Tuesday, March 30, 2010
Apollo Group quarterly revenue tops $1B
Phoenix Business Journal
Quarterly revenue jumped over the $1 billion mark for University of Phoenix parent Apollo Group Inc.
The Phoenix-based company (Nasdaq:APOL) reported net revenue of $1.07 billion for the quarter ended Feb. 28, compared with $870 million for its second fiscal quarter of 2009.
Net income, however, fell to $92.6 million, or 60 cents, from $125 million, or 77 cents per share, a year ago.
Contributing to revenue growth was a 15 percent year-over-year increase in University of Phoenix degreed enrollment to 458,600 as well as $53.6 million in revenue from recently acquired BPP Holdings, officials said. Net income was impacted by a $44.5 million pre-tax charge related to a securities class action lawsuit.
"We are pleased with our second-quarter results, particularly with respect to the continued mix shift in student enrollments towards bachelor degree level students," said Apollo Group Co-CEO Chas Edelstein. "We have set forth a strategy to transition the University of Phoenix to focus on better identifying and enrolling students who have a reasonable chance to succeed in our rigorous programs, and we are delivering on that plan."
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