Apollo Group Inc. (NASDAQ: APOL) reported fiscal first quarter 2013 adjusted diluted earnings per share (EPS) of $1.22 on revenue of $1.06 billion. In the same period a year ago, the for-profit education firm reported adjusted diluted EPS of $1.26 on revenue of $1.17 billion. First-quarter results compare to the Thomson Reuters consensus estimates for EPS of $0.90 and $1.03 billion in revenue.

On a GAAP basis, EPs totaled $1.18, which excludes a restructuring charge of $24.1 million and a credit of $16.9 million related to a class action lawsuit.

Apollo reported degreed enrollment down 14.3%, year-over-year for the first quarter and a decline of 15.1% in new degree-student enrollment.

The company forecast full year revenue of $3.65 to $3.75 billion and annual operating income of $500 to $550 million. Based on first quarter results, both these totals indicates further contraction. The consensus estimate for full-year revenues is $3.77 billion and the EPS estimate is $2.72.

The company’s chairman/CEO said:

We are rolling out new career-oriented tools for students, as well as working with leading companies to help them meet their needs to develop an educated workforce. We are committed to become the educator of choice to connect education to careers and believe this approach will position us for long-term success.

Apollo’s operating income fell 11.7% year over year. The school’s revenues per student are rising, indicating that sharp tuition increases or equally sharp cost-cutting is leading to the better than expected earnings. This is one of those things that probably can’t go on indefinitely.

Apollo’s shares are down about 4.5% in after-hours trading today, at $19.99 in a 52-week range of $18.36 to $58.29. Thomson Reuters had a consensus analyst price target of $30.70 before today’s report.

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