Apollo Group, Inc. was founded in 1973 in response to a gradual shift in higher education demographics from a student population dominated by youth to one in which approximately half the students are adults and over 80 percent of whom work full-time. Apollo's founder, John Sperling, believed -- and events proved him right -- that lifelong employment with a single employer would be replaced by lifelong learning and employment with a variety of employers. Lifelong learning requires an institution dedicated solely to the education of working adults.

Today, Apollo Group, Inc., through its subsidiaries, the University of Phoenix (including University of Phoenix Online), the Institute for Professional Development, the College for Financial Planning, and Western International University, has established itself as a leading provider of higher education programs for working adults by focusing on servicing the needs of the working adult.

Apollo Group has enjoyed continual growth in student enrollments as well as building a strong financial record by having more than doubled its total enrollments and revenues between 2001 and 2005. Apollo Group, looking to continue the growth, completed its initial public offering on December 6, 1994 with a price of $0.72 per share (adjusted for stock splits).