Discontinued Operations

3 Months Ended

Nov. 30, 2012

Notes to Consolidated Financial Statements [Abstract]

Discontinued Operations

Discontinued Operations

During the fourth quarter of fiscal year 2012, BPP completed the sale of its subsidiary, Mander Portman Woodward (“MPW”), a U.K.-based secondary education institution for £54.8 million (equivalent to $85.3 million as of the date of sale). The sale reflects our strategy to focus on the postsecondary education market. We do not have significant continuing involvement after the sale and, accordingly, MPW’s operating results are presented as discontinued operations on our Condensed Consolidated Statements of Income for all periods presented. We determined cash flows from our discontinued operations are not material and are included with cash flows from continuing operations on our Condensed Consolidated Statements of Cash Flows. MPW was previously included in the Apollo Global reportable segment.

The following table summarizes MPW’s operating results for the three months ended November 30, 2011, which are presented in income from discontinued operations, net of tax in our Condensed Consolidated Statements of Income:

($ in thousands)
Net revenue	$	6,790
Costs and expenses	3,889
Income from discontinued operations before income taxes	2,901
Provision for income taxes	(753		)
Income from discontinued operations, net of tax	2,148
Income from discontinued operations, net of tax, attributable to noncontrolling interests	(309		)
Income from discontinued operations, net of tax, attributable to Apollo	$	1,839

The operating results of discontinued operations summarized above only includes revenues and costs directly attributable to the discontinued operations, and not those attributable to our continuing operations. Accordingly, no interest or general corporate overhead expenses have been allocated to MPW.