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Apollo Group reported net revenues of $1.13 billion, with net income attributable to the company of $13 million. Earnings per share were $1.13 per share. Net revenues decreased 8.5% compared to the third quarter of fiscal year 2011, which was primarily caused by a decrease in the revenue generated by the University of Phoenix, caused by lower enrollment.
For the fiscal year 2012, Apollo Group expects to generate about $4.2 billion to $4.3 billion in total revenue and expects operating income to be around $700 million to $740 million. As of May 31, 2012, Apollo Group holds $602 million in cash, compared to $1.57 billion in cash as of Aug. 31, 2012. The decrease was primarily due to share repurchases, payments on loans and capital expenditures.
During the third quarter of fiscal 2012, Apollo Group repurchased $9 million worth of shares at an average price of $36.41, for a total cost of $329 million. In the nine months ended May 31, 2012, the company repurchased a total of $736 million worth of shares.
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