PITTSBURGH, Oct. 30, 2000 (PRIMEZONE) - Education Management Corporation (Nasdaq:EDMC) today announced the settlement of a previously disclosed lawsuit pending in Houston, Texas brought by a group of former students of The Art Institute of Houston.
While terms are confidential, the settlement is not expected to have a material effect on the Company's financial position or its results of operations. The Company anticipates that its results for the current quarter and the remainder of the fiscal year will fall within the range of analysts' current estimates.
The Company and the plaintiffs' attorneys agreed to a settlement and dismissal, with prejudice, of the claims of all but five of the plaintiffs. The settlement includes claims from a small number of students at certain other EDMC schools who were represented by the same attorneys but were not parties to the lawsuit.
EDMC is among the largest providers of proprietary post-secondary education in the United States, based on student enrollment and revenue. EDMC's 23 education institutions offer bachelor's and associate's degree programs and non-degree programs in the areas of design, media arts, culinary arts, fashion and paralegal studies. The Company has provided career-oriented education programs for over 35 years, and its Art Institutes have more than 100,000 graduates.
This press release may include 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 risks and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements. Factors that could cause or contribute to such differences include those matters disclosed in the Company's Securities and Exchange Act filings.