Reuters: Global Markets: Apollo Group profit falls as student sign-ups slip again

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Apollo Group profit falls as student sign-ups slip again Jan 8th 2013, 22:15 Tue Jan 8, 2013 5:15pm EST (Reuters) - Apollo Group Inc (APOL.O), the owner of the biggest U.S. for-profit college, reported a fall in quarterly profit as student sign-ups declined for the third straight quarter. For-profit education providers have been plagued by falling enrollments over the last two years in the face of tighter regulations and low job-placement rates. U.S. colleges were forced to focus more on the quality of education after the government introduced new rules that threatened to cut away financial aid if debt loads remained high. Apollo, which runs the University of Phoenix, said in October that it would cut 800 jobs and shut down 25 campuses to save costs, as fewer students signed up at its colleges. Apollo said on Tuesday that new student enrollments fell 15 percent to 54,100 in the first quarter ended November. Net income attributable to Apollo fell to $133.5 million from $149.3 million a year earlier. However, the company's attributable net income per share rose to $1.18 from $1.14 as Apollo bought back some of its shares. Excluding items, the company earned $1.22 per share. Revenue fell 10 percent to $1.06 billion. The company's shares were down about 4 percent after the bell. They closed down 3 percent at $20.94 on Tuesday on the Nasdaq. The stock has dropped more than 60 percent over the past year. (Reporting by Sagarika Jaisinghani in Bangalore; Editing by Roshni Menon) Link this Share this Digg this Email Reprints

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