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TWST: What is ITT Educational?
Mr. Modany: ITT Educational Services is a leading provider of
postsecondary education programs in technology, criminal justice and
business. The company was incorporated back in 1946. The entity, ITT
Educational Services, Inc., was actually formed in 1969. The company had
an initial public offering back in 1994. We currently have five
different schools of study where we offer Associate, Bachelor and Master
degree level programs. The five schools of study are the School of
Information Technology, School of Drafting and Design, School of
Electronics Technology, School of Criminal Justice and the School of
Business. We offer program delivery in a resident format via 84 colleges
around the United States. All of our colleges operate under that single
brand name, IIT Technical Institute. In addition, we offer programs of
study in a full, online format. We currently have more than 40,000
students enrolled in our programs of study. About 75% of those students
are pursuing an Associate degree, with the remaining 25% pursuing a
Bachelor degree. TWST: What are the overall dynamics in your market space today? What are
some of the key trends or issues and some of the key variables versus
your assumptions of where these markets are headed?
Mr. Modany: We've been able to grow our business over the last several
years as a result of a focus on a working adult market. Our target
audience is a person who may have gone to a traditional postsecondary
education institution and may have dropped out when they found that a
traditional university setting may not have been a good fit for them.
They took a job, worked for a while, and then realized that their career
was not moving forward. Or, more important, they really didn't have a
career, and they realized they needed to go back and get some training
if they were going to have any prospects for career advancement in the
future. So they look to obtain that training from an institution like
ITT Technical Institute, where we offer career-focused training in a
very flexible delivery format that enables them to maintain a work
schedule and maintain various lifestyle obligations. They are probably
married, have kids, a mortgage, car payments, and so they are trying to
maintain that lifestyle while they go to school. We give them a flexible
option to do that and to participate in postsecondary education. With
the changes that have happened in our marketplace, going more from a
manufacturing-based marketplace to a service-oriented marketplace, we
believe it has created a great opportunity for our organization in that
there is an increasing number of people who need to pursue additional
training ' more specifically, hands-on, career-focused training,
training like we provide at ITT Technical Institute.
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