Greetings, ladies and gentlemen, and welcome to the ITT Educational Services, Inc. 2015 Second Quarter Earnings Conference call. At this time, all participants are in a listen-only mode. As a reminder, this conference is being recorded. Joining us today from the management of ITT Educational Services, we have Kevin Modany, Chief Executive Officer; and Dan Fitzpatrick, Executive Vice President and Chief Financial Officer. Before we begin, ITT Educational Services, Inc. wishes to remind you that this conference call may include forward-looking information. Actual results may differ from the information presented during this call. For additional information, please review the section on forward-looking information contained in the news release dated July 30, 2015 or in the company's public filings with the US Securities and Exchange Commission. Thank you, Mr. Modany. You may begin.

Thank you, Operator. Good morning, ladies and gentlemen and thank you for joining us on this conference call to review our 2015 second quarter financial and operating results. Joining me on the call this morning is our Executive Vice President and Chief Financial Officer, Dan Fitzpatrick. On the call today, we will discuss the financial and operating results that we released this morning. We’ll also take a bit of time this morning to highlight some of our relationships with importers that are our graduates. We value our relationships with companies that hire our grads and believe these working relationships between our institution and high quality employers demonstrate the value ITT Technical Institute brings to the market place. Let me share a little bit of color on those relationships. Now, before I hand the call over to Dan, so that he can provide some comments here on the financial results, I would like to take a moment to recognizing for his un-laboring commitment for this organization over the last ten years. As we reported back in April, Dan advised lots of his intention to retire from his position of EVP and Chief Financial Officer. This morning we announced that as part of the leadership transition, Dan will step down from his position effective on the business day after we file our second quarter 2015 Form 10-Q. We should note that we currently expect to file the second quarter 10-Q in the next few days. Dan has been a significant contributor to our organization and anyone that knows him understands that there is not a more committed and dedicated individual than Dan. His accomplishments always are unselfish contributions to the organization, during what recently can only be described as challenging times emphasize his commitment to our mission of helping men and women…

Thanks, Kevin and thank you for the very kind words. I truly enjoyed my time with the organization and I would definitely miss all the good friends that I’ve made here at the company over the past decade. We tremendous group of people that are truly dedicated to helping individuals improve their lives through the pursuit of a high quality career based education that we offer at ITT Technical Institute. I miss working with them towards the consistent achievement of the singular objective student success. At this point I’d like to review the financial statement highlights for the second quarter of 2015. Revenue decreased 23.9 million or 10% to 214.2 million in the three months ended June 30, 2015 compared to 238.1 million in the three months ended June 30, 2014. Revenue in the PEAKS Trust decreased 1 million to 2.2 million in the three months ended June 30, 2015 compared to 3.2 million in the three months ended June 30, 2014. Revenue of CUSO was 1.2 million in the three months ended June 30, 2015. No CUSO revenue was included in our consolidated financial statements in the three months ended June 30, 2014 because the CUSO consolidation was effective September 30, 2014. The primary factors that contributed to the year-over-year decrease in consolidated revenue in the second quarter included, 10.4% decrease in student enrollment as of March 31, 2015 compared to March 31, 2014 and 13.7% decrease in total student enrollment as of June 30, 2015 compared to June 30, 2014. The decrease in consolidated revenue resulting from decreases in total student enrollment was partially offset by a decrease in the average amount of institutional scholarships rewards provided for students in the three months ended June 30, 2015 compared to the three months ended June 30, 2014. Cost of…

Thanks, Dan. Turning to a quick look at new student enrollment, as we reported in this morning’s release, new student enrollment in the second quarter of 2015 decreased 18.6% to 12,638 compared to 15,523 in the same period of 2014. Total student enrollment decreased 13.7% to 47,874 as of June 30, 2015 compared to 55,485 as of June 30, 2014. In our June 2 conference call of investment analyst, we noted that we believe the new student enrollment for the second quarter of 2015 would be down between 14% and 18% compared to the same period in 2014. Obviously we came in slightly below the lower end of our expected range. As of July 26, 2015 new student applications net of cancellations for students beginning their studies with us, starting with the upcoming September 2015 academic period we’re down 15% compared to the same point in the prior year for students who began their program to study in the September 2014 academic period. Keeping in mind the lack of visibility in new student enrollment trends, we estimate new student enrollment for the third quarter of 2015 may be down 15% to 20% compared to the same period in 2014. Unfortunately we continue to experience headwinds and volatility in new student enrollment and the lack of transparency in the front end of our business. These factors continue to make it very difficult to predict our new student enrollment for future periods. With that in mind, factoring in the currently available data, we believe the new student enrollment for the full year of 2015 may range between down 15% to down 18% compared to the full year of 2014. Assuming our new student enrollment estimates are realized and there are no material changes in our student retention metrics for the remainder of…

The conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.