PHOENIX
Apollo Group Inc., an education provider that owns the University of Phoenix, said Monday its fourth quarter earnings rose by more than a third as revenue jumped from a surge in enrollment.
The Phoenix-based company said it earned $103.2 million, or 60 cents per share, for the three-month period that ended Aug. 31. That compared with net income of $75.7 million, or 43 cents share, for the same period last year.
Revenue for the period was $713.9 million, a 14 percent jump from $624.9 million last year. Total degreed enrollments grew 11 percent to 313,700.
Analysts surveyed by Thomson Financial, on average, forecast earnings of 60 cents per share and revenue of $701 million.
The company posted profits of $408.8 million, or $2.35 per share, for the 2007 fiscal year compared with $414.8 million for 2006. Total revenue in 2007 was $2.7 billion, a 10 percent increase from fiscal 2006.
Apollo President Brian Mueller said the company is seeing the benefits of expanded programs, more productive enrollment counselors and advertising.
