Due to Significant Reductions in Kansas Educational Spending No Impact On
Current Year Guidance/Two Schools Not EBITDA Positive
NEW YORK, Nov. 21 /PRNewswire-FirstCall/ -- Edison Schools (Nasdaq: EDSN),
the nation's largest private manager of public schools, announced today that
it expects its seven year partnership in Wichita, Kansas will be ending.
Wichita is home to two of Edison's 150 schools. Although both of its schools
there have experienced strong academic success and broad parental support,
significant reductions in Kansas educational spending are likely to lead to a
recommendation by the district superintendent that continuing its partnership
is no longer. The company has been advised that it will be asked to continue
to operate the schools until July 1, 2003, and it is committed to working with
the Wichita Public Schools to create a transition plan for future years that
is beneficial to all parties. The company said this will not have an impact
on current year guidance. The two schools in Wichita are not EBITDA positive.
"We are disappointed that we are unable to continue our relationship with
the Wichita Public Schools. We have spent more than seven years serving the
students and families of Dodge-Edison and Jardine-Edison schools, and they
have both been academic successes," said Chris Cerf, Edison President and COO.
"We are pleased that Winston Brooks, Wichita's Superintendent, believes these
schools have served as models, stimulating healthy competition and thus
helping raise achievement among all district schools. Despite their strong
achievement gains and broad parental support, reductions in Kansas educational
spending are causing the district to seek every possible savings."
Under Edison management, Dodge was quickly transformed from an
under-enrolled campus to an achievement-focused school. When Edison started
its partnership, Dodge students were performing below the district in all
subject areas. Since the initiation of the partnership, Dodge has made
significant achievement gains across all subjects. Dodge average total gain
was 24.3 percentile points, progress that compares well with strong gains made
at other Wichita Public Schools. Dodge parents continue to support the
school, with approximately 80 percent giving the school an 'A' or 'B.'
Before Edison began work with Jardine, the school struggled with
discipline, and achievement was low. In 1996 Edison recruited a new
principal, built an enthusiastic and collaborative staff, and installed a
demanding academic program. The school's decorum improved, parent involvement
and enrollment increased, and the school became the pride of the community.
When the partnership at Jardine began in 1996, students were performing below
the district in mathematics (the only subject tested at the time). Since the
initiation of the partnership, Jardine students have made significant gains.
Jardine is now one of the top middle schools in the Wichita Public School
District, with 86 percent of Jardine's parents giving the school an 'A' or
'B'.
Edison began its relationship with Wichita Schools in 1995. "We leave
these schools in an improved state including a major investment in
infrastructure in essential areas such as technology, curriculum and facility
improvement," said Cerf. "We believe that our schools have made a positive
difference to the educational opportunities and outcomes not only for our
Wichita students and their families, but for the entire community."
About Edison
Edison is the nation's largest private manager of public schools. Edison
educates approximately 110,000 students in 150 full year schools and
178 summer schools. Through contracts with local school districts, states,
and public charter school boards, Edison assumes educational and operational
responsibility for individual schools in return for funding that is generally
comparable to that spent on other public schools in the area. Over the course
of three years of intensive research, Edison's team of leading educators and
scholars developed an innovative curriculum and school design. 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 and any other press release issued by
Edison on or about the date hereof about future expectations, plans and
prospects for Edison, including 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 the risk factors discussed in our most recent
annual report on form 10-K/A filed with the SEC. The forward-looking
statements included in this press release represent Edison's estimates as of
November 21, 2002. Edison anticipates that subsequent events and developments
will cause its estimates to change. 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 November 21, 2002.
SOURCE Edison Schools
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Related links:
http://www.edisonschools.com
CONTACT:
Adam Tucker, VP Communications of Edison
Schools, +1-212-419-1602
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