Apollo Group, Inc. (NASDAQ: APOL) today reported financial results for the three months and fiscal year ended August 31, 2013, with fourth quarter revenue of $845.0 million and diluted earnings per share of $0.19 per share, or $0.55 per share excluding special items.
“Fiscal Year 2013 brought challenges and opportunities for Apollo Group,” said Apollo Group Chief Executive Officer Greg Cappelli. “We set out this year to differentiate University of Phoenix, diversify Apollo Group and build a more efficient organization. We have made meaningful progress in each of these areas. With hundreds of millions of worldwide learners in need of higher education in this decade alone, we are well positioned for 2014 and beyond to help create a more educated global workforce and strengthen our great partnerships across four continents.”
Fourth Quarter 2013 Results of Operations
- Net revenue for fourth quarter 2013 was $845.0 million, compared to $996.5 million in the fourth quarter 2012.
- University of Phoenix Degreed Enrollment was 269,000, an 18.1% decrease from the prior year, and New Degreed Enrollment was 41,000 down 22.3% from fourth quarter 2012.
- Operating income was $34.7 million, compared to $89.6 million from the prior year fourth quarter. The decrease was attributable to lower net revenue due to declines in enrollment, partially offset by lower operating expenses. Excluding special items, operating income was $100.7 million.
- Income from continuing operations attributable to Apollo Group was $21.6 million, or $0.19 per share, compared to $52.6 million, or $0.46 per share from the prior year fourth quarter. Excluding special items, income from continuing operations was $63.1 million, or $0.55 per share.
Fourth quarter 2013 results included restructuring and other charges attributable to the Company’s restructuring activities of $67.3 million and a litigation credit of $1.4 million. (Special items for the fourth quarter 2013 and 2012 are included in the reconciliation of GAAP to non-GAAP financial information tables of this press release.)
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