ITT Educational Services to Release Preliminary First Quarter 2014 Results

CARMEL, Ind., May 8, 2014 /PRNewswire/ — ITT Educational Services, Inc.
(NYSE: ESI), a leading provider of post-secondary degree programs, today
announced that it intends to release preliminary, select operational and
financial results from its first quarter 2014 before the market opens on
Thursday, May 22, 2014. ITT/ESI also will conduct a conference call with
financial analysts that morning at 11:00 a.m. ET to discuss the information
released.

As previously disclosed, issues relating to the accounting treatment for the
variable interest entity involved in the PEAKS Private Student Loan Program (the
“PEAKS Program”) have caused delays associated with completing the company’s
financial statements, footnotes and related disclosures for its Annual Report on
Form 10-K for the fiscal year ended December 31, 2013 (“2013 Form 10-K”) and its
Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2014 (the
“First Quarter 2014 Form 10-Q”). ITT/ESI has submitted a preclearance request to
the Office of the Chief Accountant of the Securities and Exchange Commission
relative to the accounting treatment for the variable interest entity involved
in the PEAKS Program.

Although ITT/ESI’s financial statements, footnotes and related disclosures for
the fiscal year ended December 31, 2013 and the fiscal quarter ended March 31,
2014 may not be finalized by May 22, 2014, the company intends to release on
that date its first quarter 2014 operational results and preliminary, select
first quarter 2014 financial results that are available at that time. ITT/ESI
also intends to provide an update in the release and on the conference call
regarding the status of the 2013 Form 10-K and the First Quarter 2014 Form 10-Q.

The public is invited to listen to a live webcast of the conference call. It may
be accessed by following the “Live Webcast” directions on ITT/ESI’s Web site,
located at www.ittesi.com. Webcast participants are encouraged to log in prior
to the 11:00 a.m. start time to ensure connection before the beginning of the
call. An archived version of the webcast also will be available on the Web site
for replay until May 22, 2015.

About ITT Educational Services, Inc.

ITT Educational Services, Inc. (NYSE: ESI) provides technology-oriented
undergraduate and graduate degree programs through its accredited ITT Technical
Institutes and Daniel Webster College to help students develop skills and
knowledge that they can use to pursue career opportunities in a variety of
fields. It owns and operates more than 135 ITT Technical Institutes and Daniel
Webster College. ITT/ESI serves more than 55,000 students at its campuses in 39
states and online. Through the Center for Professional Development @ ITT
Technical Institute, ITT/ESI provides short-term information technology and
business learning solutions for career advancers and other professionals.
Headquartered in Carmel, IN, ITT/ESI has been actively involved in the higher
education community since 1969 and can be found online at www.ittesi.com.

Except for the historical information contained herein, the matters discussed in
this press release are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act. Forward-looking statements are made
based on the current expectations and beliefs of the company’s management
concerning future developments and their potential effect on the company. The
company cannot assure you that future developments affecting the company will be
those anticipated by its management. These forward-looking statements involve a
number of risks and uncertainties. Among the factors that could cause actual
results to differ materially are the following: the inability of the company to
file the 2013 Form 10-K during any available cure period; the NYSE’s failure to
grant a further extension of time in which the company can file the 2013 Form
10-K; changes in federal and state governmental laws and regulations with
respect to education and accreditation standards, or the interpretation or
enforcement of those laws and regulations, including, but not limited to, the
level of government funding for, and the company’s eligibility to participate
in, student financial aid programs utilized by the company’s students; business
conditions and growth in the postsecondary education industry and in the general
economy; the company’s failure to comply with the extensive education laws and
regulations and accreditation standards that it is subject to; effects of any
change in ownership of the company resulting in a change in control of the
company, including, but not limited to, the consequences of such changes on the
accreditation and federal and state regulation of its campuses; the company’s
ability to implement its growth strategies; the company’s failure to maintain or
renew required federal or state authorizations or accreditations of its campuses
or programs of study; receptivity of students and employers to the company’s
existing program offerings and new curricula; the company’s ability to collect
internally funded financing from its students; the company’s exposure under its
guarantees related to private student loan programs; the company’s ability to
successfully defend litigation and other claims brought against it; and other
risks and uncertainties detailed from time to time in the company’s filings with
the U.S. Securities and Exchange Commission. The company undertakes no
obligation to update or revise any forward-looking information, whether as a
result of new information, future developments or otherwise.

SOURCE ITT Educational Services, Inc.

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