78464706

University of Phoenix closing 115 locations

For-profit education company Apollo Group Inc. says its net income fell 60 percent in its fiscal fourth quarter, hurt by a sharp drop in enrollment at the University of Phoenix and higher costs.

The company also announced Tuesday that it is closing 115 locations due to shrinking enrollment and higher interest by students in taking courses online.

Apollo reported net income of $75.4 million, or 66 cents per share, for the three months ended Aug. 31. That compares with net income of $188.6 million, or $1.37 per share, a year earlier.

Excluding special items, Apollo’s earnings amounted to 52 cents per share.

Revenue fell 11 percent to $996.5 million from $1.12 billion.

Analysts polled by FactSet expected adjusted earnings of 50 cents per share on $1.01 billion in revenue.

POSTED: . TAGS: , , ,
AZ Business Magazine

About AZ Business Magazine

Over the past two-and-a-half decades, Arizona Business Magazine has grown to encompass not just Arizona Business Magazine, but also a whole host of other publications and signature events. Arizona Business Magazine is the state’s leading monthly business publication. Published by AZ Big Media, the magazine covers a wide-range of topics focusing on the Arizona business scene, and is aimed at high-level corporate executives and business owners.