http://www.StockMarketFunding.com After Hours Earnings Apollo Group Reports Fiscal 2012 First Quarter Results.
Apollo Group, Inc. (NASDAQ: APOL - News) ("Apollo Group," "Apollo" or the "Company") today reported financial results for the three months ended November 30, 2011.
"Our strategic initiatives to further enhance the student experience and provide world-class student protections remain our focus," said Apollo Group Co-Chief Executive Officer and Apollo Global Chairman Greg Cappelli. "We are also pleased to report positive new enrollment growth during the first quarter and improving trends in admissions advisor effectiveness, while reaching students who we believe can be successful in our degree programs."
Apollo Group Co-Chief Executive Officer Chas Edelstein added, "During the first quarter, we continued to invest in areas that will further differentiate University of Phoenix and enhance the student experience. We believe the acquisition of Carnegie Learning will accelerate our efforts to incorporate adaptive learning technologies into our academic platform, which support our students' success in the classroom."
Unaudited First Quarter of Fiscal 2012 Results of Operations
Consolidated net revenue for the first quarter of fiscal 2012 totaled $1,178.7 million, which represents an 11.1% decrease from the first quarter of fiscal 2011. This decrease was principally due to lower enrollments at University of Phoenix, which was partially offset by selective tuition price and other fee changes. For the quarter, University of Phoenix Degreed Enrollment decreased 14.8% to 373,100 compared with the prior year first quarter, primarily due to decreases in New Degreed Enrollment during fiscal 2011, which the Company believes were primarily the result of the operational changes and initiatives it implemented to more effectively support students and improve educational outcomes, as well as the broader competitive environment. University of Phoenix New Degreed Enrollment increased 12.7% in the first quarter of fiscal 2012 compared with the prior year period.
The Company reported income from continuing operations attributable to Apollo Group for the three months ended November 30, 2011, of $149.3 million, or $1.14 per share (130.9 million weighted average diluted shares outstanding), compared to income from continuing operations attributable to Apollo Group of $236.0 million, or $1.61 per share (146.7 million weighted average diluted shares outstanding) for the three months ended November 30, 2010. Results for the first quarters of fiscal 2012 and 2011 included a number of special items that are detailed below.
Results for the first quarter of fiscal 2012 included the following:
Goodwill and other intangible asset impairment charges of $16.8 million for the UNIACC subsidiary of Apollo Global ($14.4 million net of the portion attributable to noncontrolling interests). The Company did not record a tax benefit associated with the goodwill impairment as it is not deductible for tax purposes.
Restructuring and other charges of $5.6 million associated with the Company's real estate rationalization plan.
Results for the first quarter of fiscal 2011 included the following:
Restructuring and other charges of $3.8 million associated with a strategic reduction in force, primarily at University of Phoenix.
A $0.9 million charge representing an accrual for incremental post-judgment interest related to the Policeman's Annuity and Benefit Fund of Chicago securities class action lawsuit.
Excluding the items noted above, income from continuing operations attributable to Apollo Group for the three months ended November 30, 2011 was $167.2 million, or $1.28 per share, compared to income from continuing operations attributable to Apollo Group of $238.9 million, or $1.63 per share for the three months ended November 30, 2010. (See the reconciliation of GAAP financial information to non-GAAP financial information in the tables section of this press release.)
Full Report: http://finance.yahoo.com/news/Apollo-Group-Inc-Reports-bw-3827471301.html?x=0
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