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8 2014 ANNUAL REPORT
careers.) The business, the management team, the
quality of the education provided and the placement
rates of our graduates into careers have been as
good as we hoped. This is a business that can grow.
The same is true of our wonderful TV station
group, now known as Graham Media Group
and headed by Emily Barr. In 2014, we added
SocialNewsDesk, a start-up founded in Jacksonville
by some entrepreneurs who used to work at WJXT.
1,200 newsrooms—radio, TV and newspaper—use
SocialNewsDesk’s products. Emily and GMG have
been experimenting in local programming designed
to further connect communities by providing adver-
tisers something fresh. In addition, GMG’s web and
mobile sites grew in usage and advertising support;
they’re attracting a new generation of users. (2014
was an amazing year for our stations, especially for
KPRC in Houston, our largest. Under Jerry Martin’s
leadership, the station had strong momentum at
year-end and bids to join our Detroit, San Antonio
and Jacksonville stations as market news leaders.)
Second, and even more important, we can grow
the earnings of companies we already own. Kaplan’s
international businesses (there are dozens) have
steadily grown. From providing about $20 million
in earnings ten years ago, the collective earnings
of our international businesses grew to almost
$70 million in 2014. Our pathways and university
hosting units partner with leading international col-
leges and universities to prepare students for higher
learning. Along with our English-language training,
these recruit students from all over the world. Local
changes in the economy and student visa policies
will see to it that those businesses fluctuate with
time. But, over the years, our international busi-
nesses will grow.
Third, we can acquire companies in businesses we
like, with management teams we admire, in new
fields. In the past three years, we’ve added four busi-
nesses that have been successful so far and will be
part of our Company for a long time. In 2014, we
bought Residential Healthcare Group in Troy, MI, a
leader in home health care in the Michigan market.
Mike Lewis, David Curtis and Justin DeWitte make
up an excellent management team. Results were
equal to what we expected, and there are opportu-
nities for growth.
Residential is our second company in the home health
care business. If you think this means we are happy
with the first one, you’re right. Celtic Healthcare, run
by Arnie Burchianti and Kurt Baumgartel, grew nicely
and set the table for considerable future growth.
At the end of 2014, Celtic signed a joint venture
with Allegheny Health Network, the second-largest
hospital system in Pittsburgh. The joint venture will
oer home health care services throughout western
Pennsylvania under the AHN brand; we couldn’t be
more delighted.
We can grow the earnings of companies
we already own. Kaplan’s international
businesses (there are dozens) have
steadily grown.