PHOENIX — The parent company of the University of Phoenix is reporting a loss of $66.6 million for the first three months that ended Feb. 28. The company attributed a 2 percent decrease from the second quarter of fiscal 2010 principally due to lower enrollments at the University of Phoenix.
Executives of the Phoenix-based education company blamed dropping new-student enrollment, the Arizona Republic reports. It fell nearly 45 percent in the three months that ended Feb. 28, to 48,200 students, compared with 87,500 students in the same period in 2010.
Apollo’s Chief Financial Officer Brian Swartz says new-student enrollment is not expected to swing back into positive territory until 2012.
Apollo has struggled to adjust financially to new federal rules that bar for-profit schools from paying admission counselors based on how many students they enroll, the Republic says.