of registrant as specified in its charter)

          Maryland                   0-22844                 52-1492296
 (State or other jurisdiction      (Commission             (IRS Employer
     of incorporation)             File Number)          Identification No.)

                  1001 Fleet Street, Baltimore, Maryland 21202
               (Address of principal executive offices) (ZIP Code)

Registrant's telephone number, including area code: (410) 843-6100

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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ]  Written communications pursuant to Rule 425 under the Securities Act (17
     CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the
     Exchange Act (17 CFR 240.13e-4(c))
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Section 2 - Financial Information

 Item 2.02    Results of Operations and Financial Condition

     On February 27, 2006 the Company issued a press release announcing its
financial results for the fourth quarter and year to date period ended December
31, 2005. A copy of the release is furnished as Exhibit 99.01 to this Current
Report on Form 8-K. The Registrant has posted this Current Report on Form 8-K on
its Internet Web site at www.laureate-inc.com.


Section 9 - Financial Statements and Exhibits

 Item 9.01    Financial Statements and Exhibits

(c) Exhibits

99.01  Press Release issued February 27, 2006.
99.02  Webcast slides for February 27, 2006 presentation.

     The information in this Form 8-K and the Exhibit attached hereto shall not
be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of
1934, nor shall it be deemed incorporated by reference in any filing under the
Securities Exchange Act of 1933, except as shall be expressly set forth by
specific reference in such filing.




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                                    SIGNATURE
                                    ---------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                           LAUREATE EDUCATION, INC.



                                           /s/ Rosemarie Mecca
                                           -------------------------------------
                                           Name: Rosemarie Mecca
                                           Title: Executive Vice President and
                                                  Chief Financial Officer

Date: February 27, 2006


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Exhibit Index

Exhibit       Description
- -------       -----------

99.01         Press Release issued February 27, 2006.
99.02         Webcast slides for February 27, 2006 presentation.

EX-99.01

Exhibit 99.01

      Laureate Education, Inc. Reports Record Fourth Quarter and
                        Year End 2005 Results;
                Company Raises 2006 Financial Outlook;
       Achieves Record Enrollment of 217,000 Students Worldwide

    BALTIMORE--(BUSINESS WIRE)--Feb. 27, 2006--Laureate Education,
Inc. (NASDAQ: LAUR), the world's leading international provider of
higher education, announced robust student enrollment and strong
financial results for the quarter and year ended December 31, 2005.

    --  Full-year 2005 revenues increased 35% to $875.4 million,
        compared to $646.9 million in 2004. Fourth quarter 2005
        revenues increased 32% to $277.8 million, compared to $210.4
        million in 2004.

    --  Total operating income for 2005 increased 42% to $130.4
        million, compared to $91.5 million in 2004. Total operating
        income for the fourth quarter 2005 increased 47% to $70.5
        million, compared to $48.1 million in 2004.

    --  The Company reported earnings from continuing operations for
        the full-year and quarter ending December 31, 2005 of $1.65
        and $0.91 per diluted share, respectively.

    --  The Company's campus-based institutions reported total student
        enrollment of 190,679 students at December 31, 2005, an
        increase of 41% over 2004.

    --  Laureate Online Education reported fourth quarter total
        student enrollment increased 27% to 26,750 students. Walden
        University, the centerpiece of Laureate Online Education,
        reported fourth quarter total student enrollment increased 41%
        to 20,493 students.

    --  In 2005, Laureate Education extended its international
        leadership by entering the higher education markets of Brazil,
        Honduras, and Cyprus. Additionally, the Company's university
        in Mexico opened a new campus in Torreon and acquired a campus
        in Hermosillo (UNO) during the year.

    --  Throughout 2005, Laureate expanded capacity at several campus
        locations in Europe and Latin America and launched new
        academic programs, including the UVM/Walden University
        dual-degree program, a masters degree program in nursing at
        Walden, new study abroad programs and programs for working
        adults.

    --  The Company increased full-year 2006 earnings outlook by $0.05
        to between $2.05 and $2.15 per diluted share, excluding the
        impact of SFAS123(R).

    Douglas Becker, Chairman and Chief Executive Officer of Laureate
Education stated, "The implementation of Laureate's unique global
strategy gained significant momentum in 2005. We extended our
leadership by launching innovative academic programs, leveraging best
management practices across our network, expanding capacity and
entering new markets."
    Mr. Becker added, "I am proud that we achieved very ambitious
operational and financial goals for 2005, while investing for future
growth. This success positions us for an exciting 2006 and beyond --
where we expect continued growth and improved efficiencies."

    Financial Results

    Total revenues for the fourth quarter of 2005 were $277.8 million,
an increase of 32% compared to total revenues of $210.4 million in the
fourth quarter of 2004. Total operating income for the fourth quarter
2005 increased 47% to $70.5 million, versus operating income of $48.1
million in the fourth quarter of 2004. After-tax income from
continuing operations for the fourth quarter of 2005 was $47.6 million
or $0.91 per diluted share, compared to $47.2 million or $0.92 per
diluted share for the same period of 2004. Excluding the after-tax
gain on the divestment of UEM land and the impact from the early
repayment of the K-12 seller note, the growth of after-tax income from
continuing operations would have been 47%, from $0.62 in the fourth
quarter of 2004 to $0.91 per diluted share for the same period of
2005.
    For the twelve-month period ended December 31, 2005, total
revenues were $875.4 million, an increase of 35% compared to total
revenues of $646.9 million in the same period of 2004. Total operating
income for the twelve-month period increased 42% to $130.4 million,
versus operating income of $91.5 million in the same period of 2004.
After-tax income from continuing operations for the twelve-month
period ended December 31, 2005 was $85.7 million or $1.65 per diluted
share, compared to $82.8 million or $1.69 per diluted share for the
same period of 2004. Excluding the after-tax gain on the divestment of
UEM land and the net gain from the early repayment of the K-12 seller
note, the growth of after-tax income from continuing operations would
have been 29%, from $1.28 in 2004 to $1.65 per diluted share in 2005.
    During the second quarter of 2005, the Company recorded a loss of
$3.1 million on the disposal of WSI. The Company is restating that
loss to be $10.5 million. The adjustment relates to a reversal of a
deferred tax asset for this business. This is reflected in the loss
from discontinued operations in the Company's results for the twelve
months ended December 31, 2005. As a result of this change, the
Company is evaluating the impact on its assessment of internal
controls relating to tax processes over non-core operations.
    Total cash and marketable securities at December 31, 2005 were
approximately $110 million, while total corporate debt was
approximately $228 million.
    Effective January 1, 2006, Laureate Education proactively and
preferentially adopted a consistent weekly revenue recognition policy
across all traditional campus-based units. The adoption will have no
material effect on the Company's full-year earnings or full-year 2006
financial outlook. However, the weekly revenue recognition policy will
change the quarterly seasonality of the overall business. For
comparison purposes, Laureate will provide historical 2004-2005
financials stated with the new revenue recognition method on the
Company's website and in an 8-K filing with the U.S. Securities and
Exchange Commission.
    Today, Laureate International Universities consists of 24
institutions of higher education in 15 countries, offering programs to
217,429 students through 51 campuses (compared to 42 campuses in 2004)
and online to students worldwide.
    Presentation materials for today's conference call with the
financial community will be available to listeners through the
investor relations section of the Company's website,
www.laureate-inc.com. The live webcast of Laureate's fourth quarter
and year-end conference call will be broadcast at 10:00 a.m. eastern
time today.


Revenue Growth - Organic and Acquisition
Three months ended December 31st
                                                       % Growth
                               Revenue            Amount      Constant
(In Thousands)            2005(4)     2004        in USD      Currency
                          ----        ----        ------      --------
  Central America(1)   $78,424     $62,171           26%         20%
  South America(2)      76,521      55,232           39%         25%
  Europe Region         52,121      52,354            0%         10%
  Online                53,505      40,657           32%         32%
                       -------     -------
Subtotal               260,571     210,414           24%

Acquisitions(3)         17,199          NA
                       -------     -------
Total                 $277,770    $210,414           32%
                       =======     =======

(1) Central America includes Mexico, Costa Rica and Panama.
(2) South America includes Chile, Ecuador and Peru.
(3) Includes revenues for acquired institutions from the respective
    dates of their acquisitions through the anniversary date.
(4) Excludes 2005 revenues prior to anniversary date of acquisition.



Revenue Growth - Organic and Acquisition
Twelve months ended December 31st
                                                       % Growth
                                Revenue           Amount      Constant
(In Thousands)            2005(4)       2004      in USD      Currency
                          ----          ----      ------      --------
  Central America(1)  $237,475      $193,471         23%           19%
  South America(2)     216,259       167,014         29%           18%
  Europe Region        157,252       151,312          4%            4%
  Online               181,474       135,134         34%           34%
                       -------       -------
Subtotal               792,460       646,931         22%

Acquisitions(3)         82,916            NA

Total                 $875,376      $646,931         35%
                       =======       =======

(1) Central America includes Mexico, Costa Rica and Panama.
(2) South America includes Chile, Ecuador and Peru.
(3) Includes revenues for acquired institutions from the respective
    dates of their acquisitions through the anniversary date.
(4) Excludes 2005 revenues prior to anniversary date of acquisition.

Student Enrollment
As of December 31st

New Student Enrollment(1)            2005          2004       % Change
                                     ----          ----       --------
  Central America                  33,389        27,541            21%
  South America                    29,546        22,927            29%
  Europe Region                     6,804         5,001            36%
                                   ------        ------
New Campus Based                   69,739        55,469            26%

  New Student Enrollment
   at Acquired Schools(3)           2,897            --
                                   -------      -------
Subtotal                           72,636        55,469            31%

Online                             19,365        14,147           37%

New Student Enrollment
 with Acquisitions                 92,001        69,616            32%
                                   ======        ======

Total Student Enrollment(2)          2005          2004
                                     ----          ----
  Central America                  73,763        63,639            16%
  South America                    67,157        56,319            19%
  Europe Region                    16,119        15,210             6%
                                  -------       -------
Total Campus Based                157,039       135,168            16%

  Total Student Enrollment
   at Acquired Schools(3)          33,640            --
                                  -------       -------
Subtotal                          190,679       135,168            41%

Online                             26,750        20,988            27%

Total Student Enrollment
 with Acquisitions                217,429       156,156            39%
                                  =======       =======

(1) New Student Enrollment is YTD.
(2) Total Student Enrollment is census as of December 31st.
(3) Acquisitions (less than 1 year) include the following: UNO
    (Mexico), UNITEC (Honduras), Cyprus College and Anhembi Morumbi
    (Brazil).


    Financial Outlook

    The following statements are based on current expectations. These
statements are forward-looking and actual results may differ
materially.

    First Quarter 2006:

    --  For its campus-based and online businesses, Laureate Education
        anticipates total revenue of $215 to $235 million for the
        first quarter 2006.

    --  The Company anticipates Campus-Based revenue of $165 to $180
        million for the first quarter 2006, with operating margins
        between 3% and 4%. Latin America revenue is expected to be
        between $110 and $120 million with operating margins of (2%)
        to (3%). Europe revenue is expected to be between $55 and $60
        million with operating margins of 21% to 22%. Campus-based
        general and administrative expenses are expected to be
        approximately $4.0 million.

    --  The Company anticipates Online revenue of $50 to $55 million
        for the first quarter 2006, with operating margins between 7%
        and 8%.

    --  General and administrative expenses are expected to be
        approximately $9 million in the first quarter 2006.

    --  The Company currently believes that it will achieve a loss of
        ($0.01) to ($0.03) per diluted share (excluding the impact of
        SFAS123R) for the first quarter 2006, the Company's seasonally
        weakest quarter. The Company's first quarter seasonality is
        slightly more pronounced due to the voluntary adoption of a
        weekly revenue recognition policy across all business units.

    --  Fully-diluted weighted average shares outstanding is expected
        to be approximately 52.3 million for the quarter ending March
        31, 2006.

    Full-Year 2006:

    --  For its campus-based and online businesses, Laureate Education
        anticipates total revenue of $1,080 to $1,150 million for the
        full-year 2006.

    --  The Company anticipates Campus-Based revenue of $845 to $900
        million in 2006, with operating margins between 19% and 20%.
        Latin America expects revenue of $645 to $690 million with
        operating margins of 22% to 24%. Europe expects revenue of
        $200 to $210 million with operating margins of 14% to 15%.
        Campus-based general and administrative expenses are expected
        to be $15 to $17 million.

    --  The Company anticipates Online revenue of $235 to $250 million
        in 2006, with operating margins between 17% and 18%.

    --  General and administrative expenses are expected to be $38 to
        $42 million in 2006.

    --  Laureate Education increased its full-year 2006 earnings
        outlook by $0.05 to between $2.05 and $2.15 per diluted share,
        excluding the impact of SFAS123(R). Stock option expense for
        the full-year 2006 is expected to be between $0.10 and $0.12
        per diluted share.

    --  Fully-diluted weighted average shares outstanding is expected
        to be approximately 53.6 million for the year ending December
        31, 2006.

    About Laureate Education, Inc.

    Laureate Education, Inc. (NASDAQ: LAUR) is focused exclusively on
providing a superior university experience to over 217,000 students
through the leading global network of accredited campus-based and
online universities. Addressing the rapidly growing global demand for
higher education, Laureate offers a broad range of career-oriented
undergraduate and graduate programs through campus-based universities
located in Latin America, Europe, and Asia. Through online
universities, Laureate offers the growing population of
non-traditional, working-adult students the convenience and
flexibility of distance learning to pursue undergraduate, master's and
doctorate degree programs in major career fields including
engineering, education, business, and healthcare. For more
information, please visit our website, www.laureate-inc.com.

    Forward Looking Statements

    This release includes information that could constitute
forward-looking statements made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995. Any such
forward-looking statements may involve risk and uncertainties.
Although the Company believes that the expectations reflected in such
forward-looking statements are based upon reasonable assumptions, the
Company's actual results could differ materially from those described
in the forward-looking statements.
    The following factors might cause such a difference:

    --  The Company's operations can be materially affected by
        competition in its target markets and by overall market
        conditions, among other factors.

    --  The Company's foreign operations, in particular, are subject
        to political, economic, legal, regulatory and currency-related
        risks.

    Additional information regarding these risk factors and
uncertainties is detailed from time to time in the Company's filings
with the Securities and Exchange Commission, including but not limited
to our most recent Forms 10-K and 10-Q, available for viewing on our
website. (To access this information on our website,
www.laureate-inc.com, please click on "Investor Relations", "SEC
Filings")


Laureate Education, Inc. & Subsidiaries
Consolidated Statements of Operations
(Amounts in thousands, except per share data)

                                  Three Months Ended December 31,
                             -----------------------------------------
                               2005      2004    $ Variance % Variance
                             -----------------------------------------
Revenues
   Central America (a)        $85,626   $62,171    $23,455         38%
   South America (b)           82,822    55,232     27,590         50%
                             --------- --------- ---------- ----------
  Campus Based - Latin
   America                    168,448   117,403     51,045         43%

   Mediterranean Region (c)    29,063    28,013      1,050          4%
   Hospitality                 13,390    13,539       (149)        -1%
   France                      13,364    10,802      2,562         24%
                             --------- --------- ---------- ----------
  Campus Based - Europe        55,817    52,354      3,463          7%

                             --------- --------- ---------- ----------
  Campus Based Total          224,265   169,757     54,508         32%
                             --------- --------- ---------- ----------

  Laureate Online Education    53,505    40,657     12,848         32%

                             --------- --------- ---------- ----------
Total revenues                277,770   210,414     67,356         32%
                             --------- --------- ---------- ----------

  Core operating expenses     198,844   155,305     43,539         28%
  Non-cash stock compensation
   expense                      2,059     1,832        227         12%
  General and administrative
   expenses                     6,386     5,210      1,176         23%

                             --------- --------- ---------- ----------
Total operating expenses      207,289   162,347     44,942         28%
                             --------- --------- ---------- ----------

Operating income               70,481    48,067     22,414         47%

Non-operating items
  Interest and other
   income(d)                    3,224     7,674     (4,450)       -58%
  Interest expense             (2,753)   (2,450)      (303)       -12%
  Foreign exchange loss          (726)     (510)      (216)       -42%
                             --------- --------- ---------- ----------
Total non-operating items        (255)    4,714     (4,969)       N/A
                             --------- --------- ---------- ----------

Income from continuing
 operations before minority
 interest, equity in net
 income (loss) of affiliates,
 and income taxes              70,226    52,781     17,445         33%

Minority interest in income
 of consolidated
 subsidiaries, net of income
 tax                          (11,239)   (8,426)    (2,813)       -33%
Equity in net loss of
 affiliates, net of income
 tax                             (165)     (315)       150         48%
Income tax (expense) benefit  (11,261)    3,113    (14,374)       N/A
                             --------- --------- ---------- ----------
Income from continuing
 operations                    47,561    47,153        408          1%

(Loss) income from
 discontinued operations, net
 of income tax (e)             (2,745)     (578)       451         78%
Gain (loss) on disposal of
 discontinued operations, net
 of income tax (g)              1,547   (13,324)    12,253         92%
                             --------- --------- ---------- ----------
Net Income                    $46,363   $33,251    $13,112         39%
                             ========= ========= ========== ==========

  Weighted average shares
   (basic)                     49,881    48,624
  Weighted average shares
   (diluted)                   52,267    51,310
  EPS-Net Income (basic)        $0.93     $0.68
  EPS-Net Income (diluted)      $0.89     $0.65
  EPS-Income from continuing
   operations (basic)           $0.95     $0.97
  EPS-Income from continuing
   operations (diluted)         $0.91     $0.92

Reconciliation - Pro Forma
 Income from Continuing
 Operations (f)
- -----------------------------
Income from continuing
 operations before income
 taxes                                  $44,040
   Impact from early
    repayment of Educate Inc.
    note receivable                       2,183
   Gain on UEM Land                      (5,169)
                                       ---------
  Subtotal                              $41,054
   Pro Forma tax expense                 (9,023)
                                       ---------
Pro Forma income from
 continuing operations                  $32,031
                                       ---------
  Pro Forma weighted average
   shares (diluted)                      51,310
  EPS - Pro Forma income from
   continuing operations
   (diluted)                              $0.62


  Segment operating profit
   (loss):
      Campus Based - Latin
       America                $54,257   $35,046    $19,211         55%
      Campus Based - Europe    14,493    13,327      1,166          9%
      Campus Based - Overhead  (4,405)   (4,094)      (311)        -8%
                             --------- --------- ---------- ----------
      Campus Based - Total    $64,345   $44,279    $20,066         45%
                             --------- --------- ---------- ----------

   Laureate Online            $14,581   $10,830     $3,751         35%
                             --------- --------- ---------- ----------

a) Central America includes Mexico, Costa Rica, Panama and Honduras.

b) South America includes Chile, Brazil, Ecuador and Peru.

c) The Mediterranean region includes Spain and Cyprus

d) For the three months ended December 31, 2004, includes acceleration
   of original issue discount triggered by the early repayment of the
   K-12 seller note and the gain on the divestment of land at UEM.

e) The 2005 and 2004 operating results present the K-12 (including
   UK/France), WSI and India business units as discontinued
   operations.

f) The pro forma measures used in this press release are non-generally
   acceptable accounting principle ("GAAP") financial measures. Non-
   GAAP should not be considered as a substitute for, or superior to,
   measures financial measures of financial performance prepared in
   accordance with GAAP. The Company's management refers to these
   non-GAAP financial measures in making operating decisions because
   they provide meaningful supplemental information regarding the
   Company's historical operating results. In addition, the Company
   has historically reported similar non-GAAP financial measures to
   investors and believes that the inclusion of comparative numbers
   provides consistency in its financial reporting. Investors are
   encouraged to review the reconciliation of the non-GAAP financial
   measures used in this press release to their most directly
   comparable GAAP financial measure as provided with the financial
   results attached to this press release.

g) The Company is restating in the second quarter of 2005 to reflect
   the change in income tax expense of $7.4 million related to a
   reversal of a deferred tax asset of WSI. As a result, the Company
   is evaluating the impact on our assessment of internal controls
   relating to tax processes over non-core operations.



                                      Year Ended December 31,
                             -----------------------------------------
                               2005      2004    $ Variance % Variance
                             --------- --------- ---------- ----------
Revenues
   Central America (a)       $263,996  $193,471    $70,525         36%
   South America (b)          243,264   167,014     76,250         46%
                             --------- --------- ---------- ----------
  Campus Based - Latin
   America                    507,260   360,485    146,775         41%

    Mediterranean Region (c)   87,483    82,532      4,951          6%
    Hospitality                53,393    51,557      1,836          4%
    France                     42,885    17,223     25,662        149%
                             --------- --------- ---------- ----------
  Campus Based - Europe       183,761   151,312     32,449         21%

                             --------- --------- ---------- ----------
  Campus Based Total          691,021   511,797    179,224         35%
                             --------- --------- ---------- ----------

  Laureate Online Education   184,355   135,134     49,221         36%

                             --------- --------- ---------- ----------
Total revenues                875,376   646,931    228,445         35%
                             --------- --------- ---------- ----------

  Core operating expenses     714,906   528,307    186,599         35%
  Non-cash stock compensation
   expense                      4,588     5,718     (1,130)       -20%
  General and administrative
   expenses                    25,460    21,380      4,080         19%

                             --------- --------- ---------- ----------
Total operating expenses      744,954   555,405    189,549         34%
                             --------- --------- ---------- ----------

Operating income              130,422    91,526     38,896         42%

Non-operating items
  Interest and other
   income(d)                   11,789    28,179    (16,390)       -58%
  Interest expense            (10,440)   (7,670)    (2,770)       -36%
  Foreign exchange loss        (1,503)     (956)      (547)       -57%
                             --------- --------- ---------- ----------
Total non-operating items        (154)   19,553    (19,707)       N/A
                             --------- --------- ---------- ----------

Income from continuing
 operations before minority
 interest, equity in net
 income (loss) of affiliates,
 and income taxes             130,268   111,079     19,189         17%
Minority interest in income
 of consolidated
 subsidiaries, net of income
 tax                          (24,320)  (21,158)    (3,162)       -15%
Equity in net loss of
 affiliates, net of income
 tax                             (535)     (323)      (212)       -66%
Income tax (expense) benefit  (19,667)   (6,798)   (12,869)      -189%
                             --------- --------- ---------- ----------
Income from continuing
 operations                    85,746    82,800      2,946          4%

(Loss) income from                                             LT-200%
 discontinued operations, net
 of income tax (e)             (2,359)   (6,465)     6,724
Gain (loss) on disposal of
 discontinued operations, net
 of income tax (g)             (8,204)  (13,324)     2,502         19%
                             --------- --------- ---------- ----------
Net Income                    $75,183   $63,011    $12,172         19%
                             ========= ========= ========== ==========

  Weighted average shares
   (basic)                     49,625    46,356
  Weighted average shares
   (diluted)                   52,028    49,016
  EPS-Net Income (basic)        $1.52     $1.36
  EPS-Net Income (diluted)      $1.45     $1.29
  EPS-Income from continuing
   operations (basic)           $1.73     $1.79
  EPS-Income from continuing
   operations (diluted)         $1.65     $1.69

Reconciliation - Pro Forma
 Income from Continuing
 Operations (f)
- -----------------------------
Income from continuing
 operations before income
 taxes                                  $89,598
   Impact from early
    repayment of Educate Inc.
    note receivable                      (6,014)
   Gain on UEM Land                      (5,169)
                                       ---------
  Subtotal                              $78,415
   Pro Forma tax expense                (15,655)
                                       ---------
Pro Forma income from
 continuing operations                  $62,760
                                       ---------
  Pro Forma weighted average
   shares (diluted)                      49,016
  EPS - Pro Forma income from
   continuing operations
   (diluted)                              $1.28


  Segment operating profit
   (loss):
      Campus Based - Latin
       America               $124,232   $85,458    $38,774         45%
      Campus Based - Europe    23,532    24,063       (531)        -2%
      Campus Based - Overhead (15,528)  (12,040)    (3,488)       -29%
                             --------- --------- ---------- ----------
      Campus Based - Total   $132,236   $97,481    $34,755         36%
                             --------- --------- ---------- ----------

   Laureate Online            $28,234   $21,143     $7,091         34%
                             --------- --------- ---------- ----------

a) Central America includes Mexico, Costa Rica, Panama and Honduras.

b) South America includes Chile, Brazil, Ecuador and Peru.

c) The Mediterranean region includes Spain and Cyprus

d) For the twelve months ended December 31, 2004, includes
   acceleration of original issue discount triggered by the early
   repayment of the K-12 seller note and the gain on the divestment
   of land at UEM.

e) The 2005 and 2004 operating results present the K-12 (including
   UK/France), WSI and India business units as discontinued
   operations.

f) The pro forma measures used in this press release are non-generally
   acceptable accounting principle ("GAAP") financial measures. Non-
   GAAP should not be considered as a substitute for, or superior to,
   measures financial measures of financial performance prepared in
   accordance with GAAP. The Company's management refers to these
   non-GAAP financial measures in making operating decisions because
   they provide meaningful supplemental information regarding the
   Company's historical operating results. In addition, the Company
   has historically reported similar non-GAAP financial measures to
   investors and believes that the inclusion of comparative numbers
   provides consistency in its financial reporting. Investors are
   encouraged to review the reconciliation of the non-GAAP financial
   measures used in this press release to their most directly
   comparable GAAP financial measure as provided with the financial
   results attached to this press release.

g) The Company is restating in the second quarter of 2005 to reflect
   the change in income tax expense of $7.4 million related to a
   reversal of a deferred tax asset of WSI. As a result, the Company
   is evaluating the impact on our assessment of internal controls
   relating to tax processes over non-core operations.

LT = Less Than

    CONTACT: Laureate Education
             Rosemarie Mecca, 410-843-8070
             or
             Investor Relations:
             Chris Symanoskie, 410-843-6394

    

EX-99.02

Laureate Education, Inc.Earnings Conference Call and Webcast Fourth Quarter and Full-Year 2005 February 27, 2006

Safe Harbor Statement This presentation includes information that could constitute forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements may involve risk and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, the Company’s actual results could differ materially from those described in the forward-looking statements: The following factors might cause such a difference:  •   The Company’s operations can be materially affected by competition in its target markets and by overall market conditions, among other factors.

•   The Company’s foreign operations, in particular, are subject to political, economic, legal, regulatory and currency-related risks. Additional information regarding these risk factors and uncertainties is detailed from time to time in the Company’s filings with the Securities and Exchange Commission, including but not limited to our most recent Forms 10-K and 10-Q, available for viewing on our website. (To access this information on our website, please click on “Investor Relations,” “SEC Filings”).

2005 Highlights – Delivering Growth and Results

•   Laureate’s Worldwide Student Enrollment - 217,429

–   41% Increase in Total Campus-Based Enrollment

–   27% Increase in Total Online Enrollment

•   Latin American Region

^–   New Enrollment Growth: 25% (30% including acquisitions)

–   Total Enrollment Growth: 17% (43% including acquisitions)

–   Brazil Entry with Anhembi Morumbi Acquisition

–   Honduras Entry with UNITEC Acquisition

–   Addition of Torreon and Hermosillo (UNO) Campuses, Mexico

•   Europe Region

^–   New Enrollment Growth: 36% (36% including acquisitions)

^–   Total Enrollment Growth: 6% (29% including acquisitions)

–   Cyprus College Acquisition

•   Online Higher Education

^–   New Enrollment Growth: 37%

–   Total Enrollment Growth: 27% (41% at Walden University)

2005 Highlights – Network and Management Initiatives

•   Network Initiatives:

–   U.S. and Spanish dual-degree programs launched throughout Latin America

–   Glion Hospitality Management programs now offered at 6 campuses in Mexico

–   Over 750 students studied abroad within the network in 2005

–   Shared Best Practices in marketing, operations, and technology

•   Building Bench Strength Worldwide:

–   Appointments in 2005

•   Appointment of Isabel Aguilera to Board of Directors

•   Rosemarie Mecca joined Laureate as new EVP/CFO

•   Daniel Nickel joined Laureate as EVP, Corporate Operations

•   Jorge Selume selected to lead Andean Region

•   High Product and Student Quality:

–   Walden’s industry-leading cohort default rate 1.2%

–   Of private universities in Mexico, UVM has the second highest number of program-level accreditations

•   23 programs (out of 34) accredited by independent agencies

Key Campus-Based Successes in 2005 Working-Adults Grow to 16% of Total Campus-Based Enrollment First Mover in current markets Product leverages facilities, administration, and program content Working-adult is precursor to online

UVM Ranked within Top 10 Best Universities in Mexico for Second Year by AC Nielsen  ECE Ranked within Top 10 Graduate Engineering Schools in France by Le Point Magazine New Country Entry into Brazil, Honduras, and Cyprus

Plus, Successful Organic Growth Excluding acquisitions, campus-based revenue increased 19%

Key Online Successes in 2005 Walden University’s Cohort Default Rate 1.2% Investments in Online Higher Education  Opened enrollment advisor center in Phoenix, AZ Brand advertising doubled aided awareness as well as improved faculty recruitment efforts and faculty quality  Pursuing Additional Professional Accreditations Commission on Collegiate Nursing Education (CCNE), Council on Education for Public Health (CEPH), and Counseling and Related Educational Programs (CACREP)

Launched New Programs & Specializations EdD. Specialization in Administration MSN - RN to MSN track MS Mental Health Counseling BS Early Childhood Education

Year 2000: Building The Network 5 Countries 5 Institutions 15 Campuses and Distance Learning 54,800 Students CANTER UNITED STATES LES ROCHES HOTEL MANAGEMENT SCHOOL SWITZERLAND UNIVERSIDAD EUROPEA DE MADRID (“UEM”) SPAIN WORLDWIDE HEADQUARTERS BALTIMORE, MD  UNIVERSIDAD DEL VALLE DE MEXICO (“UVM”) MEXICO UNIVERSIDAD DE LAS AMERICAS (“UDLA”) CHILE

Year 2005: International University Network 15 Countries 24 Institutions 51 Campuses and Online 217,000 Students INSTITUT FRANCAIS DE GESTION (“IFG”) And ECOLE SUPERIEURE DU COMMERCE EXTERIEUR (“ESCE”)

And ECOLE CENTRALE D’ELECTRONIQUE FRANCE Laureate Online Education NETHERLANDS GLION HOTEL SCHOOL (“GLION”) SWITZERLAND Laureate Online Education WALDEN UNIVERSITY UNITED STATES UNIVERSIDAD EUROPEA DE MADRID (“UEM”) And INSTITUTE FOR EXECUTIVE DEVELOPMENT (“IEDE”) SPAIN LES ROCHES HOTEL MANAGEMENT SCHOOL SWITZERLAND CYPRUS COLLEGE CYPRUS WORLDWIDE HEADQUARTERS BALTIMORE, MD  LES ROCHES - MARBELLA SPAIN UNIVERSIDAD INTERAMERICANA COSTA RICA & PANAMA UNIVERSIDAD DEL VALLE DE MEXICO (“UVM”) MEXICO UNIVERSIDAD TECNOLOGICA CENTROAMERICANA (“UNITEC”) HONDURAS UNIVERSIDAD DE LAS AMERICAS (“UDLA”) ECUADOR ULACIT PANAMA LES ROCHES JIN JIANG INTERNATIONAL HOTEL MANAGEMENT COLLEGE CHINAUNIVERSIDADE ANHEMBI MORUMBI BRAZIL UNIVERSIDAD PERUANA DE CIENCIAS APLICADAS (“UPC”) PERU UNIVERSIDAD DE LAS AMERICAS (“UDLA”) CHILE UNIVERSIDAD NACIONAL ANDRES BELLO (“UNAB”) CHILE ACADEMIA DE IDIOMAS Y ESTUDIOS PROFESIONALES (“AIEP”) CHILE

Laureate 2000-2005 Enrollment 32% CAGR Revenue 37% CAGR Operating Income (1) 46% CAGR (1) Excludes Corporate G&A to allow for comparability prior to sale of K-12 business and excludes Non-Cash Compensation

Distinguishing Characteristics Global Network and Brand Laureate International Universities Strong local brands Accreditation at Highest Level Diversification By Country, market segment, and degree offerings First Mover Advantage Selecting the best acquisitions in each market Lessons learned and applied Management Team Proven, disciplined, and experienced at all levels Industry-Leading Retention and Length of Stay Program length of up to 6 years

Forward Strategy and Objectives in 2006 Expand Capacity at Existing Locations France, Peru, Ecuador, and Mexico/Central America Add 3-4 New Campuses (includes Build or Buy) Continue Preparations for China Entry Launch New Network Programs Expand study abroad and double-degree programs Increase programs with shared curriculum  Introduce Additional Online Initiatives Throughout Network

2006 Financial Outlook (Excludes Acquisitions)  Revenue:$1.08 - 1.15 Billion An increase of 23% to 31% over 2005 14%-16% Campus-Based total enrollment growth 25+% Online total enrollment growth 4%-5% Price improvement Margin Improvement(1) : 60 - 120 bps Campus-based operational leverage Online margin improvement of 200 bps Earnings Per Share(2) : $2.05 - $2.15 An increase of 23% to 30% over 2005 Effect of SFAS123(R) (Per Share): ($0.10) - ($0.12) 2007 Outlook to be Announced in July 2006 (1) Margin improvement (operating income) includes Corporate G&A. (2) Earnings Per Share Outlook excludes stock options expense. Fully diluted weighted averages shares outstanding are expected to be 53.6 million for the year ended December 31, 2006.

Vision for 2010 Revenue: $2 Billion   Operating Margin: 20% EPS: $5.00 per share (25%+ CAGR) Assumptions: 18% to 20% annual revenue growth (based on 13% to 15% enrollment growth) and 100+bps annual operating margin improvement Positioned for 15% to 20% earnings growth 2010 to 2015 Highest growers in 2010: Asia campuses, Online International, Working Adult worldwide Management services contracts in multiple countries

Financial Overview

Fourth Quarter 2005 Financial Summary Laureate reported earnings of $0.91 per diluted share in its seasonally strongest and most significant quarter Results in line with Company’s previously issued financial outlook Industry-leading predictability and visibility Strong 3Q 2005 enrollment High retention  Program lengths of up to 6 years Earnings leverage on campus growth and G&A Company met or exceeded expectations for the quarter and full-year while investing for future growth Major investment in management Development of new academic programs and student services Investing in online initiatives and infrastructure worldwide Continuing investment in new market entry

Full-Year 2005 Financial Summary Reported 2005 earnings of $1.65 per diluted share 29% EPS growth ($1.65 in 2005 compared to $1.28 in 2004 - excluding the early repayment of K-12 seller note and UEM land divestment) Mid-point of previously issued financial outlook (which was increased by $0.02 in March 2005) Company operating margins increased from 14.1% to 14.9% in 2005 Latin America operating profit increased from 23.7% to 24.5% Europe declined 310 bps primarily due to the acquisition of IFG Online margins remained strong at 15%, while Company made substantial investment in Walden brand and enrollment advisors G&A was 2.9% percent of revenue in 2005 Balance Sheet at Year End 2005 (unaudited): Cash: $110 Million Debt: $228 Million Depreciation and Amortization: $51 Million

Non-Cash Compensation In 2005, $4.6 million (approximately $0.07 per share) of expenses related to equity based compensation were reported as operating expenses in a separate line item - “Non-Cash Stock Compensation Expense”. The Company’s historical financial statements and outlook already include charges associate with restricted stock. 2005 2006 (est.)Restricted Stock: $0.07 $0.14  In 2006, in accordance with SFAS123(R), the charges for stock options will be reported as a operating expense. 2005 2006 (est.) Other Equity Compensation (“stock options”): $0.07 $0.10 - $0.12 In the Company’s financial tables, “Segment Operating Profit (Loss)” will be reported with and without stock options expense.  Laureate’s 2006 EPS and Margin Outlook contains estimates for restricted stock and does not contain the estimates for stock options expense. Stock options expense outlook is provided separately. Additionally, 2006 segment operating profit will be reported with and without this adjustment.

Tax Issues Primarily Related to Divested Businesses 1997 IRS issue concerning tax treatment of a specific item  Awaiting formal notification from the IRS; Company expects no material EPS impact IRS proposed adjustments to 1998 & 1999 federal income tax return Related to transfer pricing and timing of certain deductions Verbally notified by IRS of settlement; no material adjustments IRS proposed adjustments to 2000 federal income tax return primarily related to the gain on the sale of Prometric ($775 million) IRS claims Company owes $54.6 million, plus penalties and interest Company believes it properly recorded the transaction and intends to appeal

Best Practices - Revenue Recognition  Voluntarily adopting improved revenue recognition method Weekly revenue recognition across all Laureate universities  Implementation has no material effect on future earnings per share New revenue recognition method impacts seasonality Reducing profit in Q1, Q3 and Q4 Increasing profit in Q2 Company providing 2004-2005 financials under improved revenue recognition method for comparison purposes Spreadsheet available in the IR section of Laureate’s website, www.laureate-inc.com. In 8-K filing with SEC

Best Practices Seasonality 2005 Revenue and Operating Profit BEFORE and AFTER Implementation of Improved Revenue Recognition Method  Full-Year Revenue and Operating Profit 

Operating Profit  as % of Full-Year Total EPS current $1.65; EPS re-presented $1.66 Operating Profit Includes Corporate G&A Re-presented is with the new revenue recognition method

	Revenue	Operating Profit
2005 Before	875.4	130.4
2005 After	875.8	130.7

	1Q05	2Q05	3Q05	4Q05
2005 Before	4%	26%	16%	54%
2005 After	1%	34%	12%	53%

First Quarter 2006 Financial Outlook Revenue ($ in millions) Campus-Based Revenue: $165 - $180 Online Revenue: $50 - $55 Total Revenue: $215 - $235 Operating Margin Campus-Based: 3% - 4% Online:  7% - 8% Corporate G&A Expense: ~$9 Diluted Earnings Per Share(1): ($0.01) - ($0.03) Effect of SFAS123(R) (Per Share):  ($0.02) to ($0.03)

2006 Financial Outlook (Excludes Acquisitions) 2006 Expected Earnings Per Share Under New Revenue Recognition Method

2006 Expected EPS Range by Quarter (as % of Full-Year EPS)	First Quarter	Second Quarter	Third Quarter	Fourth Quarter
	(2%) - 0%	32% - 35%	8% - 11%	53% - 58%

2006 Financial Outlook (Excludes Acquisitions)  Re-presented 2006 2005 % Change Revenue ($ in millions): $1,080 - 1,150 $875.8 23%-31% 14%-16% Campus-Based total enroll. growth

25+% Online total enrollment growth 4%-5% Price improvement  Margin Improvement(1) :  60 - 120 bps 105bps Campus-based operational leverage Online margin improvement of 200 bps  Earnings Per Share(2) : $2.05 - $2.15 $1.66 23%-30% Effect of SFAS123(R) (Per Share): ($0.10) - ($0.12) ($0.07)

Questions & Answers