Preliminary Analysis Reveals Strong Achievement Trend at Edison Schools
Important Indicator for Company's Growth
NEW YORK, Jan. 16 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, announced today that
achievement gains at its schools far exceed, by ratios as high as 5 to 1 and
by an overall average of more than double, those gains at similar schools in
the locales where Edison is working. These results apply to both types of
high stakes tests mandated by state and district
officials-criterion-referenced tests, which judge student performance against
objective state or district standards, and norm-referenced tests, which judge
performance against national population norms. These results are true for the
academic year 2001-2002 as well as over the time since Edison began management
at each of its schools.
Historically, Edison has tracked the gains of its students against state
standards and national norms and been able to report substantial improvements
by these objective measures. Edison can now report that its gains are not
only substantial, but that these gains have been achieved at a substantially
more rapid pace than those made by comparable schools.
Identifying Comparable Schools
Edison compared each one of its schools to every other "similar" public
school within the same district. Similar schools were defined as those
serving students with similar levels of economic disadvantage
(as determined by free- or reduced-price lunch eligibility) and a similar
demographic population (Edison's overall national demographic includes
88 percent minority enrollment) within plus or minus 10 percentage points of
the Edison school. For example, if 73 percent of students in an Edison school
were eligible for free- or reduced-price lunches (Edison's national average
eligibility level), then that Edison school was compared with those schools
with free- or reduced-price lunch percentages ranging from 63 percent to
83 percent (and serving the same tested grade levels).
This process of identifying comparable schools found more than
1,000 public schools as comparable to some 60 Edison schools. (Some Edison
schools had no comparable schools within their areas-usually because they
served by far the most disadvantaged students within their locale.)
Edison Schools Academic Performance Versus Comparable Schools
Edison's comparably superior performance is true not only for gains made
during the last academic year, but also for cumulative gains made since Edison
began its management. For the 2001-2002 academic year, Edison schools with
comparison schools available gained an average of 4.4 percentage points on
criterion referenced tests and 4.3 percentiles on norm referenced tests; the
gains at more than 1,000 comparable schools were 0.7 percentage points
and -0.4 percentiles, respectively. Essentially, the comparable schools made
no academic gains last year, while the Edison schools gained solidly. Viewed
over the period of time since Edison began management at each school, the
results are similar. Edison schools with comparison schools available have
improved by an average of 3.6 percentage points every year on criterion
referenced tests and 5.5 percentiles on norm referenced tests. Comparable
schools have gained only 1.4 percentage points and 2.7 percentiles,
respectively-approximately one half of Edison's improvement rate.
Edison's Chief Education Officer John E. Chubb commented: "We have always
been proud of the steady gains at our schools. Achievement progress requires
very hard, diligent, and intelligent work. We applaud our teachers and
students for their exemplary efforts and accomplishments -- we know that their
success is indeed special. The substantial progress of Edison's schools
against difficult odds is very gratifying, not only to us as a reform
organization but to our district and charter partners."
"The student achievement of the schools where we work is the most
important predictor of our company's growth," said Chris Whittle, the
company's founder and CEO. "For years, our customers and prospects have known
that Edison schools have been gaining ground rapidly. Now they have a clearer
picture of just how superlative that performance is versus the norm. As that
word continues to spread, so will the demand for our services."
About Edison's Fifth Annual Report on School Performance
More details and complete data on the achievement gains of Edison schools
and comparable schools; Edison schools success at beginning to close the
Achievement Gap; as well as the substantial gains at Edison's No Child Left
Behind designated schools will be reported in Edison's Fifth Annual Report on
School Performance scheduled for publication later this month.
About Edison Schools
Founded in 1992, Edison partners with school districts and charter boards
to raise student achievement through its research-based school design, aligned
assessment systems, interactive professional development, integrated use of
technology and other proven program features. Edison students are achieving
annual academic gains well above national norms. Edison Schools now serves
more than 110,000 public school students in over 20 states through four
different business channels: (1) the management of schools for school
districts, (2) charter schools, (3) summer and after-school programs, and (4)
achievement management solutions for school systems. The company operates
150 full-year schools and 178 summer schools.
Between 1992 and 1995 and in on-going efforts, Edison's team of leading
educators and scholars have conducted intensive research to develop its school
design and support systems. Edison opened its first four schools in August
1995, and has grown rapidly in every subsequent year. For more information,
please visit http://www.edisonschools.com.
Any statements in this press release about future expectations, plans and
prospects for Edison, including statements about Edison's future financial
results and other statements containing the words "believes," "anticipates,"
"plans," "expects," "will," and similar expressions, constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those indicated by such forward-looking statements as a result of various
important factors, including that Edison could lose revenue if it is unable to
enroll enough students or to attract and retain enough principals and
teachers, Edison's management agreements involve financial risk and are
terminable under specified circumstances prior to their expiration, Edison
could be come liable for its charter schools' financial obligations and other
factors discussed in our most recent Annual Report on Form 10-K filed with the
SEC on September 30, 2002. In addition, the forward-looking statements
included in this press release represent Edison's estimates as of January 16,
2003. Edison anticipates that subsequent events and developments will cause
Edison's estimates to change. However, while Edison may elect to update these
forward-looking statements at some point in the future, Edison specifically
disclaims any obligation to do so. These forward-looking statements should
not be relied upon as representing Edison's estimates or views as of any date
subsequent to January 16, 2003.
SOURCE Edison Schools
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Related links:
http://www.edisonschools.com
CONTACT:
John Chubb, Chief Education Officer,
+1-212-419-1641, or Adam Tucker, VP Communications,
+1-212-419-1602, both of Edison Schools
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