Revenue at the for-profit operator of DeVry University, Carrington Colleges, Keller Graduate School of Management, Chamberlain College of Nursing and Ross University, fell to $505.9 million, down 8% from 2011.
Adjusted EPS for the quarter was 47 cents, topping the 44 cents analysts were expecting, Reuters noted. However, Wall Street had trimmed that estimate from 78 cents after the company warned about lower profits for the fourth quarter last month.
Shares of DeVry fell about 4% in Friday morning trading.
Company officials called the results “unacceptable.” DeVry said that enrollments at some of its schools had declined during the quarter, with DeVry University and Carrington Colleges enrollment’s falling 17% and 20%, respectively.
Enrollment requirements have been increased to comply with tightened government oversight. The stricter requirements have reduced the number of students gaining admission.
In response, DeVry has raised the amount of scholarships offered to students from $29 million last year, to $42.5 million for fiscal 2012.