Capella Education, the parent company of the for-profit Capella University, says its third-quarter net income was $5.1 million, down nearly 50 percent compared to the $9.9 million it earned in the July-September quarter last year, the Associated Press reports.
Even as total enrollment, revenue and net income fell, new student enrollment at the Minneapolis-based provider of online post-secondary education rose 10.5 percent compared to last year -- the first increase in nearly two years, Reuters reports.
The Star Tribune reports Capella's chairman and chief executive officer, Kevin Gilligan, is optimistic. "We are pleased to report year-over-year new enrollment growth within a continued challenging overall market environment. This performance is further indication that our business fundamentals are stabilizing," Gilligan said.