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KinderCare Announces First Quarter Fiscal 2005 Results

Business Wire - October 27, 2004

Continued from page 2.

A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, from the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles ("GAAP"). At the end of this release, we have provided a reconciliation of EBITDA and EBITDAR, non-GAAP measures of our liquidity, to cash provided by operating activities, the most comparable GAAP financial measure.

We believe EBITDA and EBITDAR are useful tools for certain investors and creditors for measuring our ability to meet debt service requirements. Additionally, management uses EBITDA and EBITDAR for purposes of reviewing our results of operations on a more comparable basis. EBITDA and EBITDAR do not represent cash flow from operations as defined by GAAP, are not necessarily indicative of cash available to fund all cash flow needs and should not be considered alternatives to net income under GAAP for purposes of evaluating our results of operations.

Comparable Centers

A center is included in comparable center net revenues when it has been open and operated by us at least one year and it has not been rebuilt or permanently relocated within that year. Therefore, a center is considered comparable during the first four-week period it has prior year net revenues. Non-comparable centers include those that have been closed.

Discontinued Operations

Discontinued operations represents the operating results for all periods presented of the centers closed since fiscal 2002.

Fiscal Calendar

Our fiscal year ends on the Friday closest to May 31. The first fiscal quarter is comprised of 16 weeks, while the second, third and fourth quarters are each comprised of 12 weeks.

Conference Call

We will host a conference call on Wednesday, October 27, 2004 at 10:00 a.m. Pacific Time, at 888-417-7531 (reference: KinderCare) to discuss our first quarter fiscal 2005 results. Replays will be available through Tuesday, November 3, 2004 at 800-642-1687, access identification number 1727300. This call will also be streamed over the internet, accessible via http://www.kindercare.com/about_ir, at the webcast listing. Replays will be available at our website for 90 days from the date of the call.

About Us

We are the leading for-profit provider of early childhood education and care services in the United States. At October 22, 2004, we served approximately 118,000 children and their families at 1,227 child care centers. At our child care centers, education and care services are provided to infants and children up to twelve years of age. However, the majority of the children we serve are from six weeks to five years old. The total licensed capacity at our centers was approximately 164,000 at October 22, 2004.

We operate child care centers under two brands as follows:

--KinderCare -- At October 22, 2004, we operated 1,157 KinderCare centers. The brand was established in 1969 and includes centers in 39 states.

--Mulberry -- We operated 70 Mulberry centers at October 22, 2004, which are located primarily in the northeast region of the United States and southern California.

We also partner with companies to provide on- or near-site care to help employers attract and retain employees. Included in our 1,227 centers at October 22, 2004 were 44 employer-sponsored centers. Additionally, we had eleven service contracts to operate before- and after-school programs.

In addition to our center-based child care operations, our wholly-owned subsidiary, KC Distance Learning, Inc., owns and operates a distance learning company serving teenagers and young adults in three business units as follows: Keystone National High School, Learning and Evaluation Center and iQ Academies.

We are based in Portland, Oregon. Our internet website addresses include kindercare.com, kindercareatwork.com and mulberrychildcare.com. Information about KC Distance Learning, Inc.'s educational programs is available at kcdistancelearning.com, keystonehighschool.com, creditmakeup.com, iqacademies.com and go2iq.com.

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